Lockheed Martin Corporation of the investment has declined below our carrying value, and that decline is viewed to be other than temporary.
For publicly traded companies, the fair value of the equity securities is determined by multiplying the number of shares we own by the stock price, as well as by computing estimates of the fair values based on a variety of valuation methods (e. g. , discounted cash flow analyses, sum-of-the-parts valuations and trading multiples).
For those companies that are not publicly traded, we prepare discounted cash flow analyses to compute an estimate of the fair value of the investment.
Since we generally do not have access to internal projections of those companies, we prepare projections based on information that is publicly available.
We use judgment in computing the fair value based on our evaluation of the investee and establishing an appropriate discount rate and terminal value to apply in the calculations.
In selecting these and other assumptions, we consider the investee’s ability to execute their business plan successfully, including their ability to obtain required funding, general market conditions, and industry considerations specific to their business.
It is likely that we could compute a materially different fair value for an investment if different assumptions were used or if circumstances were to change.
Many of our investments are concentrated in the satellite services and telecommunications industries, including Intelsat, Ltd.  (Intelsat), Inmarsat Ventures plc (Inmarsat) and New Skies Satellites, N. V.  (New Skies).
These industries continue to be affected by the capital markets, excess satellite capacity and competition from other kinds of telecommunications services, including fiber optic cable and other wireless communication technologies.
This has been evidenced by recent bankruptcy filings by some telecommunications companies.
Intelsat, Inmarsat and New Skies are also subject to regulation by the Federal Communications Commission (FCC).
FCC decisions and policies have had, and may continue to have, a significant impact on these companies.
In 2000, Congress passed the OpenMarket Reorganization for the Betterment of International Telecommunications Act (the ORBIT Act) that, among other things, established deadlines for Intelsat and Inmarsat to complete their initial public offerings.
Under the ORBIT Act, Intelsat and Inmarsat were required to complete their initial public offerings by December 31, 2002.
However, Inmarsat has received an extension from the FCC until June 30, 2003.
In October 2002, legislation was enacted which extends the deadline for Intelsat to complete its initial public offering to December 31, 2003, or June 30, 2004 if approved by the FCC.
Unless there are changes in the current trends and market conditions in the telecommunications industry, as well as in the capital markets, Intelsat and Inmarsat may have difficulty in completing their initial public offerings by the ORBIT Act deadlines.
If those deadlines are not met or extended by further amendments to the legislation, the FCC may limit access by U. S.  users to the satellite capacity of the privatized entities for some services.
If this were to occur, the value of our investments could be adversely affected.
In the fourth quarter 2002, as part of the ongoing evaluation of our ability to recover our investments, we calculated an estimate of the current fair values of our investments in Intelsat and Inmarsat.
For our investment in New Skies, we calculated the current fair value based on the publicly traded stock price and, for analysis purposes, also calculated an estimate of the fair value using discounted cash flow analyses.
In each case, the fair value of our investment was less than our carrying amount.
We then made an assessment as to whether the decline in the value of these investments was other than temporary.
We reviewed investment analyst reports to the extent they were available.
We also assessed future business prospects for the companies and reviewed information regarding market and industry trends for their businesses.
Based on our evaluation, including the factors discussed above, we determined that the decline in values of these investments was other than temporary, and recorded impairment charges related to these investments in the fourth quarter of 2002.
The impact of the unusual charges on operating profit (earnings from continuing operations before interest and taxes), net earnings and diluted earnings per share was as follows:
## Table 0 ##
policies regarding other-than-temporary impairments, including our assertions regarding our ability and intent to hold equity securities to recovery and any intention or requirement to sell debt securities before anticipated recovery, see “—Fixed Maturity Securities—Otherthan-Temporary Impairments of Fixed Maturity Securities” and “—Equity Securities—Other-than-Temporary Impairments of Equity Securities,” below.
Management of Investments We design asset mix strategies and derivative strategies for our general account to match the characteristics of our products and other obligations and seek to closely approximate the interest rate sensitivity, but not necessarily the exact cash flow characteristics, of the assets with the estimated interest rate sensitivity of the product liabilities.
In certain markets, primarily outside the U. S. , capital market limitations hinder our ability to acquire assets that closely approximate the duration of some of our liabilities.
We achieve income objectives through asset/liability management, strategic and tactical asset allocations and derivative strategies within a disciplined risk management framework.
Derivative strategies are employed within our risk management framework to help manage duration gaps, currency, and other risks between assets and liabilities.
For a discussion of our risk management process see “Quantitative and Qualitative Disclosures About Market Risk—Risk Management, Market Risk and Derivative Instruments, and —Other Than Trading Activities—Insurance and Annuity Products Asset/Liability Management.
