NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following table summarizes the changes in non-vested restricted stock awards for the year ended May 31, 2009 (share awards in thousands):
## Table 0 ##
The weighted average grant-date fair value of share awards granted in the years ended May 31, 2008 and 2007 was $38 and $45, respectively.
The total fair value of share awards vested during the years ended May 31, 2009, 2008 and 2007 was $6.2 million, $4.1 million and $1.7 million, respectively.
We recognized compensation expense for restricted stock of $9.0 million, $5.7 million, and $2.7 million in the years ended May 31, 2009, 2008 and 2007.
As of May 31, 2009, there was $23.5 million of total unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 2.9 years.
Employee Stock Purchase Plan We have an Employee Stock Purchase Plan under which the sale of 2.4 million shares of our common stock has been authorized.
Employees may designate up to the lesser of $25,000 or 20% of their annual compensation for the purchase of stock.
The price for shares purchased under the plan is 85% of the market value on the last day of the quarterly purchase period.
As of May 31, 2009, 0.8 million shares had been issued under this plan, with 1.6 million shares reserved for future issuance.
The weighted average grant-date fair value of each designated share purchased under this plan was $6, $6 and $8 in the years ended May 31, 2009, 2008 and 2007, respectively.
These values represent the fair value of the 15% discount.
NOTE 12—SEGMENT INFORMATION General information During fiscal 2009, we began assessing our operating performance using a new segment structure.
We made this change as a result of our June 30, 2008 acquisition of 51% of HSBC Merchant Services LLP in the United Kingdom, in addition to anticipated future international expansion.
Beginning with the quarter ended August 31, 2008, the reportable segments are defined as North America Merchant Services, International Merchant Services, and Money Transfer.
The following tables reflect these changes and such reportable segments for fiscal years 2009, 2008, and 2007.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 15.
SHARE-BASED PAYMENTS (continued) The weighted average remaining contractual term and the aggregate intrinsic value of stock options outstanding and exercisable as of December 31, 2007 is as follows:
## Table 1 ##
Restricted Stock Shares, Restricted Stock Units, and Performance Share Awards A restricted stock share represents a grant of Common Stock to employee and non-employee participants that is subject to certain transfer restrictions and forfeiture provisions for a specified period of time.
A restricted stock unit is an unfunded, unsecured right to receive a share of Common Stock at the end of a specified period of time, which is also subject to forfeiture and transfer restrictions.
Generally, the restrictions on restricted stock shares and restricted stock units will lapse on the third anniversary of the date of grant.
Restricted stock shares subject to the transfer restrictions and forfeiture provisions are considered nonvested shares and are not reflected as outstanding shares until the restrictions expire.
Performance share awards are awards of units denominated in Common Stock.
The number of units is determined over the performance period, and may be adjusted based on the satisfaction of certain performance goals.
Performance share awards are payable in Common Stock.
A summary of the Company’s employee restricted stock shares, restricted stock units and performance shares is as follows:
## Table 2 ##
(1) Performance shares reflect the target awarded, reduced for cancellations and vesting to date.
The actual number of shares to be awarded at the end of each performance period will range between 50% and 150% of the target for awards granted in 2005 and 2006, and between 0% and 150% of the target for awards granted in 2007, based upon a measure of the reported performance for the Company’s Financial Services Businesses relative to stated goals.
(2) Represents additional shares issued based upon the attainment of performance goals for the Company’s Financial Services Businesses.
MARKET PRICE OF AND DIVIDENDS ON COMMON EQUITY AND RELATED STOCKHOLDER MATTERS Prudential Financial’s Common Stock was issued to eligible policyholders in Prudential Insurance’s demutualization and sold to investors in Prudential Financial’s initial public offering.
The Common Stock began trading on the New York Stock Exchange under the symbol “PRU” on December 13, 2001.
The following table presents the high and low closing prices for the Common Stock on the New York Stock Exchange during the periods indicated and the dividends declared per share during such periods:
## Table 3 ##
On January 31, 2008, there were 2,505,853 registered holders of record for the Common Stock and 444 million shares outstanding.
