## Table 0 ##
(1) Cancellation rate represents the number of cancelled sales orders divided by gross sales orders.
Net Sales Orders 2016 versus 2015 The value of net sales orders increased 12% to $12.0 billion (40,814 homes) in 2016 from $10.7 billion (37,380 homes) in 2015, with increases in all of our regions.
The increases in the value of sales orders were primarily due to increases in volume and to a lesser extent, increases in selling prices in most regions.
The number of net sales orders increased 9%, and the average price of net sales orders increased 2% to $294,000 during 2016 compared to 2015.
Our Florida markets contributed most to the higher volume in our Southeast region and our Las Vegas market contributed most to the higher volume in our West region.
The volume increases in our other regions reflect continued stable to moderately improved market conditions in these markets.
We believe our business is well positioned to continue to generate increased sales volume; however, our future sales volumes will depend on the economic strength of each of our operating markets and our ability to successfully implement our operating strategies in each market.2015 versus 2014 The value of net sales orders increased 29% to $10.7 billion (37,380 homes) in 2015 from $8.3 billion (29,709 homes) in 2014, with increases in all of our regions.
The increases in sales order value were primarily due to increases in volume as we expanded our operations and increased our market share in many of our markets.
To a lesser extent, an increase in selling prices in our South Central region also contributed to the increase in sales order value.
The number of net sales orders increased 26%, and the average price of our net sales orders increased 3% to $287,300 during 2015 compared to 2014.
The increases in our East and Southeast regions reflect the positive impact of our May 2014 acquisition of the homebuilding operations of Crown Communities.
Crown Communities added 527 net sales orders to the East region’s results in 2015, compared to 236 net sales orders in 2014, and added 1,359 net sales orders to the Southeast region’s results in 2015, compared to 508 net sales orders in 2014.
D. R.  HORTON, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan provides eligible employees the opportunity to purchase common stock of the Company at a discounted price of 85% of the fair market value of the stock on the designated dates of purchase.
The price to eligible employees may be further discounted depending on the average fair market value of the stock during the period and certain other criteria.
Under the terms of the plan, the total fair market value of common stock that an eligible employee may purchase each year is limited to the lesser of 15% of the employee’s annual compensation or $25,000.
Under the plan, employees purchased 111,527 shares for $2.8 million in fiscal 2017, 89,652 shares for $2.2 million in fiscal 2016 and 82,446 shares for $1.7 million in fiscal 2015.
At September 30, 2017, the Company had 3.2 million shares of common stock reserved for issuance pursuant to the Employee Stock Purchase Plan.
Incentive Bonus Plan The Company’s Incentive Bonus Plan provides for the Compensation Committee to award short-term performance bonuses to senior management based upon the level of achievement of certain criteria.
For fiscal 2017, 2016 and 2015, the Compensation Committee approved awards whereby certain executive officers could earn performance bonuses based upon percentages of the Company’s pre-tax income.
Compensation expense related to these plans was $16.8 million, $14.2 million and $11.8 million in fiscal 2017, 2016 and 2015, respectively.
Stock-Based Compensation The Company’s Stock Incentive Plan provides for the granting of stock options and restricted stock units to executive officers, other key employees and non-management directors.
Restricted stock unit awards may be based on performance (performance-based) or on service over a requisite time period (time-based).
At September 30, 2017, the Company had 31.8 million shares of common stock reserved for issuance and 19.0 million shares available for future grants under the Stock Incentive Plan.
The discussion that follows provides further information regarding stock-based compensation granted during fiscal 2017, 2016 and 2015.
Stock Options Stock options are granted at exercise prices which equal the market value of the Company’s common stock at the date of the grant.
The options outstanding at September 30, 2017 vest over periods of 2 to 9.75 years from the initial grant date and expire 10 years after the dates on which they were granted.
The Company did not grant stock options during fiscal 2017, 2016 or 2015, however the following table provides additional information related to stock option activity during those years.