” Our asset allocation also reflects our desire for broad diversification across asset classes, sectors and issuers.
The Asset Management segment manages virtually all of our investments, other than those managed by our International Insurance segment, under the direction and oversight of the Asset Liability Management and Risk Management groups.
Our International Insurance segment manages the majority of its investments locally, within enterprise risk constraints, in most cases using the international and domestic asset management capabilities of our International Investments or Asset Management segments.
The Investment Committee of our Board of Directors oversees our proprietary investments.
It also reviews performance and risk positions periodically.
Our Asset Liability Management and Risk Management groups develop the investment policy for the general account assets of our insurance subsidiaries, oversee the investment process for our general account and have the authority to initiate tactical shifts within exposure ranges approved annually by the Investment Committee.
The Asset Liability Management and Risk Management groups work closely with each of our business units to ensure that the specific characteristics of our products are incorporated into their processes and to develop investment objectives, including performance factors and measures and asset allocation ranges.
We adjust this dynamic process as products change, as customer behavior changes and as changes in the market environment occur.
We develop asset strategies for specific classes of product liabilities and attributed or accumulated surplus, each with distinct risk characteristics.
Most of our products can be categorized into the following three classes: ?
interest-crediting products for which the rates credited to customers are periodically adjusted to reflect market and competitive forces and actual investment experience, such as fixed annuities and universal life insurance; ?
participating individual and experience-rated group products in which customers participate in actual investment and business results through annual dividends, interest or return of premium; and ?
guaranteed products for which there are price or rate guarantees for the life of the contract, such as GICs and funding agreements.
We determine a target asset mix for each product class, which we reflect in our investment policies.
Our asset/liability management process has permitted us to manage interest-sensitive products successfully through several market cycles.
Portfolio Composition Our investment portfolio consists of public and private fixed maturity securities, commercial mortgage and other loans, equity securities and other invested assets.
The composition of our general account reflects, within the discipline provided by our risk management approach, our need for competitive results and the selection of diverse investment alternatives available primarily through our Asset Management segment.
The size of our portfolio enables us to invest in asset classes that may be unavailable to the typical investor.
The following tables set forth the composition of the investments of our general account apportioned between the Financial Services Businesses and the Closed Block Business as of the dates indicated.
## Table 1 ##
Table of Contents The following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2015.
## Table 2 ##
(a) The shares reported in this column represent purchases settled in the fourth quarter of 2015 relating to (i) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans, and (ii) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options, the vesting of restricted stock, and other stock compensation transactions in accordance with the terms of our stock-based compensation plans.
(b) On July 13, 2015, we announced that our board of directors approved our purchase of $2.5 billion of our outstanding common stock (with no expiration date), which was in addition to the remaining amount available under our $3 billion program previously authorized.
During the third quarter of 2015, we completed our purchases under the $3 billion program.
As of December 31, 2015, we had $1.3 billion remaining available for purchase under the $2.5 billion program.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements
## Table 3 ##
Goodwill.
Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date.
Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist.
When assessing goodwill for impairment, first, qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.
If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed.
The quantitative goodwill test consists of two steps: ‰ The first step compares the estimated fair value of each reporting unit with its estimated net book value (including goodwill and identifiable intangible assets).
If the reporting unit’s estimated fair value exceeds its estimated net book value, goodwill is not impaired.
To estimate the fair value of each reporting unit, a relative value technique is used because the firm believes market participants would use this technique to value the firm’s reporting units.
The relative value technique applies observable price-to-earnings multiples or price-to-book multiples and projected return on equity of comparable competitors to reporting units’ net earnings or net book value.
The net book value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements.
‰ If the estimated fair value of a reporting unit is less than its estimated net book value, the second step of the goodwill test is performed to measure the amount of impairment, if any.
An impairment is equal to the excess of the carrying amount of goodwill over its fair value.
During the fourth quarter of 2016, the firm assessed goodwill for impairment using a qualitative assessment.
Multiple factors were assessed with respect to each of the firm’s reporting units to determine whether it was more likely than not that the fair value of any of these reporting units was less than its carrying amount.
The qualitative assessment also considered changes since the 2015 quantitative test.
In accordance with ASC 350, the firm considered the following factors in the qualitative assessment performed in the fourth quarter when evaluating whether it was more likely than not that the fair value of a reporting unit was less than its carrying amount: ‰ Performance Indicators.
During 2016, the firm’s net earnings, pre-tax margin, diluted earnings per common share, return on average common shareholders’ equity and book value per common share increased as compared with 2015.
In addition, the firm’s overall cost structure declined reflecting the impact of expense savings initiatives.
