Table 26 presents average, high and low daily VAR for 2005 and 2004.
Table 26 Trading Activities Market Risk
## Table 0 ##
(1) The high and low for the total portfolio may not equal the sum of the individual components as the highs or lows of the individual portfolios may have occurred on different trading days.
(2) Credit includes credit fixed income and CDS used for credit risk management.
Average VAR for CDS was $69.0 million and $23.5 million in 2005 and 2004.
In 2005, the Credit VAR was less than VAR for CDS used for credit risk management as the positions in credit fixed income typically offset the risk of CDS.
The relationship between overall Credit VAR and the VAR for CDS can change over time as a result of changes in the relative sizes of the credit fixed income and CDS exposures.
(3) Real estate/mortgage includes capital market real estate and the Certificates.
Effective June 1, 2004, Real estate/mortgage no longer includes the Certificates.
For additional information on the Certificates, see Note 1 of the Consolidated Financial Statements.
(4) Total market-based trading portfolio excludes CDS used for credit risk management, net of the effect of diversification.
The increase in average VAR of the trading portfolio for 2005 was primarily due to increases in the average risk taken in credit due to an increase in credit protection purchased to hedge the credit risk in our commercial loan portfolio.
Stress Testing Because the very nature of a VAR model suggests results can exceed our estimates, we “stress test” our portfolio.
Stress testing estimates the value change in our trading portfolio due to abnormal market movements.
Various stress scenarios are run regularly against the trading portfolio to verify that, even under extreme market moves, we will preserve our capital; to determine the effects of significant historical events; and to determine the effects of specific, extreme hypothetical, but plausible events.
The results of the stress scenarios are calculated daily and reported to senior management as part of the regular reporting process.
The results of certain specific, extreme hypothetical scenarios are presented to the Asset and Liability Committee.
Interest Rate Risk Management Interest rate risk represents the most significant market risk exposure to our nontrading financial instruments.
Our overall goal is to manage interest rate risk so that movements in interest rates do not adversely affect Net Interest Income.
Interest rate risk is measured as the potential volatility in our Net Interest Income caused by changes in market interest rates.
Client facing activities, primarily lending and deposit-taking, create interest rate sensitive positions on our balance sheet.
Interest rate risk from these activities as well as the impact of changing market conditions is managed through the ALM process.
Sensitivity simulations are used to estimate the impact on Net Interest Income of numerous interest rate scenarios, balance sheet trends and strategies.
These simulations estimate levels of short-term financial instruments, debt securities, loans, deposits, borrowings and derivative instruments.
In addition, these simulations incorporate assumptions about balance sheet dynamics such as loan and deposit growth and pricing, changes in funding mix, and asset and liability repricing and maturity characteristics.
In addition to Net Interest Income sensitivity simulations, market value sensitivity measures are also utilized.
The Balance Sheet Management group maintains a Net Interest Income forecast utilizing different rate scenarios, with the base case utilizing the forward market curve.
The Balance Sheet Management group constantly updates the Net Interest Income forecast for changing assumptions and differing outlooks based on economic trends and market conditions.
Thus, we continually monitor our balance sheet position in an effort to maintain an acceptable level of exposure to volatile interest rate changes.
Acetyl Intermediates
## Table 1 ##
Our Acetyl Intermediates segment produces and supplies acetyl products, including acetic acid, VAM, acetic anhydride and acetate esters.
These products are generally used as starting materials for colorants, paints, adhesives, coatings, medicines and more.
Other chemicals produced in this segment are organic solvents and intermediates for pharmaceutical, agricultural and chemical products.
Net sales increased by 7% during 2008 primarily due to increased prices and favorable foreign currency impacts, partially offset by lower volumes.
Our formula-based pricing arrangements benefited from higher ethylene and methanol costs during the first nine months of 2008.
Market tightness in the Americas and favorable foreign currency impacts in Europe also contributed to the increase in net sales.
Reduced volumes offset the increase in net sales as the slowdown of the global economy caused customers to slow production and diminish current inventory levels, particularly in Asia during the fourth quarter.
We expect the impact of our customers’ destocking initiatives to continue to a lesser extent during 2009.
Ethylene and methanol prices decreased during the fourth quarter of 2008 on slowed global demand.
