Table of Contents SVB FINANCIAL GROUP AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following table summarizes the common shares excluded from the diluted EPS calculation as they were deemed to be antidilutive for 2009, 2008 and 2007:
## Table 0 ##
In addition to the above, at December 31, 2009 and 2008, 4.7 million shares of our 2008 Convertible Notes and associated warrants were outstanding but not included in the calculation of diluted earnings per common share because the exercise price was higher than the market price, and therefore were antidilutive.
Concurrent with the issuance of our 2008 Convertible Notes, we entered into a convertible note hedge and warrant agreement.
(See Note 13— “Derivative Financial Instruments” for more information on our convertible note hedge and warrant agreement).
In 2009, 2008 and 2007, we recorded share-based compensation expense of $14.8 million, $13.6 million and $14.9 million, respectively, resulting in the recognition of $3.3 million, $3.4 million and $3.0 million, respectively in related tax benefits.
Total compensation costs capitalized were $0.9 million and 1.0 million in 2009 and 2008, respectively.
No compensation cost was capitalized in 2007, as such amount was inconsequential.
Share-based compensation expense was recorded net of estimated forfeitures for 2009, 2008 and 2007, such that expense was recorded only for those share-based awards that are expected to vest.
Equity Incentive Plans On May 11, 2006, stockholders approved the 2006 Equity Incentive Plan (the “2006 Incentive Plan”).
Our previous 1997 Equity Incentive Plan expired in December 2006.
The 2006 Incentive Plan provides for the grant of various types of incentive awards, of which the following have been granted: (i) stock options; (ii) restricted stock awards; (iii) restricted stock units; and (iv) other cash or stock settled equity awards.
Subject to the provisions of Section 14 of the 2006 Incentive Plan, the maximum aggregate number of shares that may be awarded and sold is 3,000,000 shares plus 1,488,361 shares comprised of: (i) shares that have been reserved but not issued under our 1997 Equity Incentive Plan as of May 11, 2006; and (ii) shares subject to stock options or similar awards granted under the 1997 Equity Incentive Plan that expire or otherwise terminate without having been exercised in full and shares issued pursuant to awards granted under the 1997 Equity Incentive Plan that are forfeited or repurchased by us.
No further awards will be made under the 1997 Equity Incentive Plan, but it will continue to govern awards previously granted thereunder.
Restricted stock awards and restricted stock units will be counted against the numerical limits of the 2006 Incentive Plan as two shares for every one share awarded.
Further, if shares acquired under any such award are forfeited or repurchased by us and would otherwise return to the 2006 Incentive Plan, two times the number of such forfeited or repurchased shares will return to the 2006 Incentive Plan and will again become available for issuance.
Table of Contents Gains on Derivative Instruments, Net A summary of gains on derivative instruments, net, for 2012 , 2011 and 2010 is as follows:
## Table 1 ##
NM—Not meaningful (1) At December 31, 2012 , we held warrants in 1,270 companies, compared to 1,174 companies at December 31, 2011 and 1,157 companies at December 31, 2010 .
(2) Net gains on equity warrant assets are included in the line item “Gains on derivative instruments, net” as part of noninterest income.
(3) Represents the net gains for foreign exchange forward contracts executed on behalf of clients.
(4) Represents the change in the fair value of foreign exchange forward contracts used to economically reduce our foreign exchange exposure related to certain foreign currency denominated loans.
(5) Primarily represents the change in fair value of loan conversion options held by SVB Financial.
As of December 31, 2012 , the loan conversion options related to five clients.
For more information, refer to Note 12—"Derivative Financial Instruments" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 in this report.
Net gains on derivative instruments were $22.1 million in 2012 , compared to $38.7 million in 2011 and $9.5 million in 2010 .
The decrease of $16.6 million in 2012 was primarily due to the following: Net gains on equity warrant assets of $19.4 million in 2012 , compared to net gains of $37.4 million in 2011 .
The net gains of $19.4 million in 2012 included the following: ?
Net gains of $10.9 million from changes in warrant valuations from both private and public clients.  ?
Net gains of $10.0 million from the exercise of equity warrant assets.
The increase of $29.2 million in 2011 was primarily due to the following: Net gains on equity warrant assets of $37.4 million in 2011, compared to net gains of $6.6 million in 2010.
The net gains of $37.4 million in 2011 included the following: ?
Net gains of $21.4 from changes in warrant valuations from both private and public clients.  ?
Net gains of $17.9 million from the exercise of equity warrant assets.
direct the activities of the VIEs and, therefore, do not control the ongoing activities that have a significant impact on the economic performance of the VIEs.
Additionally, we do not have the obligation to absorb losses of the VIEs or the right to receive benefits of the VIEs that could potentially be significant to the VIEs.
We are not considered to be the primary beneficiary and do not consolidate these VIEs because our actions and decisions do not have the most significant effect on the VIE’s performance and our fixed-price purchase options are not considered to be potentially significant to the VIEs.