## Table 1 ##
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) Snap-on’s effective income tax rate on earnings attributable to Snap-on was 32.8% in 2012 and 33.0% in 2011.
See Note 8 to the Consolidated Financial Statements for information on income taxes.
Net earnings attributable to Snap-on in 2012 were $306.1 million or $5.20 per diluted share.
Net earnings attributable to Snap-on in 2011 of $276.3 million, or $4.71 per diluted share, included an $11.1 million after-tax gain, or $0.19 per diluted share, from the arbitration settlement with CIT.
Exit and Disposal Activities Snap-on recorded costs of $16.5 million for exit and disposal activities in 2012 as compared to $12.2 million of such costs in 2011.
See Note 7 to the Consolidated Financial Statements for information on Snap-on’s exit and disposal activities.
Segment Results Commercial & Industrial Group
## Table 2 ##
NM: Not meaningful Segment net sales of $1,125.9 million in 2012 increased $0.1 million from 2011 levels; excluding $23.7 million of unfavorable foreign currency translation, organic sales increased $23.8 million or 2.2%.
The higher year-over-year organic sales primarily reflected a mid single-digit sales increase to customers in critical industries and a double-digit sales gain in the emerging markets of Asia.
These increases were partially offset by a mid single-digit sales decline in the segment’s European-based hand tools business as a result of continued market weakness in that region.
Segment gross profit of $415.0 million in 2012 compared with $415.2 million in 2011, and gross margin of 36.9% in 2012 was unchanged from 2011 levels.
Gross profit in 2012 and 2011 reflected restructuring costs of $3.6 million and $2.9 million, respectively, primarily to improve the segment’s cost structure in Europe.
Segment operating expenses of $287.7 million in 2012 decreased $4.1 million from 2011 levels.
The operating expense margin of 25.6% in 2012 improved 30 basis points from 25.9% in 2011 primarily due to benefits from organic sales volume leverage and savings from ongoing RCI initiatives, partially offset by higher restructuring costs in Europe.
Restructuring costs included in operating expenses were $5.3 million and $2.7 million in 2012 and 2011, respectively.
As a result of these factors, segment operating earnings of $127.3 million in 2012, including $3.3 million of higher yearover-year restructuring costs, increased $3.9 million, or 3.2%, from 2011 levels; favorable foreign currency effects in 2012 contributed $3.9 million.
Operating margin for the Commercial & Industrial Group of 11.3% in 2012 increased 30 basis points from 11.0% in 2011.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) Segment operating expenses of $226.2 million in 2012 decreased $5.4 million from 2011 levels and the operating expense margin of 24.7% improved 40 basis points from 25.1% in 2011 primarily due to contributions from ongoing RCI initiatives.
Restructuring costs included in operating expenses were $0.2 million and $1.1 million in 2012 and 2011, respectively.
As a result of these factors, segment operating earnings of $205.7 million in 2012, including $3.1 million of unfavorable foreign currency effects, increased $21.0 million, or 11.4%, from 2011 levels.
Operating margin for the Repair Systems & Information Group of 22.4% in 2012 increased 230 basis points from 20.1% in 2011.
