Table VII Allowance for Credit Losses (continued)
## Table 0 ##
(6) Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option.
Loans accounted for under the fair value option were $9.0 billion, $8.8 billion, $3.3 billion, $4.9 billion and $5.4 billion at December 31, 2012, 2011, 2010, 2009 and 2008, respectively.
Average loans accounted for under the fair value option were $8.4 billion, $8.4 billion, $4.1 billion, $6.9 billion and $4.9 billion for 2012, 2011, 2010, 2009 and 2008, respectively.
(7) Excludes consumer loans accounted for under the fair value option of $1.0 billion and $2.2 billion at December 31, 2012 and 2011.
There were no consumer loans accounted for under the fair value option prior to 2011.
(8) Excludes commercial loans accounted for under the fair value option of $8.0 billion, $6.6 billion, $3.3 billion, $4.9 billion and $5.4 billion at December 31, 2012, 2011, 2010, 2009 and 2008, respectively.
(9) Net charge-offs exclude $2.8 billion of write-offs in the Countrywide home equity PCI loan portfolio for 2012.
These write-offs decreased the PCI valuation allowance included as part of the allowance for loan and lease losses.
For information on PCI write-offs, see Countrywide Purchased Credit-impaired Loan Portfolio on page 86.
(10) There were no write-offs of PCI loans in 2011, 2010, 2009 and 2008.
(11) For more information on our definition of nonperforming loans, see pages 89 and 97.
(12) Primarily includes amounts allocated to the U. S.  credit card and unsecured lending portfolios in CBB, PCI loans and the non-U.
S.  credit portfolio in All Other.
(13) For more information on the PCI loan portfolio and the valuation allowance for PCI loans, see Note 5 – Outstanding Loans and Leases and Note 6 – Allowance for Credit Losses to the Consolidated Financial Statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) ACE Limited and Subsidiaries Share-based compensation expense for stock options and shares issued under the Employee Stock Purchase Plan (ESPP) amounted to $24 million ($22 million after tax or $0.07 per basic and diluted share), $23 million ($21 million after tax or $0.06 per basic and diluted share), and $20 million ($18 million after tax or $0.05 per basic and diluted share) for the years ended December 31, 2008, 2007, and 2006, respectively.
For the years ended December 31, 2008, 2007 and 2006, the expense for the restricted stock was $101 million ($71 million after tax), $77 million ($57 million after tax), and $65 million ($49 million after tax), respectively.
During 2004, the Company established the ACE Limited 2004 Long-Term Incentive Plan (the 2004 LTIP).
Once the 2004 LTIP was approved by shareholders, it became effective February 25, 2004.
It will continue in effect until terminated by the Board.
This plan replaced the ACE Limited 1995 Long-Term Incentive Plan, the ACE Limited 1995 Outside Directors Plan, the ACE Limited 1998 Long-Term Incentive Plan, and the ACE Limited 1999 Replacement Long-Term Incentive Plan (the Prior Plans) except as to outstanding awards.
During the Company’s 2008 annual general meeting, shareholders voted to increase the number of Common Shares authorized to be issued under the 2004 LTIP from 15,000,000 Common Shares to 19,000,000 Common Shares.
Accordingly, under the 2004 LTIP, a total of 19,000,000 Common Shares of the Company are authorized to be issued pursuant to awards made as stock options, stock appreciation rights, performance shares, performance units, restricted stock, and restricted stock units.
The maximum number of shares that may be delivered to participants and their beneficiaries under the 2004 LTIP shall be equal to the sum of: (i) 19,000,000 shares; and (ii) any shares that are represented by awards granted under the Prior Plans that are forfeited, expired, or are canceled after the effective date of the 2004 LTIP, without delivery of shares or which result in the forfeiture of the shares back to the Company to the extent that such shares would have been added back to the reserve under the terms of the applicable Prior Plan.
As of December 31, 2008, a total of 10,591,090 shares remain available for future issuance under this plan.
Under the 2004 LTIP, 3,000,000 Common Shares are authorized to be issued under the ESPP.
