2008.
These restricted shares and RSUs vest over periods ranging from one to five years and are expensed on the straight-line method over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards.
Dividend equivalents on restricted stock and RSUs are paid to employees based on the dividend payment date.
Restricted stock and RSU activity for the years ended December 31, 2008, 2007 and 2006 is summarized below:
## Table 0 ##
(1) At December 31, 2008, approximately 4.4 million awards are expected to vest.
The Company values restricted stock and RSUs at their grant-date fair value as measured by BlackRock’s common stock price.
In January 2006, the Company issued approximately 299,400 RSUs to certain employees at a total fair value of approximately $34.
The awards vest evenly over three years.
In November 2006, the Company granted approximately 1,013,600 RSUs, which vest after five years as incentive awards to former MLIM employees remaining with BlackRock after the closing of the MLIM Transaction.
On January 25, 2007, the Company issued approximately 901,200 RSUs to employees in conjunction with their annual incentive compensation awards.
The RSU awards vest over three years through January 2010.
The value of the RSUs was calculated using BlackRock’s closing stock price on the date of grant, or $169.70.
The grant date fair value of the RSUs is being amortized into earnings on the straight-line method over the requisite service period, net of expected forfeitures, for each separately vesting portion of the award as if the award was, in substance, multiple awards.
In addition, in January 2007, the Company granted 1,559,022 of RSUs as long-term incentive compensation, which will be funded by shares currently held by PNC.
In January 2008 and 2009, the Company granted 295,633 and 23,417 RSUs, respectively, as long-term incentive compensation, which will be partially funded by shares currently held by PNC (see Long-Term Incentive Plans Funded by PNC below).
The awards cliff vest five years from the date of grant.
In January 2008 and 2009, the Company granted 1,212,759 and 1,789,685 RSUs, respectively, to employees as part of annual incentive compensation under the Award Plan that vest ratably over three years from the date of grant.
At December 31, 2008, there was $403 of total unrecognized compensation cost related to unvested restricted stock and RSUs.
The unrecognized compensation cost is expected to be recognized over a remaining weighted average period of 2.5 years.
Long-Term Incentive Plans Funded by PNC Under a share surrender agreement, PNC committed to provide up to 4,000,000 shares of BlackRock stock, held by PNC, to fund certain BlackRock long-term incentive plans (“LTIP”).
The BlackRock, Inc.  2002 Long-Term Retention and Incentive Plan (the “2002 LTIP Awards”) permitted the grant of up to $240 in deferred compensation awards, of which the Company previously granted approximately $233.
Approximately $208 of the 2002 LTIP Awards were paid in January 2007.
The 2002 LTIP Awards were payable approximately 16.7% in cash and the remainder in BlackRock stock contributed by PNC and distributed to plan participants.
Approximately $11 of previously issued 2002 LTIP Awards will result in the settlement of BlackRock shares held by PNC through 2010 at a conversion price approximating the market price on the settlement date.
The fair value of the remaining 2002 LTIP Awards are accrued prior to settlement over the remaining service period in accrued compensation and benefits on the consolidated statements of financial condition.
The settlement of the 2002 LTIP Awards in January 2007 resulted in the surrender by PNC of approximately 1,000,000 shares of BlackRock stock.
Under the terms of the 2002 LTIP Awards, employees elected to put approximately 95% of the stock portion of the awards back to the Company at a total fair market value of approximately $166.
On the payment date, the Company recorded a
on the 4.25% notes due in 2021 (“2021 Notes”) is payable semi-annually on May 24 and November 24 of each year, which commenced November 24, 2011, and is approximately $32 million per year.
The 2021 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The 2021 Notes were issued at a discount of $4 million.
At December 31, 2014, $3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition and are being amortized over the remaining term of the 2021 Notes.
In May 2011, in conjunction with the issuance of the 2013 Floating Rate Notes, the Company entered into a $750 million notional interest rate swap maturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03%.
During the second quarter of 2013, the interest rate swap matured and the 2013 Floating Rate Notes were fully repaid.2019 Notes.
In December 2009, the Company issued $2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations.
