4 Investments
## Table 0 ##
All commercial mortgage loans that are individually impaired have an established mortgage loan valuation allowance for losses.
Changing economic conditions affect our valuation of commercial mortgage loans.
Changing vacancies and rents are incorporated into the discounted cash fl ow analysis that we perform for monitored loans and may contribute to the establishment of (or an increase or decrease in) a commercial mortgage loan valuation allowance for losses.
In addition, we continue to monitor the entire commercial mortgage loan portfolio to identify risk.
Areas of emphasis are properties that have exposure to specifi c geographic events, have deteriorating credits or have experienced a reduction in debt-service coverage ratio.
Where warranted, we have established or increased a valuation allowance based upon this analysis.
The commercial mortgage loan valuation allowance for losses was $4,482 and $6,997 at December 31, 2013 and 2012, respectively.
In 2013 and 2012, the loan valuation allowance was decreased $2,515 and $3,413, respectively, due to changing economic conditions and geographic concentrations.
At December 31, 2013, the Company had mortgage loan commitments outstanding of approximately $16,625.
The Company is also committed to fund additional capital contributions of $26,815 to real estate joint ventures.
The Company has short term investments and fi xed maturities of $543,344 and $580,953 at December 31, 2013 and 2012, respectively, on deposit with various governmental authorities as required by law.
The Company utilizes derivative instruments in managing the Assurant Solutions segment preneed life insurance business exposure to infl ation risk.
The derivative instruments, Consumer Price Index Caps (the “CPI CAPs”), limits the infl ation risk on certain policies.
The CPI CAPs do not qualify under GAAP as effective hedges; therefore, they are marked-tomarket on a quarterly basis and the gain or loss is recognized in the statement of operations in fees and other income.
As of December 31, 2013 and 2012, the CPI CAPs included in other assets on the consolidated balance sheet amounted to $2,491 and $5,886, respectively.
The loss recorded in the results of operations totaled $3,395, $2,635, and $1,304 for the years ended December 31, 2013, 2012 and 2011, respectively.
Collateralized Transactions The Company engages in transactions in which fi xed maturity securities, primarily bonds issued by the U. S.  government and government agencies and authorities, and U. S.  corporations, are loaned to selected broker/dealers.
Collateral, greater than or equal to 102% of the fair value of the securities lent, plus accrued interest, is received in the form of cash and cash equivalents held by a custodian bank for the benefi t of the Company.
The use of cash collateral received is unrestricted.
The Company reinvests the cash collateral received, generally in investments of high credit quality that are designated as available-for-sale.
The Company monitors the fair value of securities loaned and the collateral received, with additional collateral obtained, as necessary.
The Company is subject to the risk of loss to the extent there is a loss on the reinvestment of cash collateral.
As of December 31, 2013 and 2012, our collateral held under securities lending, of which its use is unrestricted, was $95,215 and $94,729, respectively, and is included in the consolidated balance sheets under the collateral held/ pledged under securities agreements.
Our liability to the borrower for collateral received was $95,206 and $94,714, respectively, and is included in the consolidated balance sheets under the obligation under securities agreements.
The difference between the collateral held and obligations under securities lending is recorded as an unrealized gain and is included as part of AOCI.
All securities are in an unrealized gain position as of December 31, 2013 and 2012.
The Company includes the available-for-sale investments purchased with the cash collateral in its evaluation of otherthan-temporary impairments.
Cash proceeds that the Company receives as collateral for the securities it lends and subsequent repayment of the cash are regarded by the Company as cash fl ows from fi nancing activities, since the cash received is considered a borrowing.
Since the Company reinvests the cash collateral generally in investments that are designated as available-for-sale, the reinvestment is presented as cash fl ows from investing activities.
approximately $55 million, which is reported as “Investments” in the Consolidated Balance Sheet and as “Purchases of marketable securities and investments” in the Consolidated Statement of Cash Flows.
The recovery of approximately $25 million of this investment in 2007 reduced “Investments” and is shown in cash flows within “Proceeds from sale of marketable securities and investments.
” This investment is discussed in more detail under the preceding section entitled Industrial and Transportation Business.
Additional purchases of investments include additional survivor benefit insurance and equity investments.
Cash Flows from Financing Activities:
## Table 1 ##
Total debt at December 31, 2007, was $4.920 billion, up from $3.553 billion at year-end 2006.
The net change in short-term debt is primarily due to commercial paper activity.
In 2007, the repayment of debt for maturities greater than 90 days is primarily comprised of commercial paper repayments of approximately $1.15 billion and the November 2007 redemption of approximately $322 million in Convertible Notes.
In 2007, proceeds from debt included long-term debt and commercial paper issuances totaling approximately $4 billion.
This was comprised of Eurobond issuances in December 2007 and July 2007 totaling approximately $1.5 billion in U. S.  dollars, a March 2007 long-term debt issuance of $750 million and a December 2007 fixed rate note issuance of $500 million, plus commercial paper issuances (maturities greater than 90 days) of approximately $1.25 billion.
