Act of 1933, as amended, and Section 1145 of the United States Code.
No underwriters were engaged in connection with such issuances.
During the three months ended December 31, 2008, we issued an aggregate of 7,173,456 shares of our Common Stock upon conversion of $147.1 million principal amount of our 3.00% Notes.
Pursuant to the terms of the indenture, holders of the 3.00% Notes receive 48.7805 shares of our Common Stock for every $1,000 principal amount of notes converted.
In connection with the conversions, we paid such holders an aggregate of approximately $3.7 million, calculated based on the accrued and unpaid interest on the notes and the discounted value of the future interest payments on the notes.
All shares were issued in reliance on the exemption from registration set forth in Section 3(a)(9) of the Securities Act of 1933, as amended.
No underwriters were engaged in connection with such issuances.
Issuer Purchases of Equity Securities During the three months ended December 31, 2008, we repurchased 2,784,221 shares of our Common Stock for an aggregate of $79.4 million, including commissions and fees, pursuant to our publicly announced stock repurchase program, as follows:
## Table 0 ##
(1) Repurchases made pursuant to the $1.5 billion stock repurchase program approved by our Board of Directors in February 2008.
Under this program, our management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.
To facilitate repurchases, we make purchases pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.
This program may be discontinued at any time.
As reflected in the above table, in the fourth quarter of 2008, we significantly reduced purchases of Common Stock under our stock repurchase program based on the downturn in the economy and the disruptions in the financial and credit markets.
Subsequent to December 31, 2008, we repurchased approximately 28,000 shares of our Common Stock for an aggregate of $0.8 million, including commissions and fees, pursuant to this program.
We expect to continue to manage the pacing of the program in the future in response to general market conditions and other relevant factors.
## Table 1 ##
(1) See definitions of operating revenues and operating expenses for the components of such adjustments.
Year Ended December 31, 2010 compared with the Year Ended December 31, 2009 Unless otherwise stated, all amounts discussed below are net of income tax.
During the year ended December 31, 2010, MetLife’s income (loss) from continuing operations, net of income tax increased $5.1 billion to a gain of $2.8 billion from a loss of $2.3 billion in 2009, of which $2 million in losses is from the inclusion of ALICO results for one month in 2010 and the impact of financing costs for the Acquisition.
The change was predominantly due to a $4.6 billion favorable change in net derivative gains (losses), before income tax, and a $2.5 billion favorable change in net investment gains (losses), before income tax.
Offsetting these favorable variances were unfavorable changes in adjustments related to continuing operations of $1.3 billion, before income tax, and $2.2 billion of income tax, resulting in a total favorable variance of $3.6 billion.
In addition, operating earnings available to common shareholders increased $1.5 billion to $3.9 billion in the current year from $2.4 billion in the prior year.
The favorable change in net derivative gains (losses) of $3.0 billion was primarily driven by net gains on freestanding derivatives in the current year compared to net losses in the prior year, partially offset by an unfavorable change in embedded derivatives from gains in the prior year to losses in the current year.
The favorable change in freestanding derivatives was primarily attributable to market factors, including falling long-term and mid-term interest rates, a stronger recovery in equity markets in the prior year than the current year, equity volatility, which decreased more in the prior year as compared to the current year, a strengthening U. S.  dollar and widening corporate credit spreads in the financial services sector.
The favorable change in net investment gains (losses) of $1.6 billion was primarily driven by a decrease in impairments and a decrease in the provision for credit losses on mortgage loans.
These favorable changes in net derivative and net investment gains (losses) were partially offset by an unfavorable change of $514 million in related adjustments.
The improvement in the financial markets, which began in the second quarter of 2009 and continued into 2010, was a key driver of the $1.5 billion increase in operating earnings available to common shareholders.
Such market improvement was most evident in higher net investment income and policy fees, as well as a decrease in variable annuity guarantee benefit costs.
These increases were partially offset by an increase in amortization of DAC, VOBA and deferred sales inducements (“DSI”) as a result of an increase in average separate account balances and higher current year gross margins in the closed block driven by increased investment yields and the impact of dividend scale reductions.
The 2010 period also includes one month of ALICO results, contributing $114 million to the increase in operating earnings.
The favorable impact of a reduction in discretionary spending associated with our enterprise-wide cost reduction and revenue enhancement initiative was more than offset by an increase in other expenses related to our International business.
This increase primarily stemmed from the impact of a benefit recorded in the prior year related to the pesification in Argentina, as well as current year business growth in the segment.
Year Ended December 31, 2009 compared with the Year Ended December 31, 2008 Unless otherwise stated, all amounts discussed below are net of income tax.
During the year ended December 31, 2009, MetLife’s income (loss) from continuing operations, net of income tax, decreased $5.8 billion to a loss of $2.3 billion from income of $3.5 billion in the comparable 2008 period.
The year over year change is predominantly due to an $8.8 billion unfavorable change in net derivative gains (losses), before income tax, to losses of $4.9 billion in 2009 from gains of $3.9 billion in 2008.