Operating profit declined $307 million primarily as a result of higher ethylene, methanol and energy prices, increased other charges, increased depreciation and amortization and the absence of a $12 million gain on the sale of our Edmonton facility in 2007.
Other charges increased during 2008 partially due to $76 million of long-lived asset impairment losses recognized in 2008 related to the potential closure of our acetic acid and VAM production facility in Pardies, France, our VAM production unit in Cangrejera, Mexico (which we subsequently decided to shut down effective at the end of February 2009) and certain other facilities.
Other charges in 2008 also includes $23 million of long-lived asset impairment and $13 million of severance and retention charges related to the shutdown of our Pampa, Texas facility.
Also contributing to the increase was the absence of a one-time payment of $31 million received in 2007 in resolution of commercial disputes with a vendor and a $25 million decrease in insurance recoveries received in partial satisfaction of the losses resulting from the temporary outage of the acetic acid unit at our Clear Lake, Texas facility.
Increased depreciation and amortization expense during 2008 is the result of accelerated depreciation associated with the shutdown of our Pampa, Texas facility and a full year of depreciation for our acetic acid plant in Nanjing, China, which started up in mid-2007.
Earnings from continuing operations before tax and minority interest differs from operating profit primarily as a result of dividend income from our cost investment, National Methanol Co.  (“Ibn Sina”).
Increased dividend income of $41 million during 2008 had a positive impact on earnings from continuing operations before tax and minority interest.
Ibn Sina increased their dividends as a result of higher earnings from expanding margins for methanol and methyl tertiary-butyl ether.
The weighted average grant date fair value of options granted during 2012, 2011, and 2010 was $13, $19 and $20 per share, respectively.
The total intrinsic value of options exercised during the years ended December 31, 2012, 2011 and 2010, was $19.0 million, $4.2 million and $15.6 million, respectively.
In 2012, the company granted 931,340 shares of restricted Class A common stock and 4,048 shares of restricted stock units.
Restricted common stock and restricted stock units generally have a vesting period of 2 to 4 years.
The fair value related to these grants was $54.5 million, which is recognized as compensation expense on an accelerated basis over the vesting period.
Beginning with restricted stock grants in September 2010, dividends are accrued on restricted Class A common stock and restricted stock units and are paid once the restricted stock vests.
In 2012, the company also granted 138,410 performance shares.
The fair value related to these grants was $7.7 million, which is recognized as compensation expense on an accelerated and straight-lined basis over the vesting period.
The vesting of these shares is contingent on meeting stated performance or market conditions.
The following table summarizes restricted stock, restricted stock units, and performance shares activity for 2012:
## Table 2 ##
The total fair value of restricted stock, restricted stock units, and performance shares that vested during the years ended December 31, 2012, 2011 and 2010, was $20.9 million, $11.6 million and $10.3 million, respectively.
Eligible employees may acquire shares of Class A common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration.
Shares are purchased at the end of each offering period at a price of 90% of the closing price of the Class A common stock as reported on the NASDAQ Global Select Market.
Compensation expense is recognized on the dates of purchase for the discount from the closing price.
In 2012, 2011 and 2010, a total of 27,768, 32,085 and 21,855 shares, respectively, of Class A common stock were issued to participating employees.
These shares are subject to a six-month holding period.
Annual expense of $0.1 million, $0.2 million and $0.1 million for the purchase discount was recognized in 2012, 2011 and 2010, respectively.
Non-executive directors receive an annual award of Class A common stock with a value equal to $75,000.
Non-executive directors may also elect to receive some or all of the cash portion of their annual stipend, up to $25,000, in shares of stock based on the closing price at the date of distribution.
As a result, 40,260, 40,585 and 37,350 shares of Class A common stock were issued to non-executive directors during 2012, 2011 and 2010, respectively.
These shares are not subject to any vesting restrictions.
Expense of $2.2 million, $2.1 million and $2.4 million related to these stock-based payments was recognized for the years ended December 31, 2012, 2011 and 2010, respectively.19.
FAIR VALUE MEASUREMENTS In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities and equity investments.
Level 1 assets generally include U. S.  Treasury securities, equity securities listed in active markets, and investments in publicly traded mutual funds with quoted market prices.
If quoted prices are not available to determine fair value, the company uses other inputs that are directly observable.
Assets included in level 2 generally consist of assetbacked securities, municipal bonds, U. S.  government agency securities and interest rate swap contracts.
