PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The following table presents reported quarterly high and low per share sale prices of our Class A common stock on the New York Stock Exchange (NYSE) for the years 2005 and 2004.
## Table 0 ##
On March 9, 2006, the closing price of our Class A common stock was $29.83 per share as reported on the NYSE.
As of March 9, 2006, we had 419,677,495 outstanding shares of Class A common stock and 687 registered holders.
In February 2004, all outstanding shares of our Class B common stock were converted into shares of our Class A common stock on a one-for-one basis pursuant to the occurrence of the “Dodge Conversion Event” as defined in our charter.
Also in February 2004, all outstanding shares of Class C common stock were converted into shares of Class A common stock on a one-for-one basis.
In August 2005, we amended and restated our charter to, among other things, eliminate our Class B common stock and Class C common stock.
The information under “Securities Authorized for Issuance Under Equity Compensation Plans” from the Definitive Proxy Statement is hereby incorporated by reference into Item 12 of this annual report.
Dividends We have never paid a dividend on any class of our common stock.
We anticipate that we may retain future earnings, if any, to fund the development and growth of our business.
The indentures governing our 7.50% senior notes due 2012 (7.50% Notes) and our 7.125% senior notes due 2012 (7.125% Notes) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants.
Our credit facilities and the indentures governing the terms of our debt securities contain covenants that may restrict the ability of our subsidiaries from making to us any direct or indirect distribution, dividend or other payment on account of their limited liability company interests, partnership interests, capital stock or other equity interests.
Under our credit facilities, the borrower subsidiaries may pay cash dividends or make other distributions to us in accordance with the applicable credit facility only if no default exists or would be created thereby.
The indenture governing the terms of the ATI 7.25% senior subordinated notes due 2011 (ATI 7.25% Notes) prohibit ATI and certain of our other subsidiaries that have guaranteed those notes (sister guarantors) from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied.
The indentures governing the terms of our 7.50% Notes and 7.125% Notes also contain certain restrictive covenants, which prohibit the restricted subsidiaries under these indentures from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied.
For more information about the restrictions under our credit facilities and our notes indentures, see note 7 to our consolidated financial statements included in this annual report and the section entitled “Management’s
Long-term Debt The table below presents the principal cash flows and related interest rates by maturity date for long-term debt, including the current portion, as of December 31, 2012.
We determined the fair value of long-term debt based upon quoted market prices for the same or similar debt issues.
## Table 1 ##
We calculated the interest rates on variable rate obligations using the rates in effect as of December 31, 2012.
Interest Rate Swaps In order to manage interest rate exposure, the Company, from time to time, enters into interest rate swap agreements.
In April 2012, the Company entered into forward starting interest rate swap agreements to hedge interest rate exposure related to the anticipated $250 million of term financing expected to be executed during 2013 to repay $250 million of 5.0% Notes maturing in April 2013.
The weighted-average fixed rate on these forward starting swap agreements was 2.4%.
In May 2012, the Company entered into forward starting interest rate swap agreements to hedge interest rate exposure related to the anticipated $250 million of term financing expected to be executed during 2015 to repay $250 million of 4.85% Notes maturing in August 2015.
The weighted-average fixed rate on these forward starting swap agreements was 2.7%.
The fair value of interest rate swap agreements was a liability of $13.4 million as of December 31, 2012.
Our risk related to interest rate swap agreements is limited to the cost of replacing such agreements at prevailing market rates.
As of December 31, 2012, the potential net loss associated with interest rate swap agreements resulting from a hypothetical near-term adverse change in interest rates of ten percent was approximately $11.0 million.
In March 2009, we entered into forward starting interest rate swap agreements to hedge interest rate exposure related to the anticipated $250 million of term financing expected to be executed during 2011.
In September 2011, the forward starting interest rate swap agreements which were entered into in March 2009 matured, resulting in cash payments by the Company of approximately $26.8 million.
Also in September 2011, we entered into forward starting swap agreements to continue to hedge interest rate exposure related to the term financing.
These swap agreements were terminated upon the issuance of the 1.5% Notes due November 1, 2016, resulting in cash payments by the Company of $2.3 million.
The losses on the swap agreements are being amortized as an increase to interest expense over the term of the Notes.
In December 2010, we terminated forward starting swap agreements which were entered into in August 2010 to hedge the anticipated execution of term financing.
The swap agreements were terminated upon the issuance of the 4.125% Notes due December 1, 2020, resulting in cash receipts of $13.5 million.
The gain on the swap agreements is being amortized as a reduction to interest expense over the term of the Notes.
For more information see Note 6, Derivative Instruments and Hedging Activities.
