We Have Experienced Disputes With Customers and Suppliers—Such disputes may lead to increased tensions, damaged relationships or litigation which may result in the loss of a key customer or supplier.
We have experienced certain conflicts or disputes with some of our customers and service providers.
Most of these disputes relate to the interpretation of terms in our contracts.
While we seek to resolve such conflicts amicably and have generally resolved customer and supplier disputes on commercially reasonable terms, such disputes may lead to increased tensions and damaged relationships between ourselves and these entities, some of whom are key customers or suppliers of ours.
In addition, if we are unable to resolve these differences amicably, we may be forced to litigate these disputes in order to enforce or defend our rights.
There can be no assurances as to the outcome of these disputes.
Damaged relationships or litigation with our key customers or suppliers may lead to decreased revenues (including as a result of losing a customer) or increased costs, which could have a material adverse effect on us.
Our Operations in Australia Expose Us to Changes in Foreign Currency Exchange Rates—We may suffer losses as a result of changes in such currency exchange rates.
We conduct business in the U. S.  and Australia, which exposes us to fluctuations in foreign currency exchange rates.
For the year ended December 31, 2004, approximately 7.5% of our consolidated revenues originated outside the U. S. , all of which were denominated in currencies other than U. S.  dollars, principally Australian dollars.
We have not historically engaged in significant hedging activities relating to our non-U.
S.  dollar operations, and we may suffer future losses as a result of changes in currency exchange rates.
Internet Access to Reports We maintain an internet website at www.
crowncastle.
com.
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K (and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934) are made available, free of charge, through the investor relations section of our internet website at http://investor.
crowncastle.
com/edgar.
cfm as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.
In addition, our corporate governance guidelines, business practices and ethics policy and the charters of our Audit Committee, Compensation Committee and Nominating & Corporate Governance Committees are available through the investor relations section of our internet website at http://investor.
crowncastle.
com/edgar.
cfm, and such information is also available in print to any shareholder who requests it.
Item 2.
Properties Our principal corporate offices are located in Houston, Texas; Canonsburg, Pennsylvania; and Sydney, Australia.
## Table 0 ##
In the U. S. , we also lease and maintain five additional regional offices (called “Area Offices”) located in (1) Albany, New York, (2) Alpharetta, Georgia, (3) Charlotte, North Carolina, (4) Louisville, Kentucky and (5) Phoenix, Arizona.
The principal responsibilities of these offices are to manage the leasing of tower space on a local basis, maintain the towers already located in the region and service our customers in the area.
As of December 31, 2004, 8,816 of the sites on which our U. S.  towers are located, or approximately 83% of our U. S.  portfolio, were leased, subleased or licensed, while 1,796 or approximately 17% were owned in fee or through
EQUINIX, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) In February 2011, the Company amended the Bank of America Revolving Credit Line (see Note 7) and extended the maturity date to February 2012.
The amended Bank of America Revolving Credit Line is used primarily as a letter of credit issuing facility, and to fund the Company’s working capital if so needed, and is unsecured.
In February 2011, Zion RJ Participa?
?es S. A.
(the “Joint Venture”), a Brazilian joint-stock company controlled indirectly by the Company and Riverwood Capital L. P.  (“Riverwood”), entered into a share purchase agreement and other covenants (the “Share Purchase Agreement”) with the shareholders (the “Sellers”) of ALOG Data Centers do Brasil S. A.
(“ALOG”), ALOG and ALOG’s subsidiaries, pursuant to which, subject to the satisfaction or waiver of the conditions therein, the Joint Venture will acquire approximately 90% of the outstanding capital stock of ALOG from the Sellers.
The Joint Venture will pay approximately 211,000,000 Brazilian reais in cash, or approximately $127,000,000, to acquire the ALOG capital stock, subject to certain balance sheet adjustments as provided in the Share Purchase Agreement, at the closing of the transaction (the “Closing”).
A portion of the purchase price will be withheld by the Joint Venture at the Closing to cover potential indemnification claims, and any balance will be paid to the Sellers by the Joint Venture two years following the Closing.
Under the terms of the Share Purchase Agreement, either the Joint Venture or the Sellers may terminate the Share Purchase Agreement if the Closing has not taken place on or before May 10, 2011.18.
