The following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for 2015 and 2014, respectively:
## Table 0 ##
The Company’s other postretirement benefit plans are partially funded and the assets are held under various trusts.
The investments and risk mitigation strategies for the plans are tailored specifically for each trust.
In setting new strategic asset mixes, consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and the risk tolerance of the Company.
The Company periodically updates the long-term, strategic asset allocations and uses various analytics to determine the optimal asset allocation.
Considerations include plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns.
In June 2012, the Company implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility.
As part of the de-risking strategy, the Company revised the asset allocations to increase the matching characteristics of assets relative to liabilities.
The initial de-risking asset allocation for the plan was 60% return-generating assets and 40% liability-driven assets.
The investment strategies and policies for the plan reflect a balance of liability driven and return-generating considerations.
The objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset—liability matching, asset diversification and hedging.
The fixed income target asset allocation matches the bond-like and long-dated nature of the postretirement liabilities.
Assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the liabilities.
The Company assesses the investment strategy regularly to ensure actual allocations are in line with target allocations as appropriate.
Strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and, within asset classes strategies are employed to provide adequate returns, diversification and liquidity.
The assets of the Company’s other trusts, within the other postretirement benefit plans, have been primarily invested in equities and fixed income funds.
The assets under the various other postretirement benefit trusts are invested differently based on the assets and liabilities of each trust.
The obligations of the other postretirement benefit plans are dominated by obligations for the medical bargaining trust.
Thirty-nine percent and four percent of the total postretirement plan benefit obligations are related to the medical non-bargaining and life insurance trusts, respectively.
Because expected benefit payments related to the benefit obligations are so far into the future, and the size of the medical non-bargaining and life insurance trusts’ obligations are large compared to each trusts’ assets, the investment strategy is to allocate a significant portion of the assets’ investment to equities, which the Company believes will provide the highest long-term return and improve the funding ratio.
The Company engages third party investment managers for all invested assets.
Managers are not permitted to invest outside of the asset class (e. g.  fixed income, equity, alternatives) or strategy for which they have been appointed.
Investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided.
Futures and options may be used to adjust portfolio duration to align with a plan’s targeted investment policy.
the Consumer Advocate Division of the PSC and two attorney-sponsored groups, including one sponsored by some of the plaintiffs’ counsel involved in the civil litigation described above.
WVAWC has filed testimony regarding its response to the spill and is subject to discovery from PSC staff and the intervenors as part of the General Investigation.
Several disputes have arisen between the WVAWC and the intervenors regarding, among other things, the scope of the discovery and the maintenance of confidentiality with regard to certain WVAWC emergency planning documents.
In addition, the intervenors and PSC staff filed expert testimony in support of their assertions that WVAWC did not act reasonably with respect to the Freedom Industries spill, and WVAWC has asserted that some of the testimony is outside the scope of the PSC proceeding.
The PSC has deferred setting a revised procedural schedule and has not set a final hearing date on the matter.
The Company believes that the causes of action and other claims asserted against the American Water Defendants in the proceedings described above are without merit and continues to vigorously defend itself in these proceedings.
Given the current stage of these proceedings, the Company cannot reasonably estimate the amount of any reasonably possible losses or a range of such losses related to these proceedings.
Note 16: Earnings per Common Share The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share (“EPS”) calculations for the years ended December 31:
## Table 1 ##
The effect of dilutive common stock equivalents is related to the RSUs and stock options granted under the 2007 Plan, and shares purchased under the ESPP.
Less than one million share-based awards were excluded from the computation of diluted EPS for the years ended December 31, 2015, 2014 and 2013 because their effect would have been anti-dilutive under the treasury stock method.
Note 17: Fair Values of Financial Instruments The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: Current assets and current liabilities—The carrying amounts reported in the Consolidated Balance Sheets for current assets and current liabilities, including revolving credit debt, due to the short-term maturities and variable interest rates, approximate their fair values.
Preferred stock with mandatory redemption requirements and long-term debt—The fair values of preferred stock with mandatory redemption requirements and long-term debt are categorized within the fair value hierarchy based on the inputs that are used to value each instrument.