These notes were issued as three separate series of senior debt securities including $0.5 billion of 2.25% notes, which were repaid in December 2012, $1.0 billion of 3.50% notes, which were repaid in December 2014 at maturity, and $1.0 billion of 5.0% notes maturing in December 2019 (the “2019 Notes”).
Net proceeds of this offering were used to repay borrowings under the CP Program, which was used to finance a portion of the acquisition of Barclays Global Investors (“BGI”) from Barclays on December 1, 2009 (the “BGI Transaction”), and for general corporate purposes.
Interest on the 2019 Notes of approximately $50 million per year is payable semi-annually in arrears on June 10 and December 10 of each year.
These notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “makewhole” redemption price.
These notes were issued collectively at a discount of $5 million.
At December 31, 2014, $3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition and are being amortized over the remaining term of the 2019 Notes.2017 Notes.
In September 2007, the Company issued $700 million in aggregate principal amount of 6.25% senior unsecured and unsubordinated notes maturing on September 15, 2017 (the “2017 Notes”).
A portion of the net proceeds of the 2017 Notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of Quellos and the remainder was used for general corporate purposes.
Interest is payable semi-annually in arrears on March 15 and September 15 of each year, or approximately $44 million per year.
The 2017 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The 2017 Notes were issued at a discount of $6 million, which is being amortized over their ten-year term.
The Company incurred approximately $4 million of debt issuance costs, which are being amortized over ten years.
At December 31, 2014, $1 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition.13.
Commitments and Contingencies Operating Lease Commitments The Company leases its primary office spaces under agreements that expire through 2035.
Future minimum commitments under these operating leases are as follows:
## Table 1 ##
Rent expense and certain office equipment expense under agreements amounted to $132 million, $137 million and $133 million in 2014, 2013 and 2012, respectively.
Investment Commitments.
At December 31, 2014, the Company had $161 million of various capital commitments to fund sponsored investment funds, including funds of private equity funds, real estate funds, infrastructure funds, opportunistic funds and distressed credit funds.
This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds.
In addition to the capital commitments of $161 million, the Company had approximately $35 million of contingent commitments for certain funds which have investment periods that have expired.
Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment.
These unfunded commitments are not recorded on the consolidated statements of financial condition.
These commitments do not include potential future commitments approved by the Company that are not yet legally binding.
The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.
Contingencies Contingent Payments.
The Company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $17 million under a derivative between the Company and counterparty.
See Note 7, Derivatives and Hedging, for further discussion.
Contingent Payments Related to Business Acquisitions.
In connection with the Credit Suisse ETF Transaction, BlackRock is required to make contingent payments annually to Credit Suisse, subject to achieving specified thresholds during a seven-year period, subsequent to the 2013 acquisition date.
In addition, BlackRock is required to make contingent payments related to the MGPA Transaction during a five-year period, subject to achieving specified thresholds, subsequent to the 2013 acquisition date.
The fair value of the remaining contingent payments at December 31, 2014 is not significant to the consolidated statement of financial condition and is included in other liabilities.
Legal Proceedings.
From time to time, BlackRock receives subpoenas or other requests for information from various U. S.  federal, state governmental and domestic and
international regulatory authorities in connection with certain industry-wide or other investigations or proceedings.
It is BlackRock’s policy to cooperate fully with such inquiries.
The Company and certain of its subsidiaries have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities.
Additionally, certain BlackRocksponsored investment funds that the Company manages are subject to lawsuits, any of which potentially could harm the investment returns of the applicable fund or result in the Company being liable to the funds for any resulting damages.
Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability, if any, arising out of regulatory matters or lawsuits, will have a material effect on BlackRock’s results of operations, financial position, or cash flows.
However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period.
Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters Indemnifications.
In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances.
The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote.
Consequently, no liability has been recorded on the consolidated statements of financial condition.
In connection with securities lending transactions, BlackRock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement.
At December 31, 2014, the Company indemnified certain of its clients for their securities lending loan balances of approximately $145.7 billion.
The Company held as agent, cash and securities totaling $155.8 billion as collateral for indemnified securities on loan at December 31, 2014.
The fair value of these indemnifications was not material at December 31, 2014.14.