Quarterly Financial Information (Unaudited) The Company believes that period-to-period comparisons of its financial results should not be relied upon as an indication of future performance.
The Company’s revenues and results of operations have been subject to significant fluctuations, particularly on a quarterly basis, and the Company’s revenues and results of operations could fluctuate significantly quarter-to-quarter and year-to-year.
Significant quarterly fluctuations in revenues will cause fluctuations in the Company’s cash flows and the cash and cash equivalents and accounts receivable accounts on the Company’s consolidated balance sheet.
Causes of such fluctuations may include the volume and timing of new orders and renewals, the timing of the opening of new IBX data centers, the sales cycle for the Company’s services, the introduction of new services, changes in service prices and pricing models, trends in the Internet infrastructure industry, general economic conditions, extraordinary events such as acquisitions or litigation and the occurrence of unexpected events.
The unaudited quarterly financial information presented below has been prepared by the Company and reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to present fairly the financial position and results of operations for the interim periods presented.
The following table presents selected quarterly information (in thousands except per share data)
## Table 1 ##
(a) Represents the first quarter of combined results since the Switch and Data Acquisition (see Note 2).
Years Ended December 31, 2009 and 2008 Revenues.
Our revenues for the years ended December 31, 2009 and 2008 were generated from the following revenue classifications and geographic regions (dollars in thousands):
## Table 2 ##
North America Revenues.
The period over period growth in recurring revenues was primarily the result of an increase in orders from both our existing customers and new customers during the period as reflected in the growth in our customer count and utilization rate, as discussed above, in both our new and existing IBX data centers, as well as selective price increases in each of our IBX markets.
During the year ended December 31, 2009, we recorded $67.7 million of revenue generated from our recently-opened IBX data centers or IBX data center expansions in the Chicago, Los Angeles and New York metro areas.
Europe Revenues.
Our revenues from the United Kingdom, the largest revenue contributor in the Europe region for the period, represented approximately 36% and 38%, respectively, of the regional revenues for the years ended December 31, 2009 and 2008.
As in the U. S. , Europe revenue growth was due to an increase in orders from both our existing customers and new customers during the period as reflected in the growth in our customer count and utilization rate, as discussed above, in both our new and existing IBX data centers.
During the year ended December 31, 2009, we recorded approximately $49.4 million of revenue from our recentlyopened IBX data centers or IBX data center expansions in the Amsterdam, Frankfurt, London and Paris metro areas.
During the year ended December 31, 2009, the U. S.  dollar was generally stronger relative to the British pound, Euro and Swiss franc than during the year ended December 31, 2008, resulting in approximately $22.1 million of unfavorable foreign currency impact to our Europe revenues during the year ended December 31, 2009 when compared to average 2008 exchange rates.
Asia-Pacific Revenues.
Our revenues from Singapore, the largest revenue contributor in the Asia-Pacific region, represented approximately 36% and 38%, respectively, of the regional revenues for the years ended December 31, 2009 and 2008.
As in the U. S. , Asia-Pacific revenue growth was due to an increase in orders from both our existing customers and new customers during the period as reflected in the growth in our customer count and utilization rate, as discussed above, in both our new and existing IBX data centers, as well as selective price increases in each of our IBX markets.
During the year ended December 31, 2009, we recorded
The Company’s federal tax returns for 2016 and 2017, and tax returns in certain states and foreign jurisdictions for 2008 through 2017 remain subject to examination by taxing authorities.
At December 31, 2017, the Company had federal net operating loss carry-forwards of $36 million, which expire in 2018 through 2037, state net operating loss carry-forwards of $579 million, which expire in 2018 through 2037, and foreign net operating loss carry-forwards of $486 million, $47 million of which expire in 2021 through 2037, and the remainder of which do not expire.7.
Employee Stock and Savings Plans Stock Plans The Company recognizes the fair value of share-based compensation awards granted to employees in cost of processing and services, cost of product, and selling, general and administrative expense in its consolidated statements of income.
