THE COMPANY’S STOCK PERFORMANCE The following graph compares cumulative total return of the Company’s Common Stock with the cumulative total return of (i) the NASDAQ Stock Market-United States, and (ii) the NASDAQ Biotechnology Index.
The graph assumes (a) $100 was invested on July 31, 2001 in each of the Company’s Common Stock, the stocks comprising the NASDAQ Stock Market-United States and the stocks comprising the NASDAQ Biotechnology Index, and (b) the reinvestment of dividends.
COMPARISON OF 65 MONTH CUMULATIVE TOTAL RETURN* Among Alexion Pharmaceuticals, Inc. , The NASDAQ Composite Index And The NASDAQ Biotechnology Index
## Table 0 ##
* $100 invested on 7/31/02 in stock or index-including reinvestment of dividends.
Fiscal year ending December 31.
CUMULATIVE TOTAL RETURN
PART II During the second quarter of 2000, the Company’s Canadian subsidiary issued certain exchangeable shares which were convertible, on a one-to-one ratio, into shares of Leggett common stock in connection with the acquisition of Schukra Manufacturing, Inc. , a Canadian corporation.
On December 16, 2008, as a result of the conversion of some of the exchangeable shares, the Company issued 120,452 shares of its common stock to four of the former Schukra owners (listed below) in a transaction which qualified for exemption from registration under the Securities Act of 1933 by virtue of Section 4(2) of the Securities Act, in that the issuances did not involve a public offering.
The closing price of Leggett common stock on the NYSE on December 16, 2008 was $15.52.
## Table 1 ##
Item 6.
Selected Financial Data.
## Table 2 ##
1 As discussed in Notes C and D beginning on pages 91 and 95 respectively, the Company incurred asset impairment and restructuring-related charges totaling $84 million in 2008.
Of these charges, approximately $33 million were associated with continuing operations and $51 million related to discontinued operations.2 As discussed in Notes C and D beginning on pages 91 and 95 respectively, the Company incurred asset impairment and restructuring-related charges totaling $305 million in 2007.
Of these charges, approximately $159 million were associated with continuing operations and $146 million related to discontinued operations.3 As discussed in Note A on page 86, the amounts for 2004 through 2007 have been retrospectively adjusted to reflect certain businesses as discontinued operations.
PART II Investment in Foreign Subsidiaries The Company views its investment in foreign subsidiaries as a long-term commitment, and does not hedge translation exposures.
The investment in a foreign subsidiary may take the form of either permanent capital or notes.
The Company’s net investment (i. e. , total assets less total liabilities subject to translation exposure) in foreign subsidiaries at December 31 is as follows:
## Table 3 ##
Item 8.
Financial Statements and Supplementary Data.
The Consolidated Financial Statements, Financial Statement Schedule and supplementary financial information included in this Report are listed in Item 15, begin immediately after Item 15, and are incorporated by reference.
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
Not applicable.
Item 9A.
Controls and Procedures.
Effectiveness of the Company’s Disclosure Controls and Procedures An evaluation as of December 31, 2011, was carried out by the Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).
Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded the Company’s disclosure controls and procedures were effective, as of December 31, 2011, to provide assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified by the Securities and Exchange Commission’s rules and forms.
Disclosure controls and procedures, include without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
The following table presents the activity in our LIFO reserve for each of the periods presented:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>7/02</td><td>7/03</td><td>7/04</td><td>7/05</td><td>12/05</td><td>12/06</td><td>12/07</td></tr><tr><td>Alexion Pharmaceuticals, Inc.</td><td>100.00</td><td>108.38</td><td>102.64</td><td>167.89</td><td>130.56</td><td>260.41</td><td>483.75</td></tr><tr><td>NASDAQ Composite</td><td>100.00</td><td>128.98</td><td>142.51</td><td>164.85</td><td>168.24</td><td>187.43</td><td>204.78</td></tr><tr><td>NASDAQ Biotechnology</td><td>100.00</td><td>149.29</td><td>146.51</td><td>176.75</td><td>186.10</td><td>183.89</td><td>187.04</td></tr></table>
<table><tr><td> Name of Shareholder</td><td> Number of Shares Issued </td></tr><tr><td>Jessica Cosentino</td><td>35,113</td></tr><tr><td>Ricardo Cosentino</td><td>35,113</td></tr><tr><td>Victoria Cosentino</td><td>35,113</td></tr><tr><td>Mafalda Cosentino</td><td>15,113</td></tr><tr><td>Totals</td><td>120,452</td></tr></table>
<table><tr><td> (Unaudited)</td><td>2008 1</td><td>2007 2, 3</td><td> 2006<sup>3</sup> </td><td> 2005<sup>3</sup> </td><td> 2004<sup>3</sup> </td></tr><tr><td> (Dollar amounts in millions, except per share data)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of Operations</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net Sales from Continuing Operations</td><td>$4,076</td><td>$4,250</td><td>$4,267</td><td>$4,197</td><td>$4,055</td></tr><tr><td>Net Earnings from Continuing Operations</td><td>123</td><td>59</td><td>236</td><td>216</td><td>235</td></tr><tr><td>Net Earnings (Loss) from Discontinued Operations, net of tax</td><td>-19</td><td>-70</td><td>64</td><td>35</td><td>50</td></tr><tr><td>Net Earnings (Loss)</td><td>104</td><td>-11</td><td>300</td><td>251</td><td>285</td></tr><tr><td>Earnings per share from Continuing Operations</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>.73</td><td>.33</td><td>1.26</td><td>1.12</td><td>1.20</td></tr><tr><td>Diluted</td><td>.73</td><td>.33</td><td>1.26</td><td>1.12</td><td>1.20</td></tr><tr><td>Earnings (Loss) per share from Discontinued Operations</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>-.11</td><td>-.39</td><td>.35</td><td>.18</td><td>.26</td></tr><tr><td>Diluted</td><td>-.11</td><td>-.39</td><td>.35</td><td>.18</td><td>.25</td></tr><tr><td>Net Earnings (Loss) per share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>.62</td><td>-.06</td><td>1.61</td><td>1.30</td><td>1.46</td></tr><tr><td>Diluted</td><td>.62</td><td>-.06</td><td>1.61</td><td>1.30</td><td>1.45</td></tr><tr><td>Cash Dividends declared per share</td><td>1.00</td><td>.78</td><td>.67</td><td>.63</td><td>.58</td></tr><tr><td>Summary of Financial Position</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Assets</td><td>$3,162</td><td>$4,072</td><td>$4,265</td><td>$4,072</td><td>$4,197</td></tr><tr><td>Long-term Debt, including capital leases</td><td>$851</td><td>$1,001</td><td>$1,060</td><td>$922</td><td>$779</td></tr></table>
<table><tr><td><i>Functional Currency</i></td><td> 2011 </td><td> 2010 </td></tr><tr><td>European Currencies</td><td>$298.4</td><td>$316.4</td></tr><tr><td>Chinese Renminbi</td><td>249.9</td><td>208.3</td></tr><tr><td>Canadian Dollar</td><td>217.9</td><td>235.1</td></tr><tr><td>Mexican Peso</td><td>31.1</td><td>36.2</td></tr><tr><td>Other</td><td>61.9</td><td>60.3</td></tr><tr><td>Total</td><td>$859.2</td><td>$856.3</td></tr></table>

Question: When does Net Earnings from Continuing Operations reach the largest value?
Answer: 2006