DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued F-28 This transaction was accounted for as a business combination using purchase price accounting.
The allocation of the purchase consideration is in the table below.
## Table 0 ##
The pro forma revenue and earnings associated with the Blockbuster Acquisition are not included in this filing.
Due to the material ongoing modifications of the business, management has determined that insufficient information exists to accurately develop meaningful historical pro forma financial information.
Moreover, the historical operations of Blockbuster materially changed during the periods preceding the acquisition as a result of Blockbuster Inc. ’s bankruptcy proceedings, and any historical pro forma information would not prove useful in assessing our post acquisition earnings and cash flows.
The cost of goods sold on a unit basis for Blockbuster in the current period was lower-than-historical costs.
The carrying values in the current period of the rental library and merchandise inventories (“Blockbuster Inventory”) were reduced to their estimated fair value due to the application of purchase accounting.
This impact on cost of goods sold on a unit basis will diminish in the future as we purchase new Blockbuster Inventory.10.
Spectrum Investments TerreStar Transaction Gamma Acquisition L. L. C.  (“Gamma”), a wholly-owned subsidiary of DISH Network, entered into the TerreStar Transaction on June 14, 2011.
On July 7, 2011, the U. S.  Bankruptcy Court for the Southern District of New York approved the asset purchase agreement with TerreStar and we subsequently paid $1.345 billion of the cash purchase price.
DISH Network is a party to the asset purchase agreement solely with respect to certain guaranty obligations.
We have paid all but $30 million of the purchase price for the TerreStar Transaction, which will be paid upon closing of the TerreStar Transaction, or upon certain other conditions being met under the asset purchase agreement.
Consummation of the acquisition contemplated in the asset purchase agreement is subject to, among other things, approval by the FCC.
On February 7, 2012, the Canadian federal Department of Industry (“Industry Canada”) approved the transfer of the Canadian spectrum licenses held by TerreStar to us.
If the remaining required approvals are not obtained, subject to certain exceptions, we have the right to require and direct the sale of some or all of the TerreStar assets to a third party and we would be entitled to the proceeds from such a sale.
These proceeds could, however, be substantially less than amounts we have paid in the TerreStar Transaction.
Additionally, Gamma is responsible for providing certain working capital and certain administrative expenses of TerreStar and certain of its subsidiaries after December 31, 2011.
We expect that the TerreStar Transaction will be accounted for as a business combination using purchase price accounting.
We also expect to allocate the purchase price to the various components of the acquisition based upon the fair value of each component using various valuation techniques, including the market approach, income approach and/or cost approach.
We expect the purchase price of the TerreStar assets to be allocated to, among other things, spectrum and satellites.
DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued F-41 During December 2009, we paid a dividend in cash of $2.00 per share on our outstanding Class A and Class B common stock to shareholders of record on November 20, 2009.
In light of such dividend, during February 2010, the exercise price of 20.6 million stock options, affecting approximately 700 employees, was reduced by $2.00 per share (the “2009 Stock Option Adjustment”).
Except as noted below, all information discussed below reflects the 2009 Stock Option Adjustment.
On January 1, 2008, we completed the distribution of our technology and set-top box business and certain infrastructure assets (the “Spin-off”) into a separate publicly-traded company, EchoStar Corporation (“EchoStar”).
DISH Network and EchoStar operate as separate publicly-traded companies, and neither entity has any ownership interest in the other.
However, a substantial majority of the voting power of the shares of both companies is owned beneficially by Charles W.  Ergen, our Chairman, or by certain trusts established by Mr.  Ergen for the benefit of his family.
In connection with the Spin-off, as permitted by our existing stock incentive plans and consistent with the Spin-off exchange ratio, each DISH Network stock option was converted into two stock options as follows: x an adjusted DISH Network stock option for the same number of shares that were exercisable under the original DISH Network stock option, with an exercise price equal to the exercise price of the original DISH Network stock option multiplied by 0.831219.  x a new EchoStar stock option for one-fifth of the number of shares that were exercisable under the original DISH Network stock option, with an exercise price equal to the exercise price of the original DISH Network stock option multiplied by 0.843907.
Similarly, each holder of DISH Network restricted stock units retained his or her DISH Network restricted stock units and received one EchoStar restricted stock unit for every five DISH Network restricted stock units that they held.
Consequently, the fair value of the DISH Network stock award and the new EchoStar stock award immediately following the Spin-off was equivalent to the fair value of such stock award immediately prior to the Spin-off.
As of December 31, 2011, the following stock awards were outstanding:
## Table 1 ##
We are responsible for fulfilling all stock awards related to DISH Network common stock and EchoStar is responsible for fulfilling all stock awards related to EchoStar common stock, regardless of whether such stock awards are held by our or EchoStar’s employees.
Notwithstanding the foregoing, our stock-based compensation expense, resulting from stock awards outstanding at the Spin-off date, is based on the stock awards held by our employees regardless of whether such stock awards were issued by DISH Network or EchoStar.
Accordingly, stock-based compensation that we expense with respect to EchoStar stock awards is included in “Additional paid-in capital” on our Consolidated Balance Sheets.
Item 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued 62 62 Earnings before interest, taxes, depreciation and amortization.
EBITDA was $2.956 billion during the year ended December 31, 2010, an increase of $644 million or 27.9% compared to the same period in 2009.
