In 2017, the company granted 440,076 shares of restricted Class A common stock and 7,568 shares of restricted stock units.
Restricted common stock and restricted stock units generally have a vesting period of two to four years.
The fair value related to these grants was $58.7 million, which is recognized as compensation expense on an accelerated basis over the vesting period.
Dividends are accrued on restricted Class A common stock and restricted stock units and are paid once the restricted stock vests.
In 2017, the company also granted 203,298 performance shares.
The fair value related to these grants was $25.3 million, which is recognized as compensation expense on an accelerated and straight-lined basis over the vesting period.
The vesting of these shares is contingent on meeting stated performance or market conditions.
The following table summarizes restricted stock, restricted stock units, and performance shares activity for 2017:
## Table 0 ##
The total fair value of restricted stock, restricted stock units, and performance shares that vested during 2017, 2016 and 2015 was $66.0 million, $59.8 million and $43.3 million, respectively.
Under the ESPP, eligible employees may acquire shares of Class A common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration.
Shares are purchased at the end of each offering period at a price of 90% of the closing price of the Class A common stock as reported on the NASDAQ Global Select Market.
Compensation expense is recognized on the dates of purchase for the discount from the closing price.
In 2017, 2016 and 2015, a total of 19,936, 19,858 and 19,756 shares, respectively, of Class A common stock were issued to participating employees.
These shares are subject to a six-month holding period.
Annual expense of $0.3 million for the purchase discount was recognized in 2017, and $0.2 million was recognized in both 2016 and 2015.
Non-executive directors receive an annual award of Class A common stock with a value equal to $100,000.
Non-executive directors may also elect to receive some or all of the cash portion of their annual stipend, up to $60,000, in shares of stock based on the closing price at the date of distribution.
As a result, 19,736 shares, 26,439 shares and 25,853 shares of Class A common stock were issued to non-executive directors during 2017, 2016 and 2015, respectively.
These shares are not subject to any vesting restrictions.
Expense of $2.5 million, $2.4 million and $2.5 million related to these stock-based payments was recognized for the years ended December 31, 2017, 2016 and 2015, respectively.
Income Taxes The Company utilizes the asset and liability approach defined in SFAS No.109, “Accounting for Income Taxes”, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement amounts and the tax bases of assets and liabilities.
Earnings per Share (“EPS”) Basic EPS is calculated by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding.
Diluted EPS is similar to basic EPS, but adjusts for the effect of the potential issuance of common shares by application of the treasury stock method.
Reclassifications Certain revisions and reclassifications have been made to the consolidated financial statements of the prior years to conform to the current year presentation.
As a result, Financial Service Fees revenue and Investment Advisory Fees expense increased by approximately $12.8 million and $11.2 million, respectively, for the years ended September 30, 2006 and 2005.
These revisions did not impact the Company’s net income for the years ended September 30, 2006 and 2005.
The Company also reclassified certain amounts from cash to segregated assets and reverse repurchase agreements on its 2006 and 2005 Consolidated Statements of Financial Condition and related cash flow activity on its 2006 and 2005 Consolidated Statements of Cash Flows.
For fiscal year 2006, $176.8 million was reclassified from cash to segregated assets and $72.5 million was reclassified from cash to securities purchased under agreements to resell.
For fiscal year 2005, $146.4 million was reclassified from cash to segregated assets and $137.3 million was reclassified from cash to securities purchased under agreements to resell.
These revisions did not impact the Company’s net income for the years ended September 30, 2006 and 2005.
In the quarter ended September 30, 2007, a new segment was established: Proprietary Capital.
The components of this segment were previously included in the Asset Management and Other segments.
Reclassifications have been made in the segment disclosure for previous years to conform to this presentation.
Additional information is provided in Note 22 below.
NOTE 2 – TRADING INSTRUMENTS AND TRADING INSTRUMENTS SOLD BUT NOT YET PURCHASED:
## Table 1 ##
Mortgage backed securities of $48.9 million and $77.1 million at September 30, 2007 and September 30, 2006, respectively, are included in Corporate Obligations and Agencies in the table above.