Increases in long-term debt have been used, in part, to fund share repurchase activities.
The Company accelerated purchases of treasury stock when compared to prior years, buying back $3.2 billion in shares in 2007.
Total debt was 30% of total capital (total capital is defined as debt plus equity), compared with 26% at year-end 2006.
Debt securities, including 2007 debt issuances, the Company’s shelf registration, dealer remarketable securities and Convertible Notes, are all discussed in more detail in Note 10.
The Company has a "well-known seasoned issuer" shelf registration statement, effective February 24, 2006, to register an indeterminate amount of debt or equity securities for future sales.
On June 15, 2007, the Company registered 150,718 shares of the Company's common stock under this shelf on behalf of and for the sole benefit of the selling stockholders in connection with the Company's acquisition of assets of Diamond Productions, Inc.
The Company intends to use the proceeds from future securities sales off this shelf for general corporate purposes.
In connection with this shelf registration, in June 2007 the Company established a medium-term notes program through which up to $3 billion of medium-term notes may be offered.
In December 2007, 3M issued a five-year, $500 million, fixed rate note with a coupon rate of 4.65% under this medium-term notes program.
This program has a remaining capacity of $2.5 billion as of December 31, 2007.
The Company’s $350 million of dealer remarketable securities (classified as current portion of long-term debt) were remarketed for one year in December 2007.
At December 31, 2007, $350 million of dealer remarketable securities (final maturity 2010) and $62 million of floating rate notes (final maturity 2044) are classified as current portion of longterm debt as the result of put provisions associated with these debt instruments.
The Company has Convertible Notes with a book value of $222 million at December 31, 2007.
The next put option date for these Convertible Notes is November 2012.
In November 2007, 364,598 outstanding bonds were redeemed resulting in a payout from 3M of approximately $322 million.
Repurchases of common stock are made to support the Company’s stock-based employee compensation plans and for other corporate purposes.
In February 2007, 3M’s Board of Directors authorized a two-year share repurchase of up to $7.0 billion for the period from February 12, 2007 to February 28, 2009.
As of December 31, 2007, approximately $4.1 billion remained available for repurchase.
Refer to the table titled “Issuer Purchases of Equity Securities” in Part II, Item 5, for more information.
## Table 2 ##
N/A - not applicable.
(1) See Table 2 for GAAP to non-GAAP reconciliations.
(2) Current year Basel III common equity Tier 1, Tier 1 capital, Total capital, and Leverage capital ratios are estimated.
(3) Regions' regulatory capital ratios for years prior to 2015 have not been revised to reflect the retrospective application of new accounting guidance related to investments in qualified affordable housing projects.
(4) Beginning in 2015, Regions' regulatory capital ratios are calculated pursuant to the phase-in provisions of the Basel III Rules.
All prior period ratios were calculated pursuant to the Basel I capital rules.
(5) High and low market prices are based on intraday sales prices.
NON-GAAP MEASURES The table below presents computations of earnings and certain other financial measures, which exclude certain significant items that are included in the financial results presented in accordance with GAAP.
These non-GAAP financial measures include "adjusted allowance for loan losses to non-performing loans, excluding loans held for sale ratio", “adjusted net interest margin”, “adjusted fee income ratio”, “adjusted efficiency ratio”, “return on average tangible common stockholders’ equity”, average and end of period “tangible common stockholders’ equity”, and “Basel III CET1, on a fully phased-in basis” and related ratios.
Regions believes that expressing earnings and certain other financial measures excluding these significant items provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Company and predicting future performance.
These non-GAAP financial measures are also used by management to assess the performance of Regions’ business because management does not consider the activities related to the adjustments to be indications of ongoing operations.
Regions believes that presentation of these non-GAAPfinancial measures will permit investors to assess the performance of the Company on the same basis as that applied by management.
Management and the Board utilize these non-GAAP financial measures as follows: preparation of Regions’ operating budgets, monthly financial performance reporting, monthly close-out reporting of consolidated results (management only), and presentations to investors of Company performance.
The adjusted allowance for loan losses to non-performing loans, excluding loans held for sale ratio (non-GAAP), which is a measure of credit quality performance, is generally calculated as adjusted allowance for loan losses divided by adjusted total nonaccrual loans, excluding loans held for sale.
Management believes that excluding the portion of the allowance for loan losses related to direct energy loans and the direct energy non-accrual loans will assist investors in analyzing the Company's credit quality performance absent the volatility that has been experienced by energy businesses.
The allowance for loan losses (GAAP) is presented excluding the portion of the allowance related to direct energy loans to arrive at the adjusted allowance for loan losses (non-GAAP).
Total non-accrual loans (GAAP) is presented excluding direct energy non-accrual loans to arrive at adjusted total non-accrual loans, excluding loans held for sale (non-GAAP), which is the denominator for the allowance for loan losses to non-accrual loans ratio.
The adjusted efficiency ratio (non-GAAP), which is a measure of productivity, is generally calculated as non-interest expense divided by total revenue on a taxable-equivalent basis.