The Company’s share-based compensation primarily consists of the following: Stock Options – The Company grants stock options to employees and non-employee directors at exercise prices equal to the fair market value of the Company’s stock on the dates of grant, which are typically in the first quarter of the year.
Stock options generally vest over a three-year period beginning on the first anniversary of the grant.
All stock options expire ten years from the date of the award.
The Company recognizes compensation expense for the fair value of the stock options over the requisite service period of the stock option award.
Restricted Stock Units – The Company awards restricted stock units to employees and non-employee directors.
The Company recognizes compensation expense for restricted stock units based on the market price of the common stock on the date of award over the period during which the awards vest.
Restricted stock units generally vest over a threeyear period beginning on the second anniversary of the award.
Performance Share Units – The Company awards performance share units to employees.
The number of shares issued at the end of the performance period is determined by the level of achievement of pre-determined earnings and revenue growth performance goals.
The Company recognizes the expense, which is determined by utilizing a probability assessment that the performance goals will be achieved, ratably over the requisite performance period of the award.
Employee Stock Purchase Plan – The Company maintains an employee stock purchase plan that allows eligible employees to purchase a limited number of shares of common stock each quarter through payroll deductions at 85% of the closing price of the Company’s common stock on the last business day of each calendar quarter.
The Company recognizes compensation expense related to the 15% discount on the purchase date.
Share-based compensation expense was $63 million in 2017, $68 million in 2016 and $65 million in 2015.
Share-based compensation in 2017 and 2016 includes expense recognized on performance share units as management views the performance goals as probable of attainment.
The income tax benefits related to share-based compensation totaled $21 million, $23 million and $22 million in 2017, 2016 and 2015, respectively.
At December 31, 2017, the total remaining unrecognized compensation cost for unvested stock options, restricted stock units and performance share units, net of estimated forfeitures, of $64 million is expected to be recognized over a weighted-average period of 2.3 years.
The weighted-average estimated fair value of stock options granted during 2017, 2016 and 2015 was $37.53, $31.47 and $25.51 per share, respectively.
The fair values of stock options granted were estimated on the date of grant using a binomial option-pricing model with the following assumptions:
## Table 3 ##
The Company determined the expected life of stock options using historical data adjusted for known factors that could alter historical exercise behavior.
The risk-free interest rate is based on the U. S.  treasury yield curve in effect as of the grant date.
Expected volatility is determined using weighted-average implied market volatility combined with historical volatility.
The Company believes that a blend of historical volatility and implied volatility better reflects future market conditions and better indicates expected volatility than purely historical volatility
Notes to Consolidated Financial Statements Note 10.
Securitization Activities The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e. g. , trusts, corporate entities and limited liability companies) or through a resecuritization.
The firm acts as underwriter of the beneficial interests that are sold to investors.
The firm’s residential mortgage securitizations are substantially all in connection with government agency securitizations.
Beneficial interests issued by securitization entities are debt or equity securities that give the investors rights to receive all or portions of specified cash inflows to a securitization vehicle and include senior and subordinated interests in principal, interest and/or other cash inflows.
The proceeds from the sale of beneficial interests are used to pay the transferor for the financial assets sold to the securitization vehicle or to purchase securities which serve as collateral.
The firm accounts for a securitization as a sale when it has relinquished control over the transferred assets.
Prior to securitization, the firm accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets.
Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors.
For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction.
See Notes 9 and 23 for further information about collateralized financings and interest expense, respectively.
The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with transferred assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of senior or subordinated securities.
The firm may also purchase senior or subordinated securities issued by securitization vehicles (which are typically VIEs) in connection with secondary market-making activities.
The primary risks included in beneficial interests and other interests from the firm’s continuing involvement with securitization vehicles are the performance of the underlying collateral, the position of the firm’s investment in the capital structure of the securitization vehicle and the market yield for the security.
These interests are accounted for at fair value and are included in “Financial instruments owned, at fair value” and are generally classified in level 2 of the fair value hierarchy.
See Notes 5 through 8 for further information about fair value measurements.
The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement.