The Class B Stock was issued to institutional investors (two subsidiaries of American International Group, Inc.  and Pacific Life Corp. ) in a private placement pursuant to Section 4(2) of the Securities Act of 1933 on the date of demutualization.
There is no established public trading market for the Class B Stock.
During the fourth quarter of 2007 and 2006, Prudential Financial paid an annual dividend of $9.625 per share of Class B Stock.
On January 31, 2008, there were three holders of record for the Class B Stock and 2 million shares outstanding.
Prudential Financial’s Board of Directors currently intends to continue to declare and pay annual dividends on the Common Stock and Class B Stock.
Future dividend decisions will be based on, and affected by, a number of factors including the financial performance of the Financial Services Businesses and Closed Block Business; our overall financial condition, results of operations, cash requirements and future prospects; regulatory restrictions on the payment of dividends by Prudential Financial’s subsidiaries; and such other factors as the Board of Directors may deem relevant.
Dividends payable by Prudential Financial are limited to the amount that would be legally available for payment under New Jersey corporate law.
For additional information on dividends and related regulatory restrictions, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and Note 13 to the Consolidated Financial Statements.
In November 2005, Prudential Financial issued in a private placement $2.0 billion of floating rate convertible senior notes, convertible by the holders at any time after issuance into cash and shares of the Company’s Common Stock.
The Company used substantially all of the offering proceeds to purchase an investment grade fixed income investment portfolio as well as to repurchase, under the Company’s 2005 share repurchase authorization, shares of its Common Stock.
In April 2007, Prudential Financial announced its intention to call all such outstanding floating rate convertible senior notes for redemption on May 21, 2007.
Prior to the redemption, substantially all holders elected to convert their senior notes as provided under their terms.
The senior notes required net settlement in shares; therefore, upon conversion, the holders received cash equal to the par amount of the senior notes surrendered for conversion plus accrued interest and shares of Prudential Financial Common Stock for the portion of the settlement amount in excess of the par amount.
The settlement amount in excess of the par amount was based upon the excess of the closing market price of Prudential Financial Common Stock for a 10-day period defined under the terms of the senior notes, or $100.80 per share, over the initial conversion price of $90 per share.
Accordingly, at conversion the Company issued 2,367,887 shares of Common Stock from treasury.
The conversion had no impact on the Company’s results of operations and resulted in a net increase to shareholders’ equity of $44 million, reflecting the tax benefit associated with the conversion of the senior notes.
The payment of principal and accrued interest was funded primarily through the liquidation of the investment grade fixed income investment portfolio purchased with the proceeds from the original issuance of these notes.
In December 2006, Prudential Financial issued in a private placement $2.0 billion of floating rate convertible senior notes, convertible by the holders at any time after issuance into cash and shares of the Company’s Common Stock.
The Company used the majority of the offering proceeds initially to invest in an investment grade fixed income investment portfolio, while the remainder of the proceeds were used for general corporate purposes and to repurchase shares of its Common Stock under the 2006 share repurchase authorization.
On December 12, 2007, $117 million of senior notes were repurchased by Prudential Financial at the request of the holders and prior to this event we liquidated the investment portfolio.
The remaining proceeds are invested in short-term instruments and may be used to fund operations in lieu of other short-term borrowings in future periods.
In December 2007, Prudential Financial issued in a private placement $3.0 billion of floating rate convertible senior notes, convertible by the holders at any time after issuance into cash and shares of the Company’s Common Stock.
The Company used the majority of the offering proceeds to fund operating needs of our subsidiaries, to purchase short-term investment grade fixed income investments and for general corporate purposes, as well as to repurchase shares of its Common Stock under the 2007 share repurchase authorization.
For additional information about our convertible senior notes see Note 12 to the Consolidated Financial Statements.
Adjusted Operating Income 2007 to 2006 Annual Comparison.
Adjusted operating income increased $116 million, from $143 million in 2006 to $259 million in 2007.
Adjusted operating income for 2007 includes the $37 million gain from the sale of our Oppenheim joint ventures as discussed above and a $17 million benefit from recoveries related to a former investment of our Korean asset management operations.
In addition, market value changes on securities relating to exchange memberships benefited 2007 by $42 million, while benefiting 2006 by $21 million.