‰ Firm and Industry Events.
There were no events, entityspecific or otherwise, since the 2015 quantitative goodwill test that would have had a significant negative impact on the valuation of the firm’s reporting units.
‰ Macroeconomic Indicators.
Since the 2015 quantitative goodwill test, the firm’s general operating environment improved as concerns about the outlook for global economic growth moderated.
‰ Fair Value Indicators.
Since the 2015 quantitative goodwill test, fair value indicators improved as global equity prices increased and credit spreads tightened.
In addition, most publicly-traded industry participants, including the firm, experienced increases in stock price, price-to-book multiples and price-to-earnings multiples.
As a result of the qualitative assessment, the firm determined that it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying amount.
Notwithstanding the results of the qualitative assessment, since the 2015 quantitative goodwill test determined that the estimated fair value of the Fixed Income, Currency and Commodities Client Execution reporting unit was not substantially in excess of its carrying value, the firm also performed a quantitative test on this reporting unit during the fourth quarter of 2016.
In the quantitative test, the estimated fair value of the Fixed Income, Currency and Commodities Client Execution reporting unit substantially exceeded its carrying value.
Therefore, the firm determined that goodwill for all reporting units was not impaired.
MASTERCARD INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) (In thousands, except percent and per share data) Ownership and Governance Structure Equity ownership and voting power of the Company’s shares were allocated as follows as of December 31:
## Table 4 ##
Class B Common Stock Conversions At the annual meeting of stockholders of the Company on June 7, 2007, the Company’s stockholders approved amendments to the Company’s certificate of incorporation designed to facilitate an accelerated, orderly conversion of Class B common stock into Class A common stock for subsequent sale.
Through “conversion transactions,” in amounts and at times designated by the Company, current holders of shares of Class B common stock who elect to participate will be eligible to convert their shares, on a one-for-one basis, into shares of Class A common stock for subsequent sale or transfer to public investors, within a 30 day “transitory” ownership period.
Holders of Class B common stock are not allowed to participate in any vote of holders of Class A common stock during this “transitory” ownership period.
The number of shares of Class B common stock eligible for conversion transactions is limited to an annual aggregate number of up to 10% of the total combined outstanding shares of Class A common stock and Class B common stock, based upon the total number of shares outstanding as of December 31 of the prior calendar year.
In addition, prior to May 31, 2010, a conversion transaction will not be permitted that will cause the number of shares of Class B common stock to represent less than 15% of the total number of outstanding shares of Class A common stock and Class B common stock outstanding.
During 2007, the Company implemented and completed two separate conversion programs in which 11,387 shares, of an eligible 13,400 shares, of Class B common stock were converted into an equal number of shares of Class A common stock and subsequently sold or transferred to public investors.
In February 2008, the Company’s Board of Directors authorized the conversion and sale or transfer of up to 13,100 shares of Class B common stock into Class A common stock in one or more conversion programs during 2008.
In May 2008, the Company implemented and completed a conversion program in which all of the 13,100 authorized shares of Class B common stock were converted into an equal number of shares of Class A common stock and subsequently sold or transferred by participating holders of Class B common stock to public investors.
In February 2009, the Company’s Board of Directors authorized the conversion and sale or transfer of up to 11,000 shares of Class B common stock into Class A common stock.
In May 2009, the Company implemented and completed a conversion program in which 10,871 shares of Class B common stock were converted into an equal number of shares of Class A common stock and subsequently sold or transferred to public investors.
Notwithstanding the conversion transactions completed during 2007, 2008 and 2009, commencing on the fourth anniversary of the IPO, each share of Class B common stock will be convertible, at the holder’s option, into a share of Class A common stock on a one-for-one basis.
In February 2010, the Company’s Board of Directors authorized programs to facilitate conversions of shares of Class B common stock on a one-for-one
ITEM 6–SELECTED FINANCIAL DATA
## Table 5 ##
(a) Includes the impact of RBC Bank (USA), which we acquired on March 2, 2012.
(b) Includes the impact of National City, which we acquired on December 31, 2008.
(c) Amount for 2009 includes recognition of a $1.1 billion pretax gain on our portion of the increase in BlackRock’s equity resulting from the value of BlackRock shares issued in connection with BlackRock’s acquisition of Barclays Global Investors (BGI) on December 1, 2009.
(d) Amount for 2008 includes the $504 million conforming provision for credit losses related to our National City acquisition.
(e) Includes results of operations for PNC Global Investment Servicing Inc.  (GIS) through June 30, 2010 and the related after-tax gain on sale.