## Table 4 ##
Results of Operations for the Year Ended December 31, 2011, compared with the Year Ended December 31, 2010 Adoption of Guidance now encompassed in Accounting Standards Codification (ASC) Topic 810, “Consolidation” The company provides investment management services to, and has transactions with, various private equity, real estate, fundof-funds, collateralized loan obligation products (CLOs), and other investment entities sponsored by the company for the investment of client assets in the normal course of business.
The company serves as the investment manager, making day-to-day investment decisions concerning the assets of the products.
Certain of these entities are consolidated under variable interest or voting interest entity consolidation guidance.
See Part II, Item 8, Financial Statements and Supplementary Data - Note 1, “Accounting Policies” and Note 20, “Consolidated Investment Products,” for additional details.
The guidance now encompassed in ASC Topic 810, which was effective January 1, 2010, had a significant impact on the presentation of the company's financial statements in 2011 and 2010, as its provisions required the company to consolidate certain CLOs that were not previously consolidated.
In accordance with the standard, prior periods have not been restated to reflect the consolidation of these CLOs.
The majority of the company's consolidated investment products balances were CLO-related as of December 31, 2011 and 2010.
The collateral assets of the CLOs are held solely to satisfy the obligations of the CLOs.
The company has no right to the benefits from, nor does it bear the risks associated with, the collateral assets held by the CLOs, beyond the company's minimal direct investments in, and management fees generated from, the CLOs.
If the company were to liquidate, the collateral assets would not be available to the general creditors of the company, and as a result, the company does not consider them to be company assets.
Additionally, the investors in the CLOs have no recourse to the general credit of the company for the notes issued by the CLOs.
The company therefore does not consider this debt to be a company liability.
The discussion that follows will separate consolidated investment product results of operations from the company's investment management operations through the use of non-GAAP financial measures.
See “Schedule of Non-GAAP Information” for additional details and reconciliations of the most directly comparable U. S.  GAAP measures to the non-GAAP measures.
Condensed Consolidating Statements of Income
## Table 5 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td>Location</td><td>Property Interest</td><td>Size (Sq. Ft.)</td><td>Use</td></tr><tr><td>Canonsburg, PA</td><td>Owned</td><td>124,000</td><td>Corporate office</td></tr><tr><td>Houston, TX</td><td>Leased</td><td>24,300</td><td>Corporate office</td></tr><tr><td>Sydney, Australia</td><td>Leased</td><td>15,527</td><td>Corporate office</td></tr></table>
<table><tr><td></td><td colspan="4"> 2010  Quarter ended</td></tr><tr><td></td><td> March 31</td><td>June 30 (a)</td><td> September 30</td><td> December 31</td></tr><tr><td>Revenues</td><td>$248,649</td><td>$296,094</td><td>$330,347</td><td>$345,244</td></tr><tr><td>Gross profit</td><td>115,599</td><td>133,512</td><td>144,871</td><td>151,685</td></tr><tr><td>Net income (loss)</td><td>14,199</td><td>-2,274</td><td>11,196</td><td>13,760</td></tr><tr><td>Basic earnings per share</td><td>0.36</td><td>-0.05</td><td>0.24</td><td>0.30</td></tr><tr><td>Diluted earnings per share</td><td>0.35</td><td>-0.05</td><td>0.24</td><td>0.29</td></tr></table>