Stock-Based Compensation The components of stock-based compensation expense are as follows:
## Table 2 ##
Stock Award and Incentive Plan.
Pursuant to the BlackRock, Inc.  1999 Stock Award and Incentive Plan (the “Award Plan”), options to purchase shares of the Company’s common stock at an exercise price not less than the market value of BlackRock’s common stock on the date of grant in the form of stock options, restricted stock or RSUs may be granted to employees and nonemployee directors.
A maximum of 34,500,000 shares of common stock were authorized for issuance under the Award Plan.
Of this amount, 9,134,678 shares remain available for future awards at December 31, 2014.
Upon exercise of employee stock options, the issuance of restricted stock or the vesting of RSUs, the Company issues shares out of treasury to the extent available.
Restricted Stock and RSUs.
Pursuant to the Award Plan, restricted stock grants and RSUs may be granted to certain employees.
Substantially all restricted stock and RSUs vest over periods ranging from one to three years and are expensed using the straight-line method over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards.
Prior to 2009, the Company awarded restricted stock and RSUs with nonforfeitable dividend equivalent rights.
Restricted stock and RSUs awarded beginning in 2009 are not considered participating securities for purposes of calculating EPS as the dividend equivalents are subject to forfeiture prior to vesting of the award.
Restricted stock and RSU activity for 2014 is summarized below.
## Table 3 ##
(1) At December 31, 2014, approximately 3.2 million awards are expected to vest and 0.2 million awards have vested but have not been converted.
The Company values restricted stock and RSUs at their grant-date fair value as measured by BlackRock’s common stock price.
The total fair market value of RSUs granted to employees during 2014, 2013 and 2012 was $472 million, $390 million and $348 million, respectively.
The total fair market value of RSUs converted to common stock during 2014, 2013 and 2012 was $534 million, $528 million and $297 million, respectively
iShares iShares is the leading ETF provider in the world, with $1.0 trillion of AUM at December 31, 2014 and was the top asset gatherer globally in 20141 with $100.6 billion of net inflows for an organic growth rate of 11%.
Equity net inflows of $59.6 billion were driven by flows into the Core Series and into funds with broad U. S.  equity market exposures, partially offset by outflows from emerging markets products.
Fixed income net inflows of $40.0 billion were diversified across exposures and product lines, with European-listed iShares raising $16.6 billion, or 41%, of fixed income net inflows.
iShares multi-asset class and alternatives funds contributed a combined $1.0 billion of net inflows, primarily into commodities.
iShares represented 24% of long-term AUM at December 31, 2014 and 35% of long-term base fees for 2014.
Component changes in iShares AUM for 2014 are presented below.
## Table 4 ##
(1) Amounts include commodity iShares.
Our broad iShares product range offers investors a precise, transparent and efficient way to tap market returns and gain access to a full range of asset classes and global markets that have been difficult for many investors to access, as well as the liquidity required to make adjustments to their exposures quickly and cost-efficiently.  ?
U. S.  iShares AUM ended at $752.0 billion with $80.6 billion of net inflows driven by strong demand for U. S.  equities as well as a diverse range of fixed income products.2 During the fourth quarter of 2012, we debuted the Core Series in the United States and in 2014 we doubled the range by adding 10 funds, as buy-and-hold investors increasingly turn to iShares to efficiently construct larger portions of their portfolios.
The U. S.  Core Series again demonstrated solid results in its second full year, raising $25.7 billion in net inflows, primarily in U. S.  equity and U. S.  aggregate bond exposures.  ?
International iShares AUM ended at $272.2 billion with robust net new business of $20.0 billion led by fixed income net inflows of $17.0 billion, primarily into yieldfocused categories including investment grade corporate and emerging markets debt.2 In 2014, we expanded our international presence and offerings among buy-and-hold investors through the launches of Core Series product lines in Canada and Europe.
Institutional BlackRock’s institutional AUM is well diversified by both product and region, and we serve institutional investors on six continents in sub-categories including: pensions, endowments and foundations, official institutions, and financial institutions.1 Source: BlackRock; Bloomberg 2 Regional iShares amounts based on jurisdiction of product, not underlying client Component changes in Institutional AUM for 2014 are presented below.

