MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (in thousands, except share and per share amounts) Had compensation expense for employee stock-based awards been determined based on the fair value at grant date consistent with SFAS No.123(R), the Company’s Net income (loss) for the year would have been increased or decreased to the pro forma amounts indicated below:
## Table 0 ##
Basic and diluted earnings per share (“EPS”) in 2003 includes the effect of dividends accrued on our redeemable convertible preferred stock.
In 2003, securities that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS, because to do so would have been anti-dilutive.
See Note 12, “Earnings Per Share”.
Revenue Recognition The majority of the Company’s revenues are derived from commissions for trades executed on the electronic trading platform that are billed to its broker-dealer clients on a monthly basis.
The Company also derives revenues from information and user access fees, license fees, interest and other income.
Commissions are generally calculated as a percentage of the notional dollar volume of bonds traded on the electronic trading platform and vary based on the type and maturity of the bond traded.
Under the transaction fee plans, bonds that are more actively traded or that have shorter maturities are generally charged lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions.
Commissions are recorded on a trade date basis.
The Company’s standard fee schedule for U. S.  high-grade corporate bonds was revised in August 2003 to provide lower average transaction commissions for dealers who transacted higher U. S.  high-grade volumes through the platform, while at the same time providing an element of fixed commissions over the two-year term of the plans.
One of the revised plans that was suited for the Company’s most active broker-dealer clients included a fee cap that limited the potential growth in U. S.  high-grade revenue.
The fee caps were set to take effect at volume levels significantly above those being transacted at the time the revised transaction fee plans were introduced.
Most broker-dealer clients entered into fee arrangements with respect to the trading of U. S.  high-grade corporate bonds that included both a fixed component and a variable component.
These agreements had been scheduled to expire during the third quarter of 2005.
On June 1, 2005, the Company introduced a new fee plan primarily for secondary market transactions in U. S.  high-grade corporate bonds executed on its electronic trading platform.
As of December 31, 2005, 17 of the Company’s U. S.  high-grade broker-dealer clients have signed new two-year agreements that supersede the fee arrangements that were entered into with many of its broker-dealer clients during the third quarter of 2003.
The new plan incorporates higher fixed monthly fees and lower variable fees for brokerdealer clients than the previous U. S.  high-grade corporate transaction fee plans described above, and incorporates volume incentives to broker-dealer clients that are designed to increase the volume of transactions effected on the Company’s
The U. S.  high-grade average variable transaction fee per million increased from $84 per million for the year ended December 31, 2007 to $121 per million for the year ended December 31, 2008 due to the longer maturity of trades executed on the platform, for which we charge higher commissions.
The Eurobond average variable transaction fee per million decreased from $138 per million for the year ended December 31, 2007 to $112 per million for the year ended December 31, 2008, principally from the introduction of the new European high-grade fee plan.
Other average variable transaction fee per million increased from $121 per million for the year ended December 31, 2007 to $158 per million for the year ended December 31, 2008 primarily due to a higher percentage of volume in products that carry higher fees per million, principally high-yield.
Technology Products and Services.
Technology products and services revenues increased by $7.8 million to $8.6 million for the year ended December 31, 2008 from $0.7 million for the year ended December 31, 2007.
The increase was primarily a result of the Greenline acquisition.
Information and User Access Fees.
Information and user access fees increased by $0.1 million or 2.5% to $6.0 million for the year ended December 31, 2008 from $5.9 million for the year ended December 31, 2007.
Investment Income.
Investment income decreased by $1.8 million or 33.7% to $3.5 million for the year ended December 31, 2008 from $5.2 million for the year ended December 31, 2007.
This decrease was primarily due to lower interest rates.
Other.
Other revenues decreased by $0.1 million or 4.4% to $1.5 million for the year ended December 31, 2008 from $1.6 million for the year ended December 31, 2007.
Expenses Our expenses for the years ended December 31, 2008 and 2007, and the resulting dollar and percentage changes, were as follows:
## Table 1 ##
$43.8 million for the year ended December 31, 2008 from $43.1 million for the year ended December 31, 2007.
This increase was primarily attributable to higher wages of $2.4 million, severance costs of $1.0 million and stockbased compensation expense of $1.4 million, offset by reduced incentive compensation of $3.6 million.
The higher wages were primarily a result of the Greenline acquisition.
The total number of employees increased to 185 as of December 31, 2008 from 182 as of December 31, 2007.
As a percentage of total revenues, employee compensation and benefits expense increased to 47.1% for the year ended December 31, 2008 from 46.0% for the year ended December 31, 2007.
Depreciation and Amortization.
Depreciation and amortization expense increased by $0.7 million or 9.9% to $7.9 million for the year ended December 31, 2008 from $7.2 million for the year ended December 31, 2007.
An increase in amortization of intangible assets of $1.3 million and the TWS impairment charge of $0.7 million were offset by a decline in depreciation and amortization of hardware and software development costs of $1.3 million.
MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) of this standard had no material effect on the Company’s Consolidated Statements of Financial Condition and Consolidated Statements of Operations.
Reclassifications Certain reclassifications have been made to the prior years’ financial statements in order to conform to the current year presentation.
Such reclassifications had no effect on previously reported net income.
On March 5, 2008, the Company acquired all of the outstanding capital stock of Greenline Financial Technologies, Inc.  (“Greenline”), an Illinois-based provider of integration, testing and management solutions for FIX-related products and services designed to optimize electronic trading of fixed-income, equity and other exchange-based products, and approximately ten percent of the outstanding capital stock of TradeHelm, Inc. , a Delaware corporation that was spun-out from Greenline immediately prior to the acquisition.
The acquisition of Greenline broadens the range of technology services that the Company offers to institutional financial markets, provides an expansion of the Company’s client base, including global exchanges and hedge funds, and further diversifies the Company’s revenues beyond the core electronic credit trading products.
The results of operations of Greenline are included in the Consolidated Financial Statements from the date of the acquisition.
The aggregate consideration for the Greenline acquisition was $41.1 million, comprised of $34.7 million in cash, 725,923 shares of common stock valued at $5.8 million and $0.6 million of acquisition-related costs.
In addition, the sellers were eligible to receive up to an aggregate of $3.0 million in cash, subject to Greenline attaining certain earnout targets in 2008 and 2009.
A total of $1.4 million was paid to the sellers in 2009 based on the 2008 earn-out target, bringing the aggregate consideration to $42.4 million.
The 2009 earn-out target was not met.
A total of $2.0 million of the purchase price, which had been deposited into escrow accounts to satisfy potential indemnity claims, was distributed to the sellers in March 2009.
The shares of common stock issued to each selling shareholder of Greenline were released in two equal installments on December 20, 2008 and December 20, 2009, respectively.
The value ascribed to the shares was discounted from the market value to reflect the non-marketability of such shares during the restriction period.
The purchase price allocation is as follows (in thousands):
## Table 2 ##
The amortizable intangibles include $3.2 million of acquired technology, $3.3 million of customer relationships, $1.3 million of non-competition agreements and $0.5 million of tradenames.
Useful lives of ten years and five years have been assigned to the customer relationships intangible and all other amortizable intangibles, respectively.
The identifiable intangible assets and goodwill are not deductible for tax purposes.
The following unaudited pro forma consolidated financial information reflects the results of operations of the Company for the years ended December 31, 2008 and 2007, as if the acquisition of Greenline had occurred as of the beginning of the period presented, after giving effect to certain purchase accounting adjustments.
These pro forma results are not necessarily indicative of what the Company’s operating results would have been had the acquisition actually taken place as of the beginning of the earliest period presented.
The pro forma financial information