Foreign Exchange Forward Contracts and Options We enter into foreign exchange forward contracts and options to hedge transactions denominated in foreign currencies.
These transactions are primarily purchase commitments or forecasted purchases of equipment, raw materials and finished goods.
We also may hedge payment of forecasted intercompany transactions with our subsidiaries outside of the United States.
These contracts reduce currency risk from exchange rate movements.
We generally hedge foreign currency price risks for periods from 3 to 24 months.
Foreign exchange forward contracts are effective as hedges of identifiable foreign currency commitments or forecasted transactions.
We designate our foreign exchange forward contracts as cash flow hedging derivatives.
The fair value of these contracts is classified as either an asset or liability on the Consolidated Balance Sheets.
We record gains and losses on these contracts as a component of other comprehensive income and reclassify them into earnings in the same period during which the hedged transaction affects earnings.
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) 3.
Variable Interest Entities — (continued) vehicles.
For all the collateralized structures consolidated as of December 31, 2010, we are the primary beneficiary because we act as the investment manager of the underlying portfolio and we have an ownership interest.
In October 2009, a synthetic CDO we had previously consolidated was terminated.
During the year ended December 31, 2009, we recognized a pre-tax gain of $49.8 million related to the change in fair value and termination of the credit default swaps within the VIE.
We were considered the primary beneficiary due to our direct investment in the VIE and management of the synthetic reference portfolios.
Commercial Mortgage-Backed Securities In September 2000, we sold commercial mortgage loans to a real estate mortgage investment conduit trust.
The trust issued various commercial mortgage-backed securities (‘‘CMBS’’) certificates using the cash flows of the underlying commercial mortgages it purchased.
Prior to January 1, 2010, this entity was scoped out of the consolidation guidance as a QSPE.
Based on the new accounting guidance, the previous scope exception for QSPEs no longer exists and this entity is now a VIE due to the entity having insufficient equity to sustain itself.
We have determined we are the primary beneficiary as we retained the special servicing role for the assets within the trust as well as the ownership of the bond class which controls the unilateral kick out rights of the special servicer.
Hedge Funds We are a general partner with an insignificant equity ownership in various hedge funds.
These entities are deemed VIEs due to the equity owners not having decision-making ability.
Before January 1, 2010, we consolidated these VIEs due to our related parties’ ownership.
Beginning January 1, 2010, we continue to consolidate these entities due to our control through our management relationship, related party ownership and our fee structure in certain of these funds.
These entities contain various fixed maturities held as available-for-sale and trading and equity securities held as trading.
The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse are as follows:
## Table 2 ##
(1) Grantor trusts contain an embedded derivative of a forecasted transaction to deliver the underlying securities; collateralized private investment vehicles include derivative liabilities, financial guarantees and obligation to redeem notes at maturity or termination of the trust; CMBS includes obligation to the bondholders; and hedge funds include liabilities to securities brokers.
(2) The consolidated statements of financial position included a $145.9 million and $110.2 million as of December 31, 2010 and 2009, respectively, noncontrolling interest for hedge funds.
FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION—CONTINUED Three Years Ended December 31, 2005 Reconciliation of Accumulated Depreciation and Amortization