Financial Services

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="9">Sales Order Cancellations Fiscal Year Ended September 30,</td></tr><tr><td></td><td colspan="3">Cancelled Sales Orders</td><td colspan="3">Value (In millions)</td><td colspan="3">Cancellation Rate -1</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>East</td><td>1,582</td><td>1,536</td><td>1,106</td><td>$425.4</td><td>$416.7</td><td>$288.2</td><td>24%</td><td>24%</td><td>22%</td></tr><tr><td>Midwest</td><td>241</td><td>296</td><td>271</td><td>91.6</td><td>115.2</td><td>97.0</td><td>12%</td><td>15%</td><td>16%</td></tr><tr><td>Southeast</td><td>4,413</td><td>3,663</td><td>2,955</td><td>1,105.9</td><td>899.2</td><td>701.2</td><td>24%</td><td>24%</td><td>26%</td></tr><tr><td>South Central</td><td>3,795</td><td>3,833</td><td>3,136</td><td>942.5</td><td>913.2</td><td>686.8</td><td>23%</td><td>25%</td><td>24%</td></tr><tr><td>Southwest</td><td>745</td><td>572</td><td>517</td><td>160.4</td><td>123.0</td><td>104.6</td><td>30%</td><td>26%</td><td>28%</td></tr><tr><td>West</td><td>1,119</td><td>1,151</td><td>1,072</td><td>544.7</td><td>515.7</td><td>471.5</td><td>15%</td><td>17%</td><td>18%</td></tr><tr><td></td><td>11,895</td><td>11,051</td><td>9,057</td><td>$3,270.5</td><td>$2,983.0</td><td>$2,349.3</td><td>23%</td><td>23%</td><td>23%</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended September 30,</td></tr><tr><td></td><td colspan="2">2017</td><td colspan="2">2016</td><td colspan="2">2015</td></tr><tr><td></td><td>Stock Options</td><td>Weighted AverageExercise Price</td><td>Stock Options</td><td>Weighted AverageExercise Price</td><td>Stock Options</td><td>Weighted AverageExercise Price</td></tr><tr><td>Outstanding at beginning of year</td><td>11,395,917</td><td>$16.69</td><td>15,337,656</td><td>$17.50</td><td>19,478,811</td><td>$17.37</td></tr><tr><td>Exercised</td><td>-2,770,569</td><td>15.83</td><td>-3,504,989</td><td>20.02</td><td>-3,636,655</td><td>16.49</td></tr><tr><td>Cancelled or expired</td><td>-194,000</td><td>18.83</td><td>-436,750</td><td>18.45</td><td>-504,500</td><td>19.89</td></tr><tr><td>Outstanding at end of year</td><td>8,431,348</td><td>$16.92</td><td>11,395,917</td><td>$16.69</td><td>15,337,656</td><td>$17.50</td></tr><tr><td>Exercisable at end of year</td><td>5,772,214</td><td>$16.01</td><td>6,645,967</td><td>$14.99</td><td>6,859,889</td><td>$16.51</td></tr></table>
<table><tr><td><i>(Amounts in millions)</i></td><td colspan="2">2012</td><td colspan="2">2011</td><td colspan="2">Change</td></tr><tr><td>External net sales</td><td>$940.6</td><td>83.5%</td><td>$955.9</td><td>84.9%</td><td>$-15.3</td><td>-1.6%</td></tr><tr><td>Intersegment net sales</td><td>185.3</td><td>16.5%</td><td>169.9</td><td>15.1%</td><td>15.4</td><td>9.1%</td></tr><tr><td>Segment net sales</td><td>1,125.9</td><td>100.0%</td><td>1,125.8</td><td>100.0%</td><td>0.1</td><td>NM</td></tr><tr><td>Cost of goods sold</td><td>-710.9</td><td>-63.1%</td><td>-710.6</td><td>-63.1%</td><td>-0.3</td><td>NM</td></tr><tr><td>Gross profit</td><td>415.0</td><td>36.9%</td><td>415.2</td><td>36.9%</td><td>-0.2</td><td>NM</td></tr><tr><td>Operating expenses</td><td>-287.7</td><td>-25.6%</td><td>-291.8</td><td>-25.9%</td><td>4.1</td><td>1.4%</td></tr><tr><td>Segment operating earnings</td><td>$127.3</td><td>11.3%</td><td>$123.4</td><td>11.0%</td><td>$3.9</td><td>3.2%</td></tr></table>

Question: What's the average of the Outstanding at beginning of year for Stock Options in the years where Southeast for Cancelled Sales Orders is greater than 3000?
Answer: 1.74082e+07
Reasoning program: add(15337656,19478811), divide(#0,const_2)