Mortgage backed securities sold but not yet purchased of $60.8 million and $34 million at September 30, 2007 and September 30, 2006, respectively, are included in Agencies in the table above.
Net unrealized (losses) gains related to open trading positions at September 30, 2007, September 30, 2006, and September 30, 2005 were $(726,000), $4,387,000, and $(1,257,000), respectively.
NOTE 3 - AVAILABLE FOR SALE SECURITIES: Available for sale securities are comprised primarily of CMOs, mortgage related debt, and certain equity securities of the Company's non-broker-dealer subsidiaries, principally RJBank.
There were proceeds from the sale of available for sale securities of $81,000 for the year ended September 30, 2007, $252,000 for the year ended September 30, 2006 and $9,250,000 for the year ended September 30, 2005.
The realized gains and losses related to the sale of available for sale securities were immaterial to the consolidated financial statements for all years presented.
NOTE 15 - CAPITAL TRANSACTIONS: The following table presents information on a monthly basis for purchases of the Company’s stock for the quarter ended September 30, 2007:
## Table 2 ##
(1) The Company does not have a formal stock repurchase plan.
Shares are repurchased at the discretion of management pursuant to prior authorization from the Board of Directors.
On May 20, 2004, the Board of Directors authorized purchases of up to $75 million.
Since that date 461,500 shares have been repurchased for a total of $9.6 million, leaving $65.4 million available to repurchase shares.
Historically the Company has considered such purchases when the price of its stock approaches 1.5 times book value or when employees surrender shares as payment for option exercises.
The decision to repurchase shares is subject to cash availability and other factors.
During 2007 and 2006, 69,986 and 189,664 shares were repurchased at an average price of $31.54 and $28.97, respectively.
During the three months ended December 31, 2006, 42,618 shares were purchased for the trust fund that was established and funded to acquire Company common stock in the open market to be used to settle restricted stock units granted as a retention vehicle for certain employees of the Company’s wholly owned Canadian subsidiary (see Note 17 below for more information on this trust fund).
With the exception of the shares purchased through this trust fund, the Company only purchased shares during the balance of the year that were surrendered by employees as a payment for option exercises.
NOTE 16 - OTHER COMPREHENSIVE INCOME: The activity in other comprehensive income and related tax effects are as follows:
## Table 3 ##
The components of accumulated other comprehensive income, net of income taxes:
## Table 4 ##
NOTE 17 - EMPLOYEE BENEFIT PLANS: The Company's profit sharing plan and employee stock ownership plan provide certain death, disability or retirement benefits for all employees who meet certain service requirements.
The plans are noncontributory.
Contributions by the Company, if any, are determined annually by the Company’s Board of Directors on a discretionary basis and are recognized as compensation cost throughout the year.
Benefits become fully vested after seven years of qualified service.
All shares owned by the ESOP are included in earnings per share calculations.
Cash dividends paid to the ESOP are reflected as a reduction of
RAYMOND JAMES FINANCIAL, INC.  AND SUBSIDIARIES Management's Discussion and Analysis 41 periods where equity markets improve, assets under administration and client activity generally increase, thereby having a favorable impact on net revenues.
We also earn certain servicing fees, such as omnibus and education and marketing support (“EMS”) fees from mutual fund and annuity companies whose products we distribute, and from banks to which we sweep client cash in the RJBDP.
Such fees are included in “Account and service fees.
” Servicing fees earned by mutual fund and annuity companies are generally based on the level of assets or number of positions in such programs.
Fees earned from our RJBDP are generally based on client cash balances in the program, as well as the level of short-term interest rates relative to interest paid to clients on balances in the RJBDP.
Net interest revenue in the PCG segment is generated by interest earnings on margin loans provided to clients and on cash segregated pursuant to regulations, less interest paid on client cash balances.
Higher client cash balances generally lead to increased interest income, depending on spreads realized in our client interest program.
For more information on client cash balances, see our previous discussion of interest-earning assets and interest-bearing liabilities in the Net interest analysis section of this MD&A.
For an overview of our PCG segment operations, refer to the information presented in Item 1 “Business” of this Form 10-K.  Operating results
## Table 5 ##