Tables referenced above, in order (Table 0 first):
<table><tr><td> Outstanding at</td><td>Unvested Restricted Stock and Units</td><td> Weighted Average Grant Date Fair Value</td></tr><tr><td>December 31, 2005</td><td>291,648</td><td>$71.30</td></tr><tr><td>Granted</td><td>1,341,975</td><td>$137.97</td></tr><tr><td>Converted</td><td>-113,456</td><td>$68.15</td></tr><tr><td>Forfeited</td><td>-4,277</td><td>$113.13</td></tr><tr><td>December 31, 2006</td><td>1,515,890</td><td>$130.49</td></tr><tr><td>Granted</td><td>2,551,913</td><td>$167.64</td></tr><tr><td>Converted</td><td>-274,164</td><td>$104.15</td></tr><tr><td>Forfeited</td><td>-84,631</td><td>$159.95</td></tr><tr><td>December 31, 2007</td><td>3,709,008</td><td>$158.01</td></tr><tr><td>Granted</td><td>1,618,161</td><td>$201.80</td></tr><tr><td>Converted</td><td>-468,046</td><td>$146.69</td></tr><tr><td>Forfeited</td><td>-255,170</td><td>$163.64</td></tr><tr><td>December 31, 2008<sup>-1</sup></td><td>4,603,953</td><td>$174.24</td></tr></table>
<table><tr><td>Year</td><td>Amount</td></tr><tr><td>2015</td><td>$126</td></tr><tr><td>2016</td><td>111</td></tr><tr><td>2017</td><td>112</td></tr><tr><td>2018</td><td>111</td></tr><tr><td>2019</td><td>105</td></tr><tr><td>Thereafter</td><td>613</td></tr><tr><td>Total</td><td>$1,178</td></tr></table>
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td> <i>(in millions)</i> </td><td> 2014</td><td> 2013</td><td> 2012</td></tr><tr><td>Stock-based compensation:</td><td></td><td></td><td></td></tr><tr><td>Restricted stock and RSUs</td><td>$421</td><td>$415</td><td>$429</td></tr><tr><td>Long-term incentive plans to be funded by PNC</td><td>32</td><td>33</td><td>22</td></tr><tr><td>Total stock-based compensation</td><td>$453</td><td>$448</td><td>$451</td></tr></table>
<table><tr><td> Outstanding at</td><td>Restricted Stock and Units</td><td> Weighted Average Grant Date Fair Value</td></tr><tr><td>December 31, 2013</td><td>4,612,813</td><td>$207.94</td></tr><tr><td>Granted</td><td>1,476,276</td><td>$319.48</td></tr><tr><td>Converted</td><td>-2,593,251</td><td>$205.87</td></tr><tr><td>Forfeited</td><td>-93,929</td><td>$241.02</td></tr><tr><td> December 31, 2014<sup>-1</sup></td><td>3 ,401,909</td><td>$257.01</td></tr></table>
<table><tr><td> <i>(in millions)</i> </td><td> December 31, 2013</td><td> Net Inflows</td><td>Market Change</td><td>FX Impact</td><td> December 31, 2014</td></tr><tr><td>Equity</td><td>$718,135</td><td>$59,626</td><td>$26,517</td><td>$-14,211</td><td>$790,067</td></tr><tr><td>Fixed income</td><td>178,835</td><td>40,007</td><td>4,905</td><td>-6,076</td><td>217,671</td></tr><tr><td>Multi-asset class</td><td>1,310</td><td>439</td><td>37</td><td>-13</td><td>1,773</td></tr><tr><td>Alternatives<sup>-1</sup></td><td>16,092</td><td>529</td><td>-1,722</td><td>-182</td><td>14,717</td></tr><tr><td> Total <i>iShares</i> </td><td>$914,372</td><td>$100,601</td><td>$29,737</td><td>$-20,482</td><td>$1,024,228</td></tr></table>

Question: What is the average amount of Equity of December 31, 2014, and Granted of Unvested Restricted Stock and Units ?
Answer: 1.20411e+06
Reasoning program: add(790067.0,1618161.0), divide(#0,const_2)