## Table 3 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td>2005</td><td>High</td><td>Low</td></tr><tr><td>Quarter ended March 31</td><td>$19.28</td><td>$17.30</td></tr><tr><td>Quarter ended June 30</td><td>21.16</td><td>16.28</td></tr><tr><td>Quarter ended September 30</td><td>25.20</td><td>20.70</td></tr><tr><td>Quarter ended December 31</td><td>28.33</td><td>22.73</td></tr><tr><td>2004</td><td>High</td><td>Low</td></tr><tr><td>Quarter ended March 31</td><td>$13.12</td><td>$9.89</td></tr><tr><td>Quarter ended June 30</td><td>16.00</td><td>11.13</td></tr><tr><td>Quarter ended September 30</td><td>15.85</td><td>13.10</td></tr><tr><td>Quarter ended December 31</td><td>18.75</td><td>15.19</td></tr></table>
<table><tr><td></td><td colspan="8">Maturity Date</td></tr><tr><td></td><td>2013</td><td>2014</td><td>2015</td><td>2016</td><td>2017</td><td>Thereafter</td><td>Total</td><td>Fair Value</td></tr><tr><td colspan="4">In thousands of dollars except for rates</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Long-term Debt</td><td>$257,734</td><td>$854</td><td>$250,854</td><td>$500,708</td><td>$422</td><td>$778,129</td><td>$1,788,701</td><td>$2,060,836</td></tr><tr><td>Interest Rate</td><td>5.0%</td><td>7.4%</td><td>4.9%</td><td>3.5%</td><td>7.3%</td><td>5.9%</td><td>4.9%</td><td></td></tr></table>
<table><tr><td> </td><td> Grantor trusts</td><td> Collateralized private investment vehicles</td><td> CMBS</td><td> Hedge funds -2</td><td> Total</td></tr><tr><td> </td><td colspan="5"><i>(in millions)</i> </td></tr><tr><td> December 31, 2010</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, available-for-sale</td><td>$243.1</td><td>$14.8</td><td>$—</td><td>$—</td><td>$257.9</td></tr><tr><td>Fixed maturities, trading</td><td>—</td><td>131.4</td><td>—</td><td>—</td><td>131.4</td></tr><tr><td>Equity securities, trading</td><td>—</td><td>—</td><td>—</td><td>158.6</td><td>158.6</td></tr><tr><td>Other investments</td><td>—</td><td>—</td><td>128.4</td><td>0.3</td><td>128.7</td></tr><tr><td>Cash and cash equivalents</td><td>—</td><td>55.0</td><td>—</td><td>45.0</td><td>100.0</td></tr><tr><td>Accrued investment income</td><td>0.7</td><td>0.1</td><td>0.8</td><td>—</td><td>1.6</td></tr><tr><td>Premiums due and other receivables</td><td>—</td><td>1.6</td><td>—</td><td>13.9</td><td>15.5</td></tr><tr><td>Total assets</td><td>$243.8</td><td>$202.9</td><td>$129.2</td><td>$217.8</td><td>$793.7</td></tr><tr><td>Deferred income taxes</td><td>$2.4</td><td>$—</td><td>$—</td><td>$—</td><td>$2.4</td></tr><tr><td>Other liabilities -1</td><td>135.8</td><td>132.6</td><td>94.1</td><td>71.1</td><td>433.6</td></tr><tr><td>Total liabilities</td><td>$138.2</td><td>$132.6</td><td>$94.1</td><td>$71.1</td><td>$436.0</td></tr><tr><td> December 31, 2009</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, available-for-sale</td><td>$226.6</td><td>$59.2</td><td>$—</td><td>$—</td><td>$285.8</td></tr><tr><td>Fixed maturities, trading</td><td>—</td><td>19.8</td><td>—</td><td>—</td><td>19.8</td></tr><tr><td>Equity securities, trading</td><td>—</td><td>—</td><td>—</td><td>90.9</td><td>90.9</td></tr><tr><td>Cash and cash equivalents</td><td>—</td><td>55.0</td><td>—</td><td>45.1</td><td>100.1</td></tr><tr><td>Accrued investment income</td><td>0.8</td><td>0.2</td><td>—</td><td>—</td><td>1.0</td></tr><tr><td>Premiums due and other receivables</td><td>—</td><td>1.4</td><td>—</td><td>18.1</td><td>19.5</td></tr><tr><td>Total assets</td><td>$227.4</td><td>$135.6</td><td>$—</td><td>$154.1</td><td>$517.1</td></tr><tr><td>Deferred income taxes</td><td>$2.7</td><td>$—</td><td>$—</td><td>$—</td><td>$2.7</td></tr><tr><td>Other liabilities -1</td><td>89.1</td><td>24.6</td><td>—</td><td>43.1</td><td>156.8</td></tr><tr><td>Total liabilities</td><td>$91.8</td><td>$24.6</td><td>$—</td><td>$43.1</td><td>$159.5</td></tr></table>
<table><tr><td>Balance, December 31, 2002</td><td>$450,697,000</td></tr><tr><td>Additions during period—depreciation and amortization expense</td><td>68,125,000</td></tr><tr><td>Deductions during period—disposition and retirements of property</td><td>-4,645,000</td></tr><tr><td>Balance, December 31, 2003</td><td>514,177,000</td></tr><tr><td>Additions during period—depreciation and amortization expense</td><td>82,551,000</td></tr><tr><td>Deductions during period—disposition and retirements of property</td><td>-1,390,000</td></tr><tr><td>Balance, December 31, 2004</td><td>595,338,000</td></tr><tr><td>Additions during period—depreciation and amortization expense</td><td>83,656,000</td></tr><tr><td>Deductions during period—disposition and retirements of property</td><td>-15,244,000</td></tr><tr><td>Balance, December 31, 2005</td><td>$663,750,000</td></tr></table>

Question: what is the increase observed in the balance at the end of the year during 2005 and 2004?
Answer: 0.11491
Reasoning program: divide(663750000,595338000), subtract(#0,const_1)