Excluding the benefit of the items discussed above, adjusted operating income increased by $41 million reflecting more favorable results from our asset management businesses in Korea and China.
The adjusted operating income of our Korean asset management operations also includes $17 million and $21 million in 2007 and 2006, respectively, of fee revenue from the Korean government under an agreement entered into in connection with the 2004 acquisition of PISC, related to the provision of asset management and brokerage services, which agreement extends until February 27, 2009.2006 to 2005 Annual Comparison.
Adjusted operating income increased $37 million, from $106 million in 2005 to $143 million in 2006.
This increase reflects income recognized in 2006 from market value changes on securities, principally relating to exchange memberships.
Also contributing to the increase in adjusted operating income was improved results from the segment’s asset management operations, principally reflecting higher performance fees and asset management fees in a joint venture, as well as more favorable sales and trading results from our global commodities group business.
Results for 2006 and 2005 include fee revenue from the Korean government under the agreement discussed above of $21 million and $24 million, respectively.
Revenues 2007 to 2006 Annual Comparison.
Revenues, as shown in the table above under “—Operating Results,” increased $179 million, from $590 million in 2006 to $769 million in 2007.
This increase reflects the gain from the sale of our Oppenheim joint ventures, gains from market value changes on securities relating to exchange memberships, and the gain associated with the recovery of a former investment, as well as higher revenue from our asset management operations.2006 to 2005 Annual Comparison.
Revenues increased $103 million, from $487 million in 2005 to $590 million in 2006.
This increase includes income recognized in 2006 from market value changes on securities, principally relating to exchange memberships.
Also contributing to this increase were higher revenues from our global commodities group business, our Korean asset management operations, and a joint venture as discussed above.
Expenses 2007 to 2006 Annual Comparison.
Expenses, as shown in the table above under “—Operating Results,” increased $63 million, from $447 million in 2006 to $510 million in 2007, primarily due to higher expenses corresponding with the higher level of revenues generated by our asset management operations.2006 to 2005 Annual Comparison.
Expenses increased $66 million, from $381 million in 2005 to $447 million in 2006, primarily due to higher expenses corresponding with the higher level of revenues generated by our global commodities group business and our Korean asset management operations.
Corporate and Other Corporate and Other includes corporate operations, after allocations to our business segments, and real estate and relocation services.
Corporate operations consist primarily of: (1) corporate-level income and expenses, after allocations to any of our business segments, including income and expense from our qualified pension and other employee benefit plans and investment returns on capital that is not deployed in any of our segments; (2) returns from investments that we do not allocate to any of our business segments, including debtfinanced investment portfolios, as well as tax credit investments and other tax enhanced investments financed by our business segments; and (3) businesses that we have placed in wind-down status but have not divested as well as the impact of transactions with other segments.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Share Awards</td><td>Weighted Average  Grant-Date  Fair Value</td></tr><tr><td>Non-vested at May 31, 2007</td><td>278</td><td>$37</td></tr><tr><td>Granted</td><td>400</td><td>38</td></tr><tr><td>Vested</td><td>-136</td><td>30</td></tr><tr><td>Forfeited</td><td>-24</td><td>40</td></tr><tr><td>Non-vested at May 31, 2008</td><td>518</td><td>39</td></tr><tr><td>Granted</td><td>430</td><td>43</td></tr><tr><td>Vested</td><td>-159</td><td>39</td></tr><tr><td>Forfeited</td><td>-27</td><td>41</td></tr><tr><td>Non-vested at May 31, 2009</td><td>762</td><td>42</td></tr></table>