The fair value of long-term debt classified as Level 1 is calculated using quoted prices in active markets.
Level 2 instruments are valued using observable inputs and Level 3 instruments are valued using observable and unobservable inputs.
The fair values of instruments classified as Level 2 and 3 are determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market rates.
As a majority of the Company’s debts do not
long-term liabilities.
The value of the Company’s deferred compensation obligations is based on the market value of the participants’ notional investment accounts.
The notional investments are comprised primarily of mutual funds, which are based on observable market prices.
Mark-to-market derivative asset and liability—The Company utilizes fixed-to-floating interest-rate swaps, typically designated as fair-value hedges, to achieve a targeted level of variable-rate debt as a percentage of total debt.
The Company also employs derivative financial instruments in the form of variable-to-fixed interest rate swaps, classified as economic hedges, in order to fix the interest cost on some of its variable-rate debt.
The Company uses a calculation of future cash inflows and estimated future outflows, which are discounted, to determine the current fair value.
Additional inputs to the present value calculation include the contract terms, counterparty credit risk, interest rates and market volatility.
Other investments—Other investments primarily represent money market funds used for active employee benefits.
The Company includes other investments in other current assets.
Note 18: Leases The Company has entered into operating leases involving certain facilities and equipment.
Rental expenses under operating leases were $21 for 2015, $22 for 2014 and $23 for 2013.
The operating leases for facilities will expire over the next 25 years and the operating leases for equipment will expire over the next five years.
Certain operating leases have renewal options ranging from one to five years.
The minimum annual future rental commitment under operating leases that have initial or remaining noncancelable lease terms over the next five years and thereafter are as follows:
## Table 2 ##
The Company has a series of agreements with various public entities (the “Partners”) to establish certain joint ventures, commonly referred to as “public-private partnerships.
” Under the public-private partnerships, the Company constructed utility plant, financed by the Company and the Partners constructed utility plant (connected to the Company’s property), financed by the Partners.
The Company agreed to transfer and convey some of its real and personal property to the Partners in exchange for an equal principal amount of Industrial Development Bonds (“IDBs”), issued by the Partners under a state Industrial Development Bond and Commercial Development Act.
The Company leased back the total facilities, including portions funded by both the Company and the Partners, under leases for a period of 40 years.
The leases related to the portion of the facilities funded by the Company have required payments from the Company to the Partners that approximate the payments required by the terms of the IDBs from the Partners to the Company (as the holder of the IDBs).
As the ownership of the portion of the facilities constructed by the Company will revert back to the Company at the end of the lease, the Company has recorded these as capital leases.
The lease obligation and the receivable for the principal amount of the IDBs are presented by the Company on a net basis.
The gross cost of the facilities funded by the Company recognized as a capital lease asset was $156 and $157 as of December 31, 2015 and 2014, respectively, which is presented in property, plant and equipment in the accompanying Consolidated Balance Sheets.
The future payments under the lease obligations are equal to and offset by the payments receivable under the IDBs.
PART I ITEM 1.  BUSINESS Our Company Founded in 1886, American Water Works Company, Inc.  (the “Company” or “American Water”) is a holding company incorporated in Delaware.
American Water is the largest and most geographically diverse investor owned publicly-traded United States water and wastewater utility company, as measured by both operating revenues and population served.
We employ approximately 6,700 professionals who provide drinking water, wastewater and other related services to an estimated 15 million people in 47 states, the District of Columbia and Ontario, Canada.
Operating Segments We conduct our business primarily through our Regulated Businesses segment.
We also operate several market-based businesses that provide a broad range of related and complementary water and wastewater services, which include four operating segments that individually do not meet the criteria of a reportable segment in accordance with generally accepted accounting principles in the United States (“GAAP”).
These four nonreportable operating segments are collectively presented as our “Market-Based Businesses,” which is consistent with how management assesses the results of these businesses.
Additional information can be found in Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 19—Segment Information in the Notes to Consolidated Financial Statements.