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Year Ended December 31,
2005	2004	2003
Net income
As reported	$8,142	$57,587	$4,212
Compensation expense	1,366	1,965	1,646
Pro forma	$6,776	$55,622	$2,566
Basic net income (loss) per common share	$0.29	$6.76	$-2.20
Diluted net income (loss) per common share	$0.23	$1.88	$-2.20
Basic net income (loss) per common share — pro forma	$0.24	$6.48	$-2.70
Diluted net income (loss) per common share — pro forma	$0.19	$1.82	$-2.70

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Year Ended December 31,
2008	2007
% of	% of	$	%
$	Revenues	$	Revenues	Change	Change
($ in thousands)
Expenses
Employee compensation and benefits	$43,810	47.1%	$43,051	46.0%	$759	1.8%
Depreciation and amortization	7,879	8.5	7,170	7.7	709	9.9
Technology and communications	8,311	8.9	7,463	8.0	848	11.4
Professional and consulting fees	8,171	8.8	7,639	8.2	532	7.0
Occupancy	2,891	3.1	3,275	3.5	-384	-11.7
Marketing and advertising	3,032	3.3	1,905	2.0	1,127	59.2
General and administrative	6,157	6.6	5,889	6.3	268	4.6
Total expenses	$80,251	86.2%	$76,392	81.6%	$3,859	5.1%

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Cash	$6,406
Accounts receivable	2,139
Amortizable intangibles	8,330
Goodwill	29,405
Deferred tax assets, net	3,410
Other assets, including investment in TradeHelm	1,429
Accounts payable, accrued expenses and deferred revenue	-8,701
Total purchase price	$42,418

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Question: what percentage of the aggregate consideration for the greenline acquisition was paid to the sellers in 2009 based on the 2008 earn-out target?
Answer: 0.03302