Table of Contents ADOBE SYSTEMS INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Subsequent to November 30, 2012, as part of our $2.0 billion stock repurchase program, we entered into a structured stock repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $100.0 million.
This amount will be classified as treasury stock on our Consolidated Balance Sheets.
Upon completion of the $100.0 million stock repurchase agreement, $1.8 billion remains under our current authority.
NOTE 14.
NET INCOME PER SHARE Basic net income per share is computed using the weighted average number of common shares outstanding for the period, excluding unvested restricted stock.
Diluted net income per share is based upon the weighted average common shares outstanding for the period plus dilutive potential common shares, including unvested restricted stock and stock options using the treasury stock method.
The following table sets forth the computation of basic and diluted net income per share for fiscal 2012, 2011 and 2010 (in thousands, except per share data):
## Table 0 ##
For fiscal 2012, 2011 and 2010 options to purchase approximately 19.4 million, 27.1 million and 22.4 million shares, respectively, of common stock with exercise prices greater than the annual average fair market value of our stock of $31.98, $30.27 and $31.82, respectively, were not included in the calculation because the effect would have been anti-dilutive.
NOTE 15.
COMMITMENTS AND CONTINGENCIES Lease Commitments We lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028.
We also have one land lease that expires in 2091.
Rent expense includes base contractual rent and variable costs such as building expenses, utilities, taxes, insurance and equipment rental.
Rent expense and sublease income for these leases for fiscal 2010 through fiscal 2012 were as follows (in thousands):
## Table 1 ##
We occupy three office buildings in San Jose, California where our corporate headquarters are located.
We reference these office buildings as the Almaden Tower and the East and West Towers.
The lease agreements for the East and West Towers and the Almaden Tower are effective through August 2014 and March 2017, respectively.
We are the investors in the lease receivables related to these leases for the East and West Towers and the Almaden Tower in the amount of $126.8 million and $80.4 million, respectively, which is recorded as investment in lease receivables on our Consolidated Balance Sheets.
As of November 30, 2012, the carrying value of the lease receivables related to the towers approximated fair value.
Under the agreement for the East and West Towers and the agreement for the Almaden Tower, we have the option to purchase the buildings at any time during the lease term for approximately $143.2 million and $103.6 million, respectively.
The residual value guarantees under the East and West Towers and the Almaden Tower obligations are
Note 6 – Outstanding Loans and Leases.
The Corporation has also provided support to or has loss exposure resulting from its involvement with other VIEs, including certain cash funds managed within GWIM, as described in more detail in Note 14 – Commitments and Contingencies.
These VIEs are not included in the tables below.
The table below presents the assets and liabilities of VIEs that are consolidated on the Corporation’s Consolidated Balance Sheet at December 31, 2009, total assets of consolidated VIEs at December 31, 2008, and the Corporation’s maximum exposure to loss resulting from its involvement with consolidated VIEs as of December 31, 2009 and 2008.
The Corporation’s maximum exposure to loss is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Corporation’s Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments such as unfunded liquidity commitments and other contractual arrangements.
The Corporation’s maximum exposure to loss does not include losses previously recognized through write-downs of assets.
## Table 2 ##
(1) Total assets and liabilities of consolidated VIEs are reported net of intercompany balances that have been eliminated in consolidation.
At December 31, 2009, the Corporation’s total maximum loss exposure to consolidated VIEs was $28.6 billion, which includes $5.9 billion attributable to the addition of Merrill Lynch, primarily loan and other investment vehicles and CDOs.
The table below presents total assets of unconsolidated VIEs in which the Corporation holds a significant variable interest and Corporationsponsored unconsolidated VIEs in which the Corporation holds a variable interest, even if not significant, at December 31, 2009 and 2008.
The table also presents the Corporation’s maximum exposure to loss resulting from its involvement with these VIEs at December 31, 2009 and 2008.
The Corporation’s maximum exposure to loss is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Corporation’s Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments such as unfunded liquidity commitments and other contractual arrangements.
The Corporation’s maximum exposure to loss does not include losses previously recognized through write-downs of assets.
Certain QSPEs, principally municipal bond trusts, in which the Corporation has continuing involvement are discussed in Note 8 – Securitizations and are also included in the table.
Assets and liabilities of unconsolidated VIEs recorded on the Corporation’s Consolidated Balance Sheet at December 31, 2009 are also summarized below.
## Table 3 ##
Notes Certain options to purchase shares of Devon’s common stock were excluded from the dilution calculations because the options were antidilutive.
These excluded options totaled 2 million, 3 million and 0.2 million in 2007, 2006 and 2005, respectively.
Foreign Currency Translation Adjustments The U. S.  dollar is the functional currency for Devon’s consolidated operations except its Canadian subsidiaries, which use the Canadian dollar as the functional currency.