Regulated Businesses Our primary business involves the ownership of subsidiaries that provide water and wastewater utility services to residential, commercial, industrial and other customers, including sale for resale and public authority customers.
Our subsidiaries that provide these services operate in approximately 1,600 communities in 16 states in the United States and are generally subject to regulation by certain state commissions or other entities engaged in utility regulation, referred to as Public Utility Commissions or (“PUCs”).
The federal and state governments also regulate environmental, health and safety, and water quality matters.
We report the results of the services provided by our utilities in our Regulated Businesses segment.
Our Regulated Businesses segment’s operating revenues were $2,743 million for 2015, $2,674 million for 2014 and $2,594 million for 2013, accounting for 86.8%, 88.8% and 90.1%, respectively, of total operating revenues for the same periods.
The following table summarizes our Regulated Businesses’ operating revenues, number of customers and estimated population served by state, each as of December 31, 2015:
## Table 3 ##
(a) Includes Illinois-American Water Company and American Lake Water Company.
(b) Includes West Virginia-American Water Company and its subsidiary Bluefield Valley Water Works Company.
(c) Includes data from our utilities in the following states: Georgia, Hawaii, Iowa, Kentucky, Maryland, Michigan, New York, Tennessee and Virginia.3
PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Since April 23, 2008, our common stock has traded on the NYSE under the symbol “AWK.
” The following table summarizes the per share range of the high and low closing and intraday sales prices of our common stock as reported on the NYSE and the per share cash dividends paid and declared for the years ended December 31, 2015 and 2014:
## Table 4 ##
As of February 19, 2016, there were 178,008,765 shares of common stock outstanding and approximately 2,345 record holders of common stock.
Holders of the Company’s common stock are entitled to receive dividends when they are declared by the Board of Directors.
When dividends on common stock are declared, they are typically paid in March, June, September and December.
Future dividends are not guaranteed by the Company and will be dependent on future earnings, financial requirements, contractual provisions of debt agreements and other relevant factors.
In February 2015, the Board of Directors authorized an anti-dilutive common stock repurchase program to mitigate the dilutive effect of shares issued through our dividend reinvestment, employee stock purchase and executive compensation activities.
The program allows us to purchase up to 10 million shares of our outstanding common stock over an unrestricted period of time in the open market or through privately negotiated transactions.
The program is conducted in accordance with Rule 10b-18 of the Exchange Act, and to facilitate these repurchases, we have entered into a Rule 10b5-1 share repurchase plan with a third party broker, which allows us to repurchase shares at times when we may otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.
Subject to applicable regulations, we may elect to amend or cancel the program or share repurchase parameters at our discretion to manage dilution.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Level 3</td></tr><tr><td>Balance as of January 1, 2015</td><td>$127</td></tr><tr><td>Actual return on assets</td><td>12</td></tr><tr><td>Purchases, issuances and settlements, net</td><td>-3</td></tr><tr><td>Balance as of December 31, 2015</td><td>$136</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Numerator</td><td></td><td></td><td></td></tr><tr><td>Income from continuing operations</td><td>$476</td><td>$430</td><td>$371</td></tr><tr><td>Loss from discontinued operations, net of tax</td><td>—</td><td>-7</td><td>-2</td></tr><tr><td>Net income available to common stockholders</td><td>$476</td><td>$423</td><td>$369</td></tr><tr><td>Denominator</td><td></td><td></td><td></td></tr><tr><td>Weighted average common shares outstanding—Basic</td><td>179</td><td>179</td><td>178</td></tr><tr><td>Effect of dilutive common stock equivalents</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Weighted average common shares outstanding—Diluted</td><td>180</td><td>180</td><td>179</td></tr></table>