The adjusted fee income ratio (non-GAAP) is generally calculated as noninterest income divided by adjusted total revenue on a taxable-equivalent basis.
Management uses these ratios to monitor performance and believes these measures provide meaningful information to investors.
Non-interest expense (GAAP) is presented excluding adjustments to arrive at adjusted non-interest expense (non-GAAP), which is the numerator for the adjusted efficiency ratio.
Noninterest income (GAAP) is presented excluding adjustments to arrive at adjusted non-interest income (non-GAAP), which is the numerator for the adjusted fee income ratio.
Net interest income and other financing income on a taxable-equivalent basis (GAAP) is presented excluding certain adjustments related to Tax Reform to arrive at adjusted net interest income and other financing income on a taxable-equivalent basis (non-GAAP).
Net interest income and other financing income on a taxable-equivalent basis and noninterest income are added together to arrive at total revenue on a taxable-equivalent basis.
Adjustments are made to arrive at adjusted

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3"> December 31, 2012</td></tr><tr><td> Loan-to-Value</td><td>Carrying Value</td><td>% of Gross Mortgage Loans</td><td> Debt-Service Coverage Ratio</td></tr><tr><td>70% and less</td><td>$1,141,564</td><td>86.6%</td><td>1.95</td></tr><tr><td>71 – 80%</td><td>103,152</td><td>7.8%</td><td>1.30</td></tr><tr><td>81 – 95%</td><td>57,413</td><td>4.3%</td><td>1.04</td></tr><tr><td>Greater than 95%</td><td>16,550</td><td>1.3%</td><td>1.02</td></tr><tr><td>Gross commercial mortgage loans</td><td>1,318,679</td><td>100.0%</td><td>1.85</td></tr><tr><td>Less valuation allowance</td><td>-6,997</td><td></td><td></td></tr><tr><td>Net commercial mortgage loans</td><td>$1,311,682</td><td></td><td></td></tr></table>
<table><tr><td>(Millions)</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>Change in short-term debt — net</td><td>$-1,222</td><td>$882</td><td>$-258</td></tr><tr><td>Repayment of debt (maturities greater than 90 days)</td><td>-1,580</td><td>-440</td><td>-656</td></tr><tr><td>Proceeds from debt (maturities greater than 90 days)</td><td>4,024</td><td>693</td><td>429</td></tr><tr><td>Total cash change in debt</td><td>$1,222</td><td>$1,135</td><td>$-485</td></tr><tr><td>Purchases of treasury stock</td><td>-3,239</td><td>-2,351</td><td>-2,377</td></tr><tr><td>Reissuances of treasury stock</td><td>796</td><td>523</td><td>545</td></tr><tr><td>Dividends paid to stockholders</td><td>-1,380</td><td>-1,376</td><td>-1,286</td></tr><tr><td>Excess tax benefits from stock-based compensation</td><td>74</td><td>60</td><td>54</td></tr><tr><td>Distributions to minority interests and other — net</td><td>-20</td><td>-52</td><td>-76</td></tr><tr><td>Net cash used in financing activities</td><td>$-2,547</td><td>$-2,061</td><td>$-3,625</td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="5">(In millions, except per share data)</td></tr><tr><td>COMMON STOCK DATA</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash dividends declared per common share</td><td>$0.315</td><td>$0.255</td><td>$0.23</td><td>$0.18</td><td>$0.10</td></tr><tr><td>Common equity book value per share</td><td>13.55</td><td>13.04</td><td>12.35</td><td>11.81</td><td>11.04</td></tr><tr><td>Tangible common book value per share (non-GAAP)<sup>(1)</sup></td><td>9.16</td><td>8.95</td><td>8.52</td><td>8.18</td><td>7.47</td></tr><tr><td>Market value at year-end</td><td>17.28</td><td>14.36</td><td>9.60</td><td>10.56</td><td>9.89</td></tr><tr><td>Market price range:<sup>-5</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>High</td><td>17.58</td><td>14.73</td><td>10.87</td><td>11.54</td><td>10.52</td></tr><tr><td>Low</td><td>13.00</td><td>7.00</td><td>8.54</td><td>8.85</td><td>7.13</td></tr><tr><td>Total trading volume</td><td>3,704</td><td>5,241</td><td>4,243</td><td>3,689</td><td>3,962</td></tr><tr><td>Dividend payout ratio</td><td>31.48%</td><td>29.25%</td><td>30.76%</td><td>22.80%</td><td>13.31%</td></tr><tr><td>Stockholders of record at year-end (actual)</td><td>46,143</td><td>48,958</td><td>51,270</td><td>57,529</td><td>63,815</td></tr><tr><td>Weighted-average number of common shares outstanding</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>1,186</td><td>1,255</td><td>1,325</td><td>1,375</td><td>1,395</td></tr><tr><td>Diluted</td><td>1,198</td><td>1,261</td><td>1,334</td><td>1,387</td><td>1,410</td></tr></table>

Question: What's the growth rate of Common equity book value per share in 2016?
Answer: 0.05587
Reasoning program: subtract(13.04,12.35), divide(#0,12.35)