As of December 31, 2008, a total of 989,812 Common Shares remain available for issuance under the ESPP.
Stock options The Company’s 2004 LTIP provides for grants of both incentive and non-qualified stock options principally at an option price per share of 100 percent of the fair value of the Company’s Common Shares on the date of grant.
Stock options are generally granted with a 3-year vesting period and a 10-year term.
The stock options vest in equal annual installments over the respective vesting period, which is also the requisite service period.
Included in the Company’s share-based compensation expense in the year ended December 31, 2008, is the cost related to the unvested portion of the 2005-2008 stock option grants.
The fair value of the stock options was estimated on the date of grant using the Black-Scholes option-pricing model that uses the assumptions noted in the following table.
The risk-free interest rate is based on the U. S.  Treasury yield curve in effect at the time of grant.
The expected life (estimated period of time from grant to exercise date) was estimated using the historical exercise behavior of employees.
Expected volatility was calculated as a blend of (a) historical volatility based on daily closing prices over a period equal to the expected life assumption, (b) longterm historical volatility based on daily closing prices over the period from ACE’s initial public trading date through the most recent quarter, and (c) implied volatility derived from ACE’s publicly traded options.
The fair value of the options issued is estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions used for grants for the years indicated:
## Table 1 ##
voluntary contributions of approximately $45 million to our U. S.  pension plans in 2006.
We also expect to make contributions to our non-U.
S.  plans of approximately $150 million in 2006.
See Note 22 of Notes to Financial Statements in “Item 8.
Financial Statements and Supplementary Data’’ for further discussion of pension contributions.  ?
Repositioning actions—we expect that cash spending for severance and other exit costs necessary to execute the remaining repositioning actions will approximate $125 million in 2006.  ?
Environmental remediation costs—we expect to spend approximately $250 million in 2006 for remedial response and voluntary clean-up costs.
See Environmental Matters section of this MD&A for further discussion.
We have made an all-cash Offer for the entire issued ordinary share capital of First Technology plc, a provider of gas sensing and detection products and services headquartered in the UK.
The aggregate value of the Offer is approximately $718 million, fully diluted for the exercise of all outstanding options and including the assumption of approximately $199 million of outstanding debt.
We expect to complete the transaction in the first half of 2006, subject to regulatory approval.
We continuously assess the relative strength of each business in our portfolio as to strategic fit, market position, profit and cash flow contribution in order to upgrade our combined portfolio and identify business units that will most benefit from increased investment.
We identify acquisition candidates that will further our strategic plan and strengthen our existing core businesses.
We also identify businesses that do not fit into our long-term strategic plan based on their market position, relative profitability or growth potential.
These businesses are considered for potential divestiture, restructuring or other repositioning actions subject to regulatory constraints.
In 2005, we realized $997 million in cash proceeds from sales of non-strategic businesses.
Based on past performance and current expectations, we believe that our operating cash flows will be sufficient to meet our future cash needs.
Our available cash, committed credit lines, access to the public debt and equity markets as well as our ability to sell trade accounts receivables, provide additional sources of short-term and long-term liquidity to fund current operations, debt maturities, and future investment opportunities.
Based on our current financial position and expected economic performance, we do not believe that our liquidity will be adversely impacted by an inability to access our sources of financing.
Contractual Obligations and Probable Liability Payments Following is a summary of our significant contractual obligations and probable liability payments at December 31, 2005:
## Table 2 ##
(1) Assumes all long-term debt is outstanding until scheduled maturity.
(2) Purchase obligations are entered into with various vendors in the normal course of business and are consistent with our expected requirements.
(3) These amounts are estimates of asbestos related cash payments for NARCO and Bendix.
NARCO estimated payments are based on the terms and conditions, including evidentiary requirements, specified in the definitive agreements or agreements in principle and pursuant to Trust Distribution Procedures.
Bendix payments are based on our estimate of pending claims.
Projecting future (footnotes continued on next page)
may be unable to realize.
We assess the need for an adjustment to the valuation allowance on a quarterly basis.