The following table reconciles EBITDA to the accompanying financial statements.
## Table 2 ##
EBITDA is not a measure determined in accordance with GAAP, and should not be considered a substitute for operating income, net income or any other measure determined in accordance with GAAP.
EBITDA is used as a measurement of operating efficiency and overall financial performance and we believe it to be a helpful measure for those evaluating companies in the pay-TV industry.
Conceptually, EBITDA measures the amount of income generated each period that could be used to service debt, pay taxes and fund capital expenditures.
EBITDA should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
Income tax (provision) benefit, net.
Our income tax provision was $557 million during the year ended December 31, 2010, an increase of $180 million compared to the same period in 2009.
The increase in the provision was primarily related to the increase in “Income (loss) before income taxes.
” Net income (loss) attributable to DISH Network.
“Net income (loss) attributable to DISH Network” was $985 million during the year ended December 31, 2010, an increase of $349 million compared to $636 million for the same period in 2009.
The increase was primarily attributable to the changes in revenue and expenses discussed above.
LIQUIDITY AND CAPITAL RESOURCES Cash, Cash Equivalents and Current Marketable Investment Securities We consider all liquid investments purchased within 90 days of their maturity to be cash equivalents.
See “Item 7A.
– Quantitative and Qualitative Disclosures About Market Risk” for further discussion regarding our marketable investment securities.
As of December 31, 2011, our cash, cash equivalents and current marketable investment securities totaled $2.041 billion compared to $2.940 billion as of December 31, 2010, a decrease of $899 million.
This decrease in cash, cash equivalents and current marketable investment securities was primarily related to our investment in DBSD North America of $1.139 billion, the TerreStar Transaction of $1.345 billion, repurchases and redemptions of our 6 3/8% Senior Notes due 2011 totaling $1.0 billion, the $893 million dividend paid in cash on our Class A and Class B common stock, capital expenditures of $779 million, the Blockbuster Acquisition of $127 million, net of $107 million cash received, and the Sprint Settlement Agreement net payment of approximately $114 million, which were partially offset by cash generated from operations of $2.574 billion and the net proceeds of $1.973 billion related to the issuance of our 6 3/4% Senior Notes due 2021.
We have investments in various debt and equity instruments including corporate bonds, corporate equity securities, government bonds and variable rate demand notes (“VRDNs”).
VRDNs are long-term floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest.
All of the put options are secured by a pledged liquidity source.
Our VRDN portfolio is comprised of investments in many municipalities, which are backed by financial institutions or other highly rated companies that serve as the pledged liquidity source.
While they are classified as marketable investment securities, the put option allows VRDNs to be liquidated generally on a same day or on a five business day settlement basis.
As of December 31, 2011 and 2010, we held VRDNs, within our current marketable investment securities portfolio, with fair values of $161 million and $1.334 billion, respectively.
Obligations and Future Capital Requirements Contractual Obligations and Off-Balance Sheet Arrangements As of December 31, 2015, future maturities of our long-term debt, capital lease and contractual obligations are summarized as follows:
## Table 3 ##
In certain circumstances the dates on which we are obligated to make these payments could be delayed.
These amounts will increase to the extent that we procure launch and/or in-orbit insurance on our satellites or contract for the construction, launch or lease of additional satellites.
The table above does not include $336 million of liabilities associated with unrecognized tax benefits that were accrued, as discussed in Note 11 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K, and are included on our Consolidated Balance Sheets as of December 31, 2015.
We do not expect any portion of this amount to be paid or settled within the next twelve months.
Other than the “Guarantees” disclosed in Note 15 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K, we generally do not engage in off-balance sheet financing activities.
Satellite Insurance We generally do not carry commercial launch or in-orbit insurance on any of the satellites that we use, other than certain satellites leased from third parties.
We generally do not use commercial insurance to mitigate the potential financial impact of launch or in-orbit failures because we believe that the cost of insurance premiums is uneconomical relative to the risk of such failures.
In light of current favorable market conditions, during January 2016, we procured commercial launch and in-orbit insurance (for a period of one year following launch) for the EchoStar XVIII satellite, which is expected to launch during the second quarter 2016.
We lease substantially all of our satellite capacity from third parties, including the vast majority of our transponder capacity from EchoStar, and we do not carry commercial insurance on any of the satellites that we lease from them.
While we generally have had in-orbit satellite capacity sufficient to transmit our existing channels and some backup capacity to recover the transmission of certain critical programming, our backup capacity is limited.
In the event of a failure or loss of any of our satellites, we may need to acquire or lease additional satellite capacity or relocate one of our other satellites and use it as a replacement for the failed or lost satellite.
Purchase Obligations Our 2016 purchase obligations primarily consist of binding purchase orders for receiver systems and related equipment, broadband equipment, digital broadcast operations, transmission costs, engineering services, and other products and services related to the operation of our Pay-TV services and broadband service.
Our purchase obligations also include certain fixed contractual commitments to purchase programming content.
Our purchase obligations can fluctuate significantly from period to period due to, among other things, management’s timing of payments and inventory purchases, and can materially impact our future operating asset and liability balances, and our future working capital requirements.