Asset-backed securities, municipal bonds and U. S.  government agency securities were measured at fair value based on matrix pricing using prices of similar securities with similar inputs such as maturity dates, interest rates and credit ratings.
The company determined the fair value of its interest rate swap contracts using standard valuation models with market-based observable inputs including forward and spot exchange rates and interest rate curves.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="6"> Twelve Months Ended December 31 </td></tr><tr><td></td><td colspan="3"> 2005   VAR </td><td colspan="3">2004  VAR </td></tr><tr><td> (Dollars in millions)</td><td>Average</td><td> High<sup>-1</sup> </td><td> Low<sup>-1</sup> </td><td>Average</td><td>High<sup>-1</sup> </td><td>Low<sup>-1</sup> </td></tr><tr><td>Foreign exchange</td><td>$5.6</td><td>$12.1</td><td>$2.6</td><td>$3.6</td><td>$8.1</td><td>$1.4</td></tr><tr><td>Interest rate</td><td>24.7</td><td>58.2</td><td>10.8</td><td>26.2</td><td>51.5</td><td>10.7</td></tr><tr><td>Credit<sup>-2</sup></td><td>55.4</td><td>77.3</td><td>35.9</td><td>35.7</td><td>61.4</td><td>21.9</td></tr><tr><td>Real estate/mortgage<sup>-3</sup></td><td>11.4</td><td>20.7</td><td>6.5</td><td>10.5</td><td>26.0</td><td>4.6</td></tr><tr><td>Equities</td><td>18.1</td><td>35.1</td><td>9.6</td><td>21.8</td><td>51.5</td><td>7.9</td></tr><tr><td>Commodities</td><td>6.6</td><td>10.6</td><td>3.5</td><td>6.5</td><td>10.2</td><td>3.8</td></tr><tr><td>Portfolio diversification</td><td>-59.6</td><td>—</td><td>—</td><td>-56.3</td><td>—</td><td>—</td></tr><tr><td> Total trading portfolio</td><td>$62.2</td><td>$92.4</td><td>$38.0</td><td>$48.0</td><td>$78.5</td><td>$29.4</td></tr><tr><td> Total market-based trading portfolio<sup>-4</sup></td><td>$40.7</td><td>$66.4</td><td>$26.4</td><td>$44.1</td><td>$79.0</td><td>$23.7</td></tr></table>
<table><tr><td></td><td colspan="2">Year Ended December 31,</td><td rowspan="2">Change in $</td></tr><tr><td></td><td>2008</td><td>2007</td></tr><tr><td></td><td colspan="3">(In $ millions, except percentages)</td></tr><tr><td>Net sales</td><td>3,875</td><td>3,615</td><td>260</td></tr><tr><td>Net sales variance:</td><td></td><td></td><td></td></tr><tr><td><i>Volume</i></td><td>-3%</td><td></td><td></td></tr><tr><td><i>Price</i></td><td>7%</td><td></td><td></td></tr><tr><td><i>Currency</i></td><td>3%</td><td></td><td></td></tr><tr><td><i>Other</i></td><td>0%</td><td></td><td></td></tr><tr><td>Operating profit</td><td>309</td><td>616</td><td>-307</td></tr><tr><td>Operating margin</td><td>8.0%</td><td>17.0%</td><td></td></tr><tr><td>Other (charges) gains, net</td><td>-78</td><td>72</td><td>-150</td></tr><tr><td>Earnings (loss) from continuing operations before tax and minority interests</td><td>434</td><td>694</td><td>-260</td></tr><tr><td>Depreciation and amortization</td><td>150</td><td>106</td><td>44</td></tr></table>
<table><tr><td></td><td>Number of Shares</td><td>WeightedAverageGrant DateFair Value</td></tr><tr><td>Outstanding at December 31, 2011</td><td>1,432,610</td><td>$57</td></tr><tr><td>Granted</td><td>1,073,798</td><td>54</td></tr><tr><td>Vested</td><td>-366,388</td><td>55</td></tr><tr><td>Cancelled</td><td>-226,493</td><td>63</td></tr><tr><td>Outstanding at December 31, 2012</td><td>1,913,527</td><td>54</td></tr></table>

Question: what is the total value of cancelled shares , ( in millions ) ?
Answer: 14.2691
Reasoning program: multiply(226493,63), divide(#0,const_1000000)