The assessment is based on our estimates of future sources of taxable income for the jurisdictions in which we operate and the periods over which our deferred tax assets will be realizable.
See Note 11 to the financial statements in Item 8 of this Report for more information.
We provide U. S.  federal income taxes on the earnings of foreign subsidiaries unless the subsidiaries' earnings are intended to be indefinitely reinvested in our international operations.
To the extent that foreign earnings previously treated as indefinitely reinvested are repatriated, the related U. S.  tax liability may, subject to certain limitations, be reduced by any foreign income taxes paid on these earnings.
At July 31, 2013, the cumulative amount of earnings upon which U. S.  income taxes had not been provided was approximately $57 million.
The unrecognized deferred tax liability for these earnings was approximately $14 million.
Discontinued Operations In the first quarter of fiscal 2013 we completed the sale of our Intuit Websites business, which was a component of our Financial Management Solutions segment.
During the fourth quarter of fiscal 2013 we signed a definitive agreement to sell our Intuit Financial Services business, which comprised substantially all of our former Financial Services segment, and management approved a plan to sell our Intuit Health business, which was part of our Other Businesses segment.
We completed the sale of those two businesses in August 2013.
We also transferred Mint, which was reported in the Financial Services segment during fiscal 2013, back to our Other Businesses segment.
See Note 8 to the financial statements in Item 8 of this Report for a more complete description of these discontinued operations and the impact that they have had on our statements of operations for the fiscal periods presented.
Liquidity and Capital Resources Overview At July 31, 2013, our cash, cash equivalents and investments totaled $1.7 billion, an increase of $917 million from July 31, 2012 due to the factors described in “Statements of Cash Flows” below.
Our primary source of liquidity has been cash from operations, which entails the collection of accounts receivable for products and services.
Our primary uses of cash have been for research and development programs, selling and marketing activities, capital projects, acquisitions of businesses, debt service costs, repurchases of our common stock under our stock repurchase programs, and the payment of cash dividends.
As discussed in “Executive Overview – Industry Trends and Seasonality” earlier in this Item 7, our business is subject to significant seasonality.
The balance of our cash, cash equivalents and investments generally fluctuates with that seasonal pattern.
We believe the seasonality of our business is likely to continue in the future.
The following table summarizes selected measures of our liquidity and capital resources at the dates indicated:

Tables referenced above, in order (Table 0 first):
<table><tr><td>(Dollars in millions)</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Loan and allowance ratios:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and leases outstanding at December 31<sup>-6</sup></td><td>$898,817</td><td>$917,396</td><td>$937,119</td><td>$895,192</td><td>$926,033</td></tr><tr><td>Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31<sup>-6</sup></td><td>2.69%</td><td>3.68%</td><td>4.47%</td><td>4.16%</td><td>2.49%</td></tr><tr><td>Consumer allowance for loan and lease losses as a percentage of total consumer loans outstanding at December 31<sup>-7</sup></td><td>3.81</td><td>4.88</td><td>5.40</td><td>4.81</td><td>2.83</td></tr><tr><td>Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at December 31<sup>-8</sup></td><td>0.90</td><td>1.33</td><td>2.44</td><td>2.96</td><td>1.90</td></tr><tr><td>Average loans and leases outstanding<sup>-6</sup></td><td>$890,337</td><td>$929,661</td><td>$954,278</td><td>$941,862</td><td>$905,944</td></tr><tr><td>Net charge-offs as a percentage of average loans and