Therefore, the assets and liabilities of Devon’s Canadian subsidiaries are translated into U. S.  dollars based on the current exchange rate in effect at the balance sheet dates.
Canadian income and expenses are translated at average rates for the periods presented.
Translation adjustments have no effect on net income and are included in accumulated other comprehensive income in stockholders’ equity.
The following table presents the balances of Devon’s cumulative translation adjustments included in accumulated other comprehensive income (in millions).
## Table 4 ##
Statements of Cash Flows For purposes of the consolidated statements of cash flows, Devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents.
Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.
Liabilities for environmental remediation or restoration claims are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated.
Expenditures related to such environmental matters are expensed or capitalized in accordance with Devon’s accounting policy for property and equipment.
Reference is made to Note 8 for a discussion of amounts recorded for these liabilities.
Recently Issued Accounting Standards Not Yet Adopted In December 2007, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No.141(R), Business Combinations, which replaces Statement No.141.
Statement No.141(R) retains the fundamental requirements of Statement No.141 that an acquirer be identified and the acquisition method of accounting (previously called the purchase method) be used for all business combinations.
Statement No.141(R)’s scope is broader than that of Statement No.141, which applied only to business combinations in which control was obtained by transferring consideration.
By applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses, Statement No.141(R) improves the comparability of the information about business combinations provided in financial reports.
Statement No.141(R) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, as well as any resulting goodwill.
Statement No.141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.
Devon will evaluate how the new requirements of Statement No.141(R) would impact any business combinations completed in 2009 or thereafter.
In December 2007, the FASB also issued Statement of Financial Accounting Standards No.160, Noncontrolling Interests in Consolidated Financial Statements—an amendment of Accounting Research Bulletin No.51.
A noncontrolling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent.
Statement No.160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary.
Under Statement No.160, noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent’s equity.
Additionally, the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement.
Statement No.160 is effective for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited.
Devon does not expect the adoption of Statement No.160 to have a material impact on its financial statements and related disclosures.
declined from 2010, primarily as a result of the Company’s withdrawal from personal insurance business in the Republic of Ireland.
New business volume in International in 2011 decreased from 2010, primarily reflecting the Company’s withdrawal from personal insurance business in the Republic of Ireland and intentional underwriting actions in the Company’s operations at Lloyd’s.
Renewal premium changes were flat in 2011 (compared with slightly positive in 2010), as positive renewal rate changes were offset by a decline in insured exposures.
Personal Insurance Results of the Company’s Personal Insurance segment were as follows:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Net income</td><td>$832,775</td><td>$832,847</td><td>$774,680</td></tr><tr><td>Shares used to compute basic net income per share</td><td>494,731</td><td>497,469</td><td>519,045</td></tr><tr><td>Dilutive potential common shares:</td><td></td><td></td><td></td></tr><tr><td>Unvested restricted stock and performance share awards</td><td>7,624</td><td>4,214</td><td>3,170</td></tr><tr><td>Stock options</td><td>366</td><td>2,238</td><td>3,609</td></tr><tr><td>Shares used to compute diluted net income per share</td><td>502,721</td><td>503,921</td><td>525,824</td></tr><tr><td>Basic net income per share</td><td>$1.68</td><td>$1.67</td><td>$1.49</td></tr><tr><td>Diluted net income per share</td><td>$1.66</td><td>$1.65</td><td>$1.47</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Rent expense</td><td>$105,809</td><td>$111,574</td><td>$109,114</td></tr><tr><td>Less: sublease income</td><td>2,330</td><td>3,211</td><td>3,929</td></tr><tr><td>Net rent expense</td><td>$103,479</td><td>$108,363</td><td>$105,185</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td> Multi-Seller Conduits</td><td> Loan and