In addition, there was an $808 million unfavorable change in net investment gains (losses), before income tax.
Offsetting these variances were favorable changes in adjustments related to continuing operations of $947 million, before income tax, and $3.2 billion of income tax, resulting in a total unfavorable variance of $5.5 billion.
In addition, operating earnings available to common shareholders decreased by $329 million to $2.4 billion in 2009 from $2.7 billion in 2008.
The unfavorable change in net derivative gains (losses) of $8.8 billion was primarily driven by losses on freestanding derivatives, partially offset by gains on embedded derivatives, most of which were associated with variable annuity minimum benefit guarantees, and lower losses on fixed maturity securities.
The unfavorable change in net investment gains (losses) of $808 million was primarily driven by an increase in impairments.
These unfavorable changes in gains (losses) were partially offset by a favorable change of $947 million in related adjustments.
The positive impact of business growth and favorable mortality in several of our businesses was more than offset by a decline in net investment income, resulting in a decrease in operating earnings of $329 million.
The decrease in net investment income caused significant declines in the operating earnings of many of our businesses, especially the interest spread businesses.
Also contributing to the decline in operating earnings was an increase in net guaranteed annuity benefit costs and a charge related to our closed block of business, a specific group of participating life policies that were segregated in connection with the demutualization of Metropolitan Life Insurance Company (“MLIC”).
The favorable impact of our enterprise-wide cost reduction and revenue enhancement initiative, was more than offset by higher pension and postretirement benefit costs, driving the increase in other expenses.
The declines in operating earnings were partially offset by a change in amortization related to DAC, DSI and unearned revenue.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) The following tables present the changes in the valuation allowance, by portfolio segment:
## Table 2 ##
Commercial Mortgage Loans — by Credit Quality Indicators with Estimated Fair Value: Presented below for the commercial mortgage loans held-for-investment is the recorded investment, prior to valuation allowances, by the indicated loan-to-value ratio categories and debt service coverage ratio categories and estimated fair value of such mortgage loans by the indicated loan-to-value ratio categories at:
## Table 3 ##
Agricultural and Residential Mortgage Loans — by Credit Quality Indicator: The recorded investment in agricultural and residential mortgage loans held-for-investment, prior to valuation allowances, by credit quality indicator, was at:
## Table 4 ##
Past Due and Interest Accrual Status of Mortgage Loans.
The Company has a high quality, well performing, mortgage loan portfolio with approximately 99% of all mortgage loans classified as performing.
Past Due.
The Company defines delinquent mortgage loans consistent with industry practice, when interest and principal payments are past due as follows: commercial mortgage loans — 60 days past due; agricultural mortgage loans — 90 days past due; and residential mortgage loans — 60 days past due.
The recorded investment in mortgage loans held-for-investment, prior to valuation allowances, past due according to these aging categories was $58 million, $159 million and $79 million for commercial, agricultural and residential mortgage loans, respectively, at December 31, 2010; and for all mortgage loans was $296 million and $220 million at December 31, 2010 and 2009, respectively.
Accrual Status.
Past Due 90 Days or More and Still Accruing Interest.
The recorded investment in mortgage loans held-for-investment, prior to valuation allowances, that were past due 90 days or more and still accruing interest was $1 million, $13 million and $11 million for commercial, agricultural and residential mortgage loans, respectively, at December 31, 2010; and for all mortgage loans, was $25 million and $14 million at December 31, 2010 and 2009, respectively.
Accrual Status.
Mortgage Loans in Nonaccrual Status.