<table><tr><td></td><td colspan="4">Years ended December 31,</td><td colspan="2"> % change</td></tr><tr><td></td><td> 2009</td><td>%</td><td> 2008</td><td>%</td><td>Actual</td><td> Constant  currency</td></tr><tr><td>North America:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recurring revenues</td><td>$515,780</td><td>59%</td><td>$423,940</td><td>60%</td><td>22%</td><td>N/A</td></tr><tr><td>Non-recurring revenues</td><td>19,709</td><td>2%</td><td>18,863</td><td>3%</td><td>4%</td><td>N/A</td></tr><tr><td></td><td>535,489</td><td>61%</td><td>442,803</td><td>63%</td><td>21%</td><td>N/A</td></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recurring revenues</td><td>212,635</td><td>24%</td><td>165,669</td><td>24%</td><td>28%</td><td>41%</td></tr><tr><td>Non-recurring revenues</td><td>15,501</td><td>2%</td><td>11,833</td><td>1%</td><td>31%</td><td>36%</td></tr><tr><td></td><td>228,136</td><td>26%</td><td>177,502</td><td>25%</td><td>29%</td><td>41%</td></tr><tr><td>Asia-Pacific:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recurring revenues</td><td>113,434</td><td>12%</td><td>77,554</td><td>11%</td><td>46%</td><td>46%</td></tr><tr><td>Non-recurring revenues</td><td>5,450</td><td>1%</td><td>6,821</td><td>1%</td><td>-20%</td><td>-20%</td></tr><tr><td></td><td>118,884</td><td>13%</td><td>84,375</td><td>12%</td><td>41%</td><td>41%</td></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recurring revenues</td><td>841,849</td><td>95%</td><td>667,163</td><td>95%</td><td>26%</td><td>29%</td></tr><tr><td>Non-recurring revenues</td><td>40,660</td><td>5%</td><td>37,517</td><td>5%</td><td>8%</td><td>10%</td></tr><tr><td></td><td>$882,509</td><td>100%</td><td>$704,680</td><td>100%</td><td>25%</td><td>28%</td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Expected life (in years)</td><td>6.3</td><td>6.4</td><td>6.4</td></tr><tr><td>Average risk-free interest rate</td><td>2.2%</td><td>1.9%</td><td>1.9%</td></tr><tr><td>Expected volatility</td><td>28.9%</td><td>29.3%</td><td>29.2%</td></tr><tr><td>Expected dividend yield</td><td>0%</td><td>0%</td><td>0%</td></tr></table>
<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>in millions</i></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Residential mortgages</td><td>$29,772</td><td>$33,755</td><td>$40,131</td></tr><tr><td>Commercial mortgages</td><td>6,086</td><td>300</td><td>—</td></tr><tr><td>Other financial assets</td><td>—</td><td>—</td><td>269</td></tr><tr><td>Total</td><td>$35,858</td><td>$34,055</td><td>$40,400</td></tr><tr><td>Cash flows on retained interests</td><td>$ 249</td><td>$ 389</td><td>$ 569</td></tr></table>
<table><tr><td>$ in millions</td><td>Before Consolidation<sup>-1</sup></td><td>Consolidated Investment Products</td><td>Adjustments<sup>-1(2)</sup></td><td>Total</td></tr><tr><td>Year ended December 31, 2011</td><td></td><td></td><td></td><td></td></tr><tr><td>Total operating revenues</td><td>4,139.4</td><td>0.1</td><td>-47.3</td><td>4,092.2</td></tr><tr><td>Total operating expenses</td><td>3,181.1</td><td>60.3</td><td>-47.3</td><td>3,194.1</td></tr><tr><td>Operating income</td><td>958.3</td><td>-60.2</td><td>—</td><td>898.1</td></tr><tr><td>Equity in earnings of unconsolidated affiliates</td><td>30.7</td><td>—</td><td>-0.2</td><td>30.5</td></tr><tr><td>Interest and dividend income</td><td>19.3</td><td>307.2</td><td>-8.3</td><td>318.2</td></tr><tr><td>Other investment income/(losses)</td><td>49.0</td><td>-159.2</td><td>20.3</td><td>-89.9</td></tr><tr><td>Interest expense</td><td>-61.8</td><td>-195.3</td><td>8.3</td><td>-248.8</td></tr><tr><td>Income before income taxes</td><td>995.5</td><td>-107.5</td><td>20.1</td><td>908.1</td></tr><tr><td>Income tax provision</td><td>-286.1</td><td>—</td><td>—</td><td>-286.1</td></tr><tr><td>Net income</td><td>709.4</td><td>-107.5</td><td>20.1</td><td>622.0</td></tr><tr><td>(Gains)/losses attributable to noncontrolling interests in consolidated entities, net</td><td>0.1</td><td>107.6</td><td>—</td><td>107.7</td></tr><tr><td>Net income attributable to common shareholders</td><td>709.5</td><td>0.1</td><td>20.1</td><td>729.7</td></tr></table>

Question: What's the growth rate of Recurring revenues in 2009? (in %)
Answer: 0.21663
Reasoning program: subtract(515780,423940), divide(#0,423940)