We sold GIS effective July 1, 2010, resulting in a gain of $639 million, or $328 million after taxes, recognized during the third quarter of 2010.
See Sale of PNC Global Investment Servicing in the Executive Summary section of Item 7 and Note 2 Acquisition and Divestiture Activity in the Notes To Consolidated Financial Statements included in Item 8 of this Report for additional information.
(f) We redeemed the Series N (TARP) Preferred Stock on February 10, 2010.
In connection with the redemption, we accelerated the accretion of the remaining issuance discount on the Series N Preferred Stock and recorded a corresponding reduction in retained earnings of $250 million in the first quarter of 2010.
This resulted in a noncash reduction in net income attributable to common shareholders and related basic and diluted earnings per share.
The Series N Preferred Stock was issued on December 31, 2008.
Certain prior period amounts have been reclassified to conform with the current period presentation, which we believe is more meaningful to readers of our consolidated financial statements.
For information regarding certain business, regulatory and legal risks, see Item 1A Risk Factors, the Risk Management section of Item 7 of this Report, and Note 23 Legal Proceedings and Note 24 Commitments and Guarantees in the Notes To Consolidated Financial Statements included in Item 8 of this Report for additional information.
Also, see the Cautionary Statement Regarding Forward-Looking Information and Critical Accounting Estimates And Judgments sections included in Item 7 of this Report for certain other factors that could cause actual results or future events to differ, perhaps materially, from historical performance and from those anticipated in the forward-looking statements included in this Report.
See also the Executive Summary section in Item 7 of this Report for additional information affecting financial performance.

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>(In millions)</i></td><td>Operating Profit</td><td>Net Earnings</td><td>Earnings per Diluted Share</td></tr><tr><td>Write-down of investment in:</td><td></td><td></td><td></td></tr><tr><td>Intelsat</td><td>$-572</td><td>$-371</td><td>$-0.82</td></tr><tr><td>Inmarsat</td><td>-101</td><td>-66</td><td>-0.15</td></tr><tr><td>New Skies</td><td>-103</td><td>-67</td><td>-0.15</td></tr><tr><td>Total write-down of telecommunications investments</td><td>$-776</td><td>$-504</td><td>$-1.12</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2010</td></tr><tr><td></td><td> Financial Services Businesses</td><td> Closed Block Business</td><td> Total</td><td> % of Total</td></tr><tr><td></td><td colspan="4"> ($ in millions)</td></tr><tr><td>Fixed Maturities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Public, available for sale, at fair value</td><td>$124,577</td><td>$30,499</td><td>$155,076</td><td>56.3%</td></tr><tr><td>Public, held to maturity, at amortized cost</td><td>3,940</td><td>0</td><td>3,940</td><td>1.4</td></tr><tr><td>Private, available for sale, at fair value</td><td>23,108</td><td>14,678</td><td>37,786</td><td>13.7</td></tr><tr><td>Private, held to maturity, at amortized cost</td><td>1,286</td><td>0</td><td>1,286</td><td>0.5</td></tr><tr><td>Trading account assets supporting insurance liabilities, at fair value</td><td>17,771</td><td>0</td><td>17,771</td><td>6.5</td></tr><tr><td>Other trading account assets, at fair value</td><td>1,220</td><td>156</td><td>1,376</td><td>0.5</td></tr><tr><td>Equity securities, available for sale, at fair value</td><td>4,135</td><td>3,593</td><td>7,728</td><td>2.8</td></tr><tr><td>Commercial mortgage and other loans, at book value</td><td>21,901</td><td>8,507</td><td>30,408</td><td>11.0</td></tr><tr><td>Policy loans, at outstanding balance</td><td>5,290</td><td>5,377</td><td>10,667</td><td>3.9</td></tr><tr><td>Other long-term investments-1</td><td>2,988</td><td>1,582</td><td>4,570</td><td>1.6</td></tr><tr><td>Short-term investments-2</td><td>3,698</td><td>1,164</td><td>4,862</td><td>1.8</td></tr><tr><td>Total general account investments</td><td>209,914</td><td>65,556</td><td>275,470</td><td>100.0%</td></tr><tr><td>Invested assets of other entities and operations-3</td><td>8,442</td><td>0</td><td>8,442</td><td></td></tr><tr><td>Total investments</td><td>$218,356</td><td>$65,556</td><td>$283,912</td><td></td></tr></table>