The recorded investment in mortgage loans held-for-investment, prior to valuation allowances, that were in nonaccrual status was $7 million, $177 million and $25 million for commercial, agricultural and residential

Tables referenced above, in order (Table 0 first):
<table><tr><td>Period</td><td>Total Number of Shares Purchased-1</td><td>Average Price Paid per Share</td><td>Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs</td><td>Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans orPrograms  (In millions)</td></tr><tr><td>October 2008</td><td>1,379,180</td><td>$30.51</td><td>1,379,180</td><td>$1,005.3</td></tr><tr><td>November 2008</td><td>1,315,800</td><td>$26.51</td><td>1,315,800</td><td>$970.4</td></tr><tr><td>December 2008</td><td>89,241</td><td>$27.32</td><td>89,241</td><td>$967.9</td></tr><tr><td>Total Fourth Quarter</td><td>2,784,221</td><td>$28.53</td><td>2,784,221</td><td>$967.9</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td>Income (loss) from continuing operations, net of income tax</td><td>$2,777</td><td>$-2,319</td><td>$3,479</td></tr><tr><td>Less: Net investment gains (losses)</td><td>-392</td><td>-2,906</td><td>-2,098</td></tr><tr><td>Less: Net derivative gains (losses)</td><td>-265</td><td>-4,866</td><td>3,910</td></tr><tr><td>Less: Adjustments to continuing operations -1</td><td>-981</td><td>283</td><td>-664</td></tr><tr><td>Less: Provision for income tax (expense) benefit</td><td>401</td><td>2,683</td><td>-488</td></tr><tr><td>Operating earnings</td><td>4,014</td><td>2,487</td><td>2,819</td></tr><tr><td>Less: Preferred stock dividends</td><td>122</td><td>122</td><td>125</td></tr><tr><td>Operating earnings available to common shareholders</td><td>$3,892</td><td>$2,365</td><td>$2,694</td></tr></table>
<table><tr><td></td><td colspan="4">Mortgage Loan Valuation Allowances</td></tr><tr><td></td><td>Commercial</td><td>Agricultural</td><td>Residential</td><td>Total</td></tr><tr><td></td><td colspan="4">(In millions)</td></tr><tr><td>Balance at January 1, 2008</td><td>$167</td><td>$24</td><td>$6</td><td>$197</td></tr><tr><td>Provision (release)</td><td>145</td><td>49</td><td>6</td><td>200</td></tr><tr><td>Charge-offs, net of recoveries</td><td>-80</td><td>-12</td><td>-1</td><td>-93</td></tr><tr><td>Balance at December 31, 2008</td><td>232</td><td>61</td><td>11</td><td>304</td></tr><tr><td>Provision (release)</td><td>384</td><td>79</td><td>12</td><td>475</td></tr><tr><td>Charge-offs, net of recoveries</td><td>-27</td><td>-25</td><td>-6</td><td>-58</td></tr><tr><td>Balance at December 31, 2009</td><td>589</td><td>115</td><td>17</td><td>721</td></tr><tr><td>Provision (release)</td><td>-5</td><td>12</td><td>2</td><td>9</td></tr><tr><td>Charge-offs, net of recoveries</td><td>-22</td><td>-39</td><td>-5</td><td>-66</td></tr><tr><td>Balance at December 31, 2010</td><td>$562</td><td>$88</td><td>$14</td><td>$664</td></tr></table>
<table><tr><td></td><td colspan="7"> December 31, 2010</td></tr><tr><td></td><td colspan="5">Recorded Investment</td><td></td><td></td></tr><tr><td></td><td colspan="3"> Debt Service Coverage Ratios</td><td></td><td></td><td> Estimated </td><td></td></tr><tr><td></td><td> > 1.20x</td><td> 1.00x - 1.20x</td><td> < 1.00x</td><td> Total</td><td>% of Total</td><td> Fair Value</td><td> % of Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td><td colspan="3"> (In millions)</td></tr><tr><td>Loan-to-valueratios:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than 65%</td><td>$16,664</td><td>$125</td><td>$483</td><td>$17,272</td><td>45.7%</td><td>$18,183</td><td>46.9%</td></tr><tr><td>65% to 75%</td><td>9,023</td><td>765</td><td>513</td><td>10,301</td><td>27.2</td><td>10,686</td><td>27.6</td></tr><tr><td>76% to 80%</td><td>3,033</td><td>304</td><td>135</td><td>3,472</td><td>9.2</td><td>3,536</td><td>9.1</td></tr><tr><td>Greater than 80%</td><td>4,155</td><td>1,813</td><td>807</td><td>6,775</td><td>17.9</td><td>6,374</td><td>16.4</td></tr><tr><td>Total</td><td>$32,875</td><td>$3,007</td><td>$1,938</td><td>$37,820</td><td>100.0%</td><td>$38,779</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="5"> December 31, 2010</td></tr><tr><td></td><td colspan="2">Agricultural Mortgage Loans</td><td></td><td colspan="2"> Residential Mortgage Loans</td></tr><tr><td></td><td> Recorded Investment</td><td>% of Total</td><td></td><td> Recorded Investment</td><td> % of Total</td></tr><tr><td></td><td> (In millions)</td><td></td><td></td><td> (In millions)</td><td></td></tr><tr><td>Loan-to-valueratios:</td><td></td><td></td><td>Performance indicators:</td><td></td><td></td></tr><tr><td>Less than 65%</td><td>$11,483</td><td>90.1%</td><td>Performing</td><td>$2,225</td><td>96.4%</td></tr><tr><td>65% to 75%</td><td>885</td><td>6.9</td><td>Nonperforming</td><td>83</td><td>3.6</td></tr><tr><td>76% to 80%</td><td>48</td><td>0.4</td><td>Total</td><td>$2,308</td><td>100.0%</td></tr><tr><td>Greater than 80%</td><td>335</td><td>2.6</td><td></td><td></td><td></td></tr><tr><td>Total</td><td>$12,751</td><td>100.0%</td><td></td><td></td><td></td></tr></table>

Question: What is the percentage of all elements that are positive to the total amount, in Estimated?
Answer: 1
Reasoning program: add(18183,10686), add(#0,3536), add(#1,6374), divide(#2,38779)