<table><tr><td>Year</td><td>Amount</td></tr><tr><td>2016</td><td>$13</td></tr><tr><td>2017</td><td>12</td></tr><tr><td>2018</td><td>11</td></tr><tr><td>2019</td><td>10</td></tr><tr><td>2020</td><td>8</td></tr><tr><td>Thereafter</td><td>74</td></tr></table>
<table><tr><td></td><td>OperatingRevenues(In millions)</td><td>% of Total</td><td>Number ofCustomers</td><td>% of Total</td><td>EstimatedPopulationServed(In millions)</td><td>% of Total</td></tr><tr><td>New Jersey</td><td>$704</td><td>25.7%</td><td>660,580</td><td>20.3%</td><td>2.7</td><td>22.3%</td></tr><tr><td>Pennsylvania</td><td>614</td><td>22.4%</td><td>672,407</td><td>20.7%</td><td>2.3</td><td>19.0%</td></tr><tr><td>Illinois(a)</td><td>270</td><td>9.8%</td><td>313,058</td><td>9.6%</td><td>1.3</td><td>10.7%</td></tr><tr><td>Missouri</td><td>269</td><td>9.8%</td><td>473,245</td><td>14.5%</td><td>1.5</td><td>12.4%</td></tr><tr><td>Indiana</td><td>206</td><td>7.5%</td><td>295,994</td><td>9.1%</td><td>1.3</td><td>10.7%</td></tr><tr><td>California</td><td>198</td><td>7.2%</td><td>174,942</td><td>5.4%</td><td>0.6</td><td>5.0%</td></tr><tr><td>West Virginia(b)</td><td>129</td><td>4.7%</td><td>169,037</td><td>5.2%</td><td>0.6</td><td>5.0%</td></tr><tr><td>Subtotal (Top Seven States)</td><td>2,390</td><td>87.1%</td><td>2,759,263</td><td>84.8%</td><td>10.3</td><td>85.1%</td></tr><tr><td>Other(c)</td><td>353</td><td>12.9%</td><td>493,428</td><td>15.2%</td><td>1.8</td><td>14.9%</td></tr><tr><td>Total Regulated Businesses</td><td>$2,743</td><td>100.0%</td><td>3,252,691</td><td>100.0%</td><td>12.1</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="2">Closing Market Prices</td><td colspan="2">Intraday Market Prices</td><td>Per Share</td><td>Per Share Dividends</td></tr><tr><td>2015</td><td>High</td><td>Low</td><td>High</td><td>Low</td><td>Dividends Paid</td><td>Declared</td></tr><tr><td>Fourth Quarter</td><td>$60.61</td><td>$55.27</td><td>$61.20</td><td>$54.62</td><td>$0.34</td><td>$0.68</td></tr><tr><td>Third Quarter</td><td>55.08</td><td>49.17</td><td>55.63</td><td>48.52</td><td>0.34</td><td>0.34</td></tr><tr><td>Second Quarter</td><td>55.45</td><td>48.63</td><td>55.67</td><td>48.36</td><td>0.34</td><td>0.34</td></tr><tr><td>First Quarter</td><td>57.36</td><td>52.19</td><td>57.48</td><td>51.84</td><td>0.31</td><td>—</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Per Share</td></tr><tr><td></td><td colspan="2">Closing Market Prices</td><td colspan="2">Intraday Market Prices</td><td>Per Share</td><td>Dividends</td></tr><tr><td>2014</td><td>High</td><td>Low</td><td>High</td><td>Low</td><td>Dividends Paid</td><td>Declared</td></tr><tr><td>Fourth Quarter</td><td>$55.86</td><td>$47.92</td><td>$56.19</td><td>$47.58</td><td>$0.31</td><td>$0.31</td></tr><tr><td>Third Quarter</td><td>50.61</td><td>46.41</td><td>50.71</td><td>45.98</td><td>0.31</td><td>0.62</td></tr><tr><td>Second Quarter</td><td>49.45</td><td>45.16</td><td>49.50</td><td>44.86</td><td>0.31</td><td>0.31</td></tr><tr><td>First Quarter</td><td>45.56</td><td>41.16</td><td>45.86</td><td>41.07</td><td>0.28</td><td>—</td></tr></table>

Question: In the year with lowest amount of Per Share Dividends Declared of Third Quarter, what's the increasing rate of Intraday Market High Prices of Fourth Quarter?
Answer: 0.08916
Reasoning program: subtract(61.20,56.19), divide(#0,56.19)