The future minimum lease payments associated with the VIE leases totaled $3.0 billion as of December 31, 2014.17.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statements of Financial Position as of December 31, 2014 and 2013 included $2,454 million, net of $1,210 million of accumulated depreciation, and $2,486 million, net of $1,092 million of accumulated depreciation, respectively, for properties held under capital leases.
A charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our Consolidated Statements of Income.
Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2014, were as follows:
## Table 2 ##
Approximately 95% of capital lease payments relate to locomotives.
Rent expense for operating leases with terms exceeding one month was $593 million in 2014, $618 million in 2013, and $631 million in 2012.
When cash rental payments are not made on a straight-line basis, we recognize variable rental expense on a straight-line basis over the lease term.
Contingent rentals and sub-rentals are not significant.18.
Commitments and Contingencies Asserted and Unasserted Claims – Various claims and lawsuits are pending against us and certain of our subsidiaries.
We cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations, financial condition, or liquidity; however, to the extent possible, where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated, we have recorded a liability.
We do not expect that any known lawsuits, claims, environmental costs, commitments, contingent liabilities, or guarantees will have a material adverse effect on our consolidated results of operations, financial condition, or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters.
Personal Injury – The cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year.
We use an actuarial analysis to measure the expense and liability, including unasserted claims.
The Federal Employers’ Liability Act (FELA) governs compensation for work-related accidents.
Under FELA, damages are assessed based on a finding of fault through litigation or out-of-court settlements.
We offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work.
Our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments.
Approximately 93% of the recorded liability is related to asserted claims and approximately 7% is related to unasserted claims at December 31, 2014.
Because of the uncertainty

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td> (Shares in thousands)</td><td> 2009</td><td> 2008</td><td> 2007</td></tr><tr><td>Stock options</td><td>2,267</td><td>930</td><td>729</td></tr><tr><td>Restricted stock units and awards</td><td>226</td><td>2</td><td>—</td></tr><tr><td>Warrants associated with 2003 Convertible Notes</td><td>—</td><td>160</td><td>87</td></tr><tr><td>Warrant associated with Capital Purchase Program</td><td>446</td><td>2</td><td>—</td></tr><tr><td>Total</td><td>2,939</td><td>1,094</td><td>816</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31,</td></tr><tr><td>(Dollars in thousands)</td><td>2012</td><td>2011</td><td>% Change 2012/2011</td><td>2010</td><td>% Change 2011/2010</td></tr><tr><td>Equity warrant assets -1:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on exercises, net</td><td>$10,000</td><td>$17,864</td><td>-44.0%</td><td>$5,524</td><td>NM%</td></tr><tr><td>Change in fair value:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cancellations and expirations</td><td>-1,522</td><td>-1,806</td><td>-15.7</td><td>-3,488</td><td>-48.2</td></tr><tr><td>Changes in fair value</td><td>10,907</td><td>21,381</td><td>-49.0</td><td>4,520</td><td>NM</td></tr><tr><td>Net gains on equity warrant assets -2</td><td>19,385</td><td>37,439</td><td>-48.2</td><td>6,556</td><td>NM</td></tr><tr><td>Gains on foreign exchange forward contracts, net:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on client foreign exchange forward contracts, net -3</td><td>3,901</td><td>2,259</td><td>72.7</td><td>1,914</td><td>18.0</td></tr><tr><td>(Losses) gains on internal foreign exchange forward contracts, net (4)</td><td>-103</td><td>1,973</td><td>-105.2</td><td>710</td><td>177.9</td></tr><tr><td>Total gains on foreign exchange forward contracts, net</td><td>3,798</td><td>4,232</td><td>-10.3</td><td>2,624</td><td>61.3</td></tr><tr><td>Change in fair value of interest rate swaps</td><td>603</td><td>-470</td><td>NM</td><td>—</td><td>—</td></tr><tr><td>Net (losses) gains on other derivatives (5)</td><td>-1,666</td><td>-2,520</td><td>-33.9</td><td>342</td><td>NM</td></tr><tr><td>Gains on derivative instruments, net</td><td>$22,120</td><td>$38,681</td><td>-42.8</td><td>$9,522</td><td>NM</td></tr></table>
<table><tr><td><i>Millions</i></td><td><i>Operating</i><i>Leases</i></td><td><i>Capital</i><i>Leases</i></td></tr><tr><td>2015</td><td>$508</td><td>$253</td></tr><tr><td>2016</td><td>484</td><td>249</td></tr><tr><td>2017</td><td>429</td><td>246</td></tr><tr><td>2018</td><td>356</td><td>224</td></tr><tr><td>2019</td><td>323</td><td>210</td></tr><tr><td>Later years</td><td>1,625</td><td>745</td></tr><tr><td>Total minimum leasepayments</td><td>$3,725</td><td>$1,927</td></tr><tr><td>Amount representing interest</td><td>N/A</td><td>-407</td></tr><tr><td>Present value of minimum leasepayments</td><td>N/A</td><td>$1,520</td></tr></table>

Question: Which year is Changes in fair value the most?
Answer: 2011