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Purchase Price Allocation (In thousands)
Cash	$107,061
Current assets	153,258
Property and equipment	28,663
Acquisition intangibles	17,826
Other noncurrent assets	12,856
Current liabilities	-86,080
Total purchase price	$233,584

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As of December 31, 2011
DISH Network Awards	EchoStar Awards
Stock Awards Outstanding	Stock Options	Restricted Stock Units	Stock Options	Restricted Stock Units
Held by DISH Network employees	18,630,441	1,189,709	762,094	54,286
Held by EchoStar employees	2,705,718	94,999	N/A	N/A
Total	21,336,159	1,284,708	762,094	54,286

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For the Years Ended December 31,
2010	2009
(In thousands)
EBITDA	$2,955,786	$2,311,398
Interest expense, net	-429,619	-358,391
Income tax (provision) benefit, net	-557,473	-377,429
Depreciation and amortization	-983,965	-940,033
Net income (loss) attributable to DISH Network	$984,729	$635,545

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Payments due by period
Total	2016	2017	2018	2019	2020	Thereafter
(In thousands)
Long-term debt obligations	$13,630,996	$1,503,151	$903,170	$1,203,235	$1,403,305	$1,103,379	$7,514,756
Capital lease obligations	166,492	30,849	32,994	36,175	19,503	19,137	27,834
Interest expense on long-term debt and capital lease obligations	4,206,125	772,289	716,328	646,445	618,716	479,170	973,177
Satellite-related obligations	1,960,083	411,734	336,526	327,197	301,102	241,371	342,153
Operating lease obligations	178,918	52,305	32,960	22,563	15,623	10,040	45,427
Purchase obligations	2,325,567	1,768,934	248,443	165,584	115,814	11,892	14,900
Total	$22,468,181	$4,539,262	$2,270,421	$2,401,199	$2,474,063	$1,864,989	$8,918,247

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Question: What's the growth rate of Payments due by period 2019 for long-term debt obligations?
Answer: 0.16628