<table><tr><td rowspan="3"></td><td colspan="4"> December 31, 2007</td></tr><tr><td colspan="2"> Employee Stock Options</td><td colspan="2"> Non-employee Stock Options</td></tr><tr><td> Weighted Average Remaining Contractual Term</td><td>Aggregate Intrinsic Value</td><td> Weighted Average Remaining Contractual Term</td><td> Aggregate Intrinsic Value</td></tr><tr><td></td><td> (in years)</td><td> (in millions)</td><td> (in years)</td><td> (in millions)</td></tr><tr><td>Outstanding</td><td>6.10</td><td>$593</td><td>5.88</td><td>$19</td></tr><tr><td>Vested and expected to vest</td><td>5.93</td><td>$568</td><td>5.56</td><td>$18</td></tr><tr><td>Exercisable</td><td>5.17</td><td>$521</td><td>4.52</td><td>$16</td></tr></table>
<table><tr><td></td><td>Restricted Stock Shares</td><td> Weighted Average Grant Date Fair Value</td><td>Restricted Stock Units</td><td> Weighted Average Grant Date Fair Value</td><td>Performance Shares-1</td><td> Weighted Average Grant Date Fair Value</td></tr><tr><td>Restricted at December 31, 2004</td><td>2,689,264</td><td>$—</td><td>221,951</td><td>$—</td><td>726,377</td><td>$—</td></tr><tr><td>Granted</td><td>—</td><td>—</td><td>1,059,183</td><td>56.81</td><td>426,958</td><td>55.77</td></tr><tr><td>Forfeited</td><td>-113,659</td><td>—</td><td>-58,006</td><td>—</td><td>-12,183</td><td>—</td></tr><tr><td>Performance adjustment-2</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Released</td><td>-183,848</td><td>—</td><td>-9,484</td><td>—</td><td>-1,456</td><td>—</td></tr><tr><td>Restricted at December 31, 2005</td><td>2,391,757</td><td>39.03</td><td>1,213,644</td><td>53.67</td><td>1,139,696</td><td>46.63</td></tr><tr><td>Granted</td><td>—</td><td>—</td><td>1,611,245</td><td>76.33</td><td>322,764</td><td>76.15</td></tr><tr><td>Forfeited</td><td>-66,292</td><td>44.90</td><td>-211,138</td><td>69.89</td><td>-17,178</td><td>52.59</td></tr><tr><td>Performance adjustment-2</td><td>—</td><td>—</td><td>—</td><td>—</td><td>118,467</td><td>33.61</td></tr><tr><td>Released</td><td>-1,393,720</td><td>34.89</td><td>-138,751</td><td>37.11</td><td>-355,400</td><td>33.61</td></tr><tr><td>Restricted at December 31, 2006</td><td>931,745</td><td>44.95</td><td>2,475,000</td><td>67.96</td><td>1,208,349</td><td>56.99</td></tr><tr><td>Granted</td><td>—</td><td>—</td><td>832,530</td><td>91.90</td><td>307,604</td><td>91.75</td></tr><tr><td>Forfeited</td><td>-6,370</td><td>44.56</td><td>-315,213</td><td>79.19</td><td>-73,621</td><td>78.62</td></tr><tr><td>Performance adjustment-2</td><td>—</td><td>—</td><td>—</td><td>—</td><td>235,040</td><td>45.04</td></tr><tr><td>Released</td><td>-908,217</td><td>44.96</td><td>-198,956</td><td>58.84</td><td>-705,417</td><td>45.04</td></tr><tr><td>Restricted at December 31, 2007</td><td>17,158</td><td>$44.37</td><td>2,793,361</td><td>$74.47</td><td>971,955</td><td>$72.13</td></tr></table>
<table><tr><td></td><td> High</td><td> Low</td><td> Dividends</td></tr><tr><td> 2007:</td><td></td><td></td><td></td></tr><tr><td>Fourth Quarter</td><td>$101.09</td><td>$89.46</td><td>$1.15</td></tr><tr><td>Third Quarter</td><td>98.71</td><td>84.28</td><td>—</td></tr><tr><td>Second Quarter</td><td>103.17</td><td>90.21</td><td>—</td></tr><tr><td>First Quarter</td><td>93.10</td><td>85.69</td><td>—</td></tr><tr><td> 2006:</td><td></td><td></td><td></td></tr><tr><td>Fourth Quarter</td><td>$86.84</td><td>$76.03</td><td>$0.95</td></tr><tr><td>Third Quarter</td><td>79.06</td><td>71.47</td><td>—</td></tr><tr><td>Second Quarter</td><td>78.89</td><td>74.43</td><td>—</td></tr><tr><td>First Quarter</td><td>77.48</td><td>73.19</td><td>—</td></tr></table>

Question: Which year is Restricted at December 31, 2005 the highest?
Answer: 2005