Other Investment Vehicles</td><td> CDOs</td><td> Leveraged Lease Trusts</td><td> Other Vehicles</td><td> Total</td></tr><tr><td> Consolidated VIEs, December 31, 2009</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maximum loss exposure</td><td>$9,388</td><td>$8,265</td><td>$3,863</td><td>$5,634</td><td>$1,463</td><td>$28,613</td></tr><tr><td>Consolidated Assets<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trading account assets</td><td>$–</td><td>$145</td><td>$2,785</td><td>$–</td><td>$548</td><td>$3,478</td></tr><tr><td>Derivative assets</td><td>–</td><td>579</td><td>–</td><td>–</td><td>830</td><td>1,409</td></tr><tr><td>Available-for-sale debt securities</td><td>3,492</td><td>1,799</td><td>1,414</td><td>–</td><td>23</td><td>6,728</td></tr><tr><td>Held-to-maturity debt securities</td><td>2,899</td><td>–</td><td>–</td><td>–</td><td>–</td><td>2,899</td></tr><tr><td>Loans and leases</td><td>318</td><td>11,752</td><td>–</td><td>5,650</td><td>–</td><td>17,720</td></tr><tr><td>All other assets</td><td>4</td><td>3,087</td><td>–</td><td>–</td><td>184</td><td>3,275</td></tr><tr><td> Total</td><td>$6,713</td><td>$17,362</td><td>$4,199</td><td>$5,650</td><td>$1,585</td><td>$35,509</td></tr><tr><td>Consolidated Liabilities<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial paper and other short-term borrowings</td><td>$6,748</td><td>$–</td><td>$–</td><td>$–</td><td>$987</td><td>$7,735</td></tr><tr><td>All other liabilities</td><td>–</td><td>12,127</td><td>2,753</td><td>17</td><td>163</td><td>15,060</td></tr><tr><td> Total</td><td>$6,748</td><td>$12,127</td><td>$2,753</td><td>$17</td><td>$1,150</td><td>$22,795</td></tr><tr><td> Consolidated VIEs, December 31, 2008</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maximum loss exposure</td><td>$11,304</td><td>$3,189</td><td>$2,443</td><td>$5,774</td><td>$1,497</td><td>$24,207</td></tr><tr><td>Total assets of VIEs<sup>-1</sup></td><td>9,368</td><td>4,449</td><td>2,443</td><td>5,829</td><td>1,631</td><td>23,720</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td> Multi- Seller Conduits</td><td> Loan and Other Investment Vehicles</td><td> Real Estate Investment Vehicles</td><td> Municipal Bond Trusts</td><td> CDOs</td><td> Customer Vehicles</td><td> Other Vehicles</td><td> Total</td></tr><tr><td> Unconsolidated VIEs, December 31, 2009</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maximum loss exposure</td><td>$25,135</td><td>$5,571</td><td>$4,812</td><td>$10,143</td><td>$6,987</td><td>$9,904</td><td>$1,232</td><td>$63,784</td></tr><tr><td>Total assets of VIEs</td><td>13,893</td><td>11,507</td><td>4,812</td><td>12,247</td><td>56,590</td><td>13,755</td><td>1,232</td><td>114,036</td></tr><tr><td>On-balance sheet assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trading account assets</td><td>$—</td><td>$216</td><td>$—</td><td>$191</td><td>$1,253</td><td>$1,118</td><td>$—</td><td>$2,778</td></tr><tr><td>Derivative assets</td><td>—</td><td>128</td><td>—</td><td>167</td><td>2,085</td><td>4,708</td><td>62</td><td>7,150</td></tr><tr><td>Available-for-sale debt securities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>368</td><td>—</td><td>—</td><td>368</td></tr><tr><td>Loans and leases</td><td>318</td><td>933</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>1,251</td></tr><tr><td>All other assets</td><td>60</td><td>4,287</td><td>4,812</td><td>—</td><td>166</td><td>—</td><td>—</td><td>9,325</td></tr><tr><td> Total</td><td>$378</td><td>$5,564</td><td>$4,812</td><td>$358</td><td>$3,872</td><td>$5,826</td><td>$62</td><td>$20,872</td></tr><tr><td>On-balance sheet liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Derivative liabilities</td><td>$—</td><td>$139</td><td>$—</td><td>$287</td><td>$781</td><td>$154</td><td>$54</td><td>$1,415</td></tr><tr><td>All other liabilities</td><td>—</td><td>581</td><td>1,460</td><td>—</td><td>—</td><td>856</td><td>—</td><td>2,897</td></tr><tr><td> Total</td><td>$—</td><td>$720</td><td>$1,460</td><td>$287</td><td>$781</td><td>$1,010</td><td>$54</td><td>$4,312</td></tr><tr><td> Unconsolidated VIEs, December 31, 2008</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maximum loss exposure</td><td>$42,046</td><td>$2,789</td><td>$5,696</td><td>$7,145</td><td>$2,383</td><td>$5,741</td><td>$4,170</td><td>$69,970</td></tr><tr><td>Total assets of VIEs</td><td>27,922</td><td>5,691</td><td>5,980</td><td>7,997</td><td>2,570</td><td>6,032</td><td>4,211</td><td>60,403</td></tr></table>
<table><tr><td>December 31, 2004</td><td>$1,054</td></tr><tr><td>December 31, 2005</td><td>$1,216</td></tr><tr><td>December 31, 2006</td><td>$1,219</td></tr><tr><td>December 31, 2007</td><td>$2,566</td></tr></table>

Question: Which year is Maximum loss exposure for Multi- Seller Conduits greater than 26000 ?
Answer: 2008