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Number of Shares	WeightedAverageGrant DateFair Value
Outstanding at December 31, 2016	1,820,578	$98
Granted	650,942	129
Vested	-510,590	87
Cancelled	-401,699	95
Outstanding at December 31, 2017	1,559,231	116

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September 30, 2007	September 30, 2006
Trading Instruments	Instruments Sold but Not Yet Purchased	Trading Instruments	Instruments Sold but Not Yet Purchased
(in 000\'s)
Marketable:
Municipal Obligations	$ 200,024	$ 54	$ 192,028	$ 5
Corporate Obligations	56,069	952	134,431	968
Government Obligations	83,322	45,275	37,793	31,636
Agencies	47,123	60,829	68,380	34,023
Total Debt Securities	386,538	107,110	432,632	66,632
Derivative Contracts	30,603	8,445	20,904	8,309
Equity Securities	46,913	34,174	29,532	19,068
Other Securities	3,707	-	2,703	-
Total	$ 467,761	$ 149,729	$ 485,771	$ 94,009

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Period	Number of Shares Purchased -1	Average Price Per Share
July 1, 2007 – July 31, 2007	-	$ -
August 1, 2007 – August 31, 2007	-	-
September 1, 2007 – September 30, 2007	1,548	33.64
Total	1,548	$33.64

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September 30, 2007	September 30, 2006	September 30, 2005
(in 000\'s)
Net Unrealized (Loss) Gain on Available for Sale Securities, Net of
Tax Effect Of -$1,217 in 2007, $129 in 2006, and $51 in 2005	$ -2,150	$ 217	$ 79
Net Unrealized Gain on Interest Rate Swaps Accounted for as Cash Flow
Hedges, Net of Tax Effect of $0 in 2007, $28 in 2006, and
$566 in 2005	-	44	882
Net Change in Currency Translations, Net of Tax Effect of $11,463 in
2007, $1,312 in 2006, and $3,078 in 2005	20,246	2,202	4,796
Other Comprehensive Income	$ 18,096	$ 2,463	$ 5,757

', '

September 30, 2007	September 30, 2006
(in 000\'s)
Net Unrealized (Loss) Gain on Securities Available for Sale, Net of Tax Effect of ($998) in 2007
and $245 in 2006	$ -1,747	$ 403
Net Currency Translations, Net of Tax Effect of $18,593 in 2007 and $7,285 in 2006	31,938	11,692
Accumulated Other Comprehensive Income	$ 30,191	$ 12,095

', '

Year ended September 30,	% change
$ in thousands	2018	2017	2016	2018 vs. 2017	2017 vs. 2016
Revenues:
Securities commissions and fees:
Fee-based accounts	$2,540,336	$2,040,839	$1,589,124	24%	28%
Mutual funds	641,603	646,614	631,102	-1%	2%
Insurance and annuity products	413,591	385,493	377,329	7%	2%
Equity products	325,514	303,015	240,855	7%	26%
Fixed income products	112,509	118,062	95,908	-5%	23%
New issue sales credits	47,200	72,281	44,088	-35%	64%
Subtotal securities commissions and fees	4,080,753	3,566,304	2,978,406	14%	20%
Interest income	193,105	152,711	107,281	26%	42%
Account and service fees:
Mutual fund and annuity service fees	331,543	290,661	255,405	14%	14%
RJBDP fees - third-party banks	262,424	202,049	92,315	30%	119%
Affiliate deposit account servicing fees from RJ Bank	91,720	67,981	43,145	35%	58%
Client account and service fees	95,794	98,500	95,010	-3%	4%
Client transaction fees and other	22,658	25,103	23,156	-10%	8%
Subtotal account and service fees	804,139	684,294	509,031	18%	34%
Other	42,834	34,279	32,000	25%	7%
Total revenues	5,120,831	4,437,588	3,626,718	15%	22%
Interest expense	-27,801	-15,955	-10,239	74%	56%
Net revenues	5,093,030	4,421,633	3,616,479	15%	22%
Non-interest expenses:
Sales commissions	3,050,539	2,653,287	2,193,099	15%	21%
Admin & incentive compensation and benefit costs	835,662	713,043	595,541	17%	20%
Communications and information processing	234,300	193,902	166,507	21%	16%
Occupancy and equipment costs	154,020	146,394	125,555	5%	17%
Business development	115,056	98,138	88,535	17%	11%
Jay Peak matter	—	130,000	20,000	-100%	550%
Other	127,359	113,919	86,678	12%	31%
Total non-interest expenses	4,516,936	4,048,683	3,275,915	12%	24%
Pre-tax income	$576,094	$372,950	$340,564	54%	10%

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Question: In the year with the most Mutual funds, what is the growth rate of Equity products?
Answer: 0.25808000000000003