leases outstanding<sup>-6, 9</sup></td><td>1.67%</td><td>2.24%</td><td>3.60%</td><td>3.58%</td><td>1.79%</td></tr><tr><td>Net charge-offs and PCI write-offs as a percentage of average loans and leases outstanding<sup>-6, 10</sup></td><td>1.99</td><td>2.24</td><td>3.60</td><td>3.58</td><td>1.79</td></tr><tr><td>Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31<sup>-6, 11</sup></td><td>107</td><td>135</td><td>136</td><td>111</td><td>141</td></tr><tr><td>Ratio of the allowance for loan and lease losses at December 31 to net charge-offs<sup>-9</sup></td><td>1.62</td><td>1.62</td><td>1.22</td><td>1.10</td><td>1.42</td></tr><tr><td>Ratio of the allowance for loan and lease losses at December 31 to net charge-offs and PCI write-offs<sup>-10</sup></td><td>1.36</td><td>1.62</td><td>1.22</td><td>1.10</td><td>1.42</td></tr><tr><td>Amounts included in the allowance for loan and lease losses that are excluded from nonperforming loans and leases at December 31<sup>-12</sup></td><td>$12,021</td><td>$17,490</td><td>$22,908</td><td>$17,690</td><td>$11,679</td></tr><tr><td>Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding amounts included in the allowance for loan and lease losses that are excluded from nonperforming loans and leases at December 31<sup>-12</sup></td><td>54%</td><td>65%</td><td>62%</td><td>58%</td><td>70%</td></tr><tr><td>Loan and allowance ratios excluding PCI loans and the related valuation allowance:<sup>-13</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31<sup>-6</sup></td><td>2.14%</td><td>2.86%</td><td>3.94%</td><td>3.88%</td><td>2.53%</td></tr><tr><td>Consumer allowance for loan and lease losses as a percentage of total consumer loans outstanding at December 31<sup>-7</sup></td><td>2.95</td><td>3.68</td><td>4.66</td><td>4.43</td><td>2.91</td></tr><tr><td>Net charge-offs as a percentage of average loans and leases outstanding<sup>-6</sup></td><td>1.73</td><td>2.32</td><td>3.73</td><td>3.71</td><td>1.83</td></tr><tr><td>Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31<sup>-6, 11</sup></td><td>82</td><td>101</td><td>116</td><td>99</td><td>136</td></tr><tr><td>Ratio of the allowance for loan and lease losses at December 31 to net charge-offs</td><td>1.25</td><td>1.22</td><td>1.04</td><td>1.00</td><td>1.38</td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Dividend yield</td><td>1.80%</td><td>1.78%</td><td>1.64%</td></tr><tr><td>Expected volatility</td><td>32.20%</td><td>27.43%</td><td>31.29%</td></tr><tr><td>Risk-free interest rate</td><td>3.15%</td><td>4.51%</td><td>4.60%</td></tr><tr><td>Forfeiture rate</td><td>7.5%</td><td>7.5%</td><td>7.5%</td></tr><tr><td>Expected life</td><td>5.7 years</td><td>5.6 years</td><td>6 years</td></tr></table>
<table><tr><td></td><td colspan="5"> Payments by Period </td></tr><tr><td></td><td> Total </td><td> 2006 </td><td> 2007- 2008 </td><td> 2009- 2010 </td><td> Thereafter </td></tr><tr><td></td><td colspan="5"> (Dollars in millions)</td></tr><tr><td>Long-term debt, including capitalized leases-1</td><td>$4,077</td><td>$995</td><td>$826</td><td>$1,341</td><td>$915</td></tr><tr><td>Minimum operating lease payments</td><td>1,001</td><td>285</td><td>352</td><td>163</td><td>201</td></tr><tr><td>Purchase obligations-2</td><td>3,959</td><td>811</td><td>1,303</td><td>1,299</td><td>546</td></tr><tr><td>Estimated environmental liability payments</td><td>879</td><td>250</td><td>225</td><td>225</td><td>179</td></tr><tr><td>Asbestos related liability payments-3</td><td>2,069</td><td>520</td><td>793</td><td>167</td><td>589</td></tr><tr><td></td><td>11,985</td><td>2,861</td><td>3,499</td><td>3,195</td><td>2,430</td></tr><tr><td>Asbestos insurance recoveries-4</td><td>-1,473</td><td>-176</td><td>-215</td><td>-256</td><td>-826</td></tr><tr><td></td><td>$10,512</td><td>$2,685</td><td>$3,284</td><td>$2,939</td><td>$1,604</td></tr></table>

Question: what was the percentage increase in the number of common shares authorized to be issued under the 2004 ltip
Answer: 0.26667
Reasoning program: subtract(19000000,15000000), divide(#0,15000000)