<table><tr><td>Period</td><td>Total Numberof SharesPurchased</td><td>AveragePrice Paidper Share</td><td>Total Number ofShares NotPurchased as Part ofPublicly AnnouncedPlans or Programs (a)</td><td>Total Number ofShares Purchased asPart of PubliclyAnnounced Plans orPrograms</td><td>Approximate DollarValue of Shares thatMay Yet Be PurchasedUnder the Plans orPrograms (b)</td></tr><tr><td>October 2015</td><td>1,658,771</td><td>$62.12</td><td>842,059</td><td>816,712</td><td>$2.0 billion</td></tr><tr><td>November 2015</td><td>2,412,467</td><td>$71.08</td><td>212,878</td><td>2,199,589</td><td>$1.8 billion</td></tr><tr><td>December 2015</td><td>7,008,414</td><td>$70.31</td><td>980</td><td>7,007,434</td><td>$1.3 billion</td></tr><tr><td>Total</td><td>11,079,652</td><td>$69.25</td><td>1,055,917</td><td>10,023,735</td><td>$1.3 billion</td></tr></table>
<table><tr><td></td><td colspan="2">Identifiable Intangible Assets as of December</td></tr><tr><td><i>$ in millions</i></td><td> 2016</td><td>2015</td></tr><tr><td>Institutional Client Services:</td><td></td><td></td></tr><tr><td>Fixed Income, Currency and Commodities Client Execution</td><td> $ 65</td><td>$ 92</td></tr><tr><td>Equities Client Execution</td><td> 141</td><td>193</td></tr><tr><td>Investing & Lending</td><td> 105</td><td>75</td></tr><tr><td>Investment Management</td><td> 118</td><td>131</td></tr><tr><td> Total</td><td> $429</td><td>$491</td></tr></table>
<table><tr><td></td><td colspan="2">2009</td><td colspan="2"> 2008</td></tr><tr><td></td><td>Equity Ownership</td><td>General Voting Power</td><td>Equity Ownership</td><td> General Voting Power</td></tr><tr><td>Public Investors (Class A stockholders)</td><td>74.2%</td><td>87.7%</td><td>65.7%</td><td>86.3%</td></tr><tr><td>Principal or Affiliate Members (Class B stockholders)</td><td>15.4%</td><td>0.0%</td><td>23.9%</td><td>0.0%</td></tr><tr><td>Foundation (Class A stockholders)</td><td>10.4%</td><td>12.3%</td><td>10.4%</td><td>13.7%</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31</td></tr><tr><td>Dollars in millions, except per share data</td><td>2012 (a) (b)</td><td>2011 (b)</td><td>2010 (b)</td><td>2009 (b)</td><td>2008</td></tr><tr><td> SUMMARYOFOPERATIONS</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest income</td><td>$10,734</td><td>$10,194</td><td>$11,150</td><td>$12,086</td><td>$6,301</td></tr><tr><td>Interest expense</td><td>1,094</td><td>1,494</td><td>1,920</td><td>3,003</td><td>2,447</td></tr><tr><td>Net interest income</td><td>9,640</td><td>8,700</td><td>9,230</td><td>9,083</td><td>3,854</td></tr><tr><td>Noninterest income (c)</td><td>5,872</td><td>5,626</td><td>5,946</td><td>7,145</td><td>2,442</td></tr><tr><td>Total revenue</td><td>15,512</td><td>14,326</td><td>15,176</td><td>16,228</td><td>6,296</td></tr><tr><td>Provision for credit losses (d)</td><td>987</td><td>1,152</td><td>2,502</td><td>3,930</td><td>1,517</td></tr><tr><td>Noninterest expense</td><td>10,582</td><td>9,105</td><td>8,613</td><td>9,073</td><td>3,685</td></tr><tr><td>Income from continuing operations before income taxes and noncontrolling interests</td><td>3,943</td><td>4,069</td><td>4,061</td><td>3,225</td><td>1,094</td></tr><tr><td>Income taxes</td><td>942</td><td>998</td><td>1,037</td><td>867</td><td>298</td></tr><tr><td>Income from continuing operations before noncontrolling interests</td><td>3,001</td><td>3,071</td><td>3,024</td><td>2,358</td><td>796</td></tr><tr><td>Income from discontinued operations (net of income taxes of zero, zero, $338, $54 and$63) (e)</td><td></td><td></td><td>373</td><td>45</td><td>118</td></tr><tr><td>Net income</td><td>3,001</td><td>3,071</td><td>3,397</td><td>2,403</td><td>914</td></tr><tr><td>Less: Net income (loss) attributable to noncontrolling interests</td><td>-12</td><td>15</td><td>-15</td><td>-44</td><td>32</td></tr><tr><td>Preferred stock dividends (f)</td><td>177</td><td>56</td><td>146</td><td>388</td><td>21</td></tr><tr><td>Preferred stockdiscount accretion and redemptions (f)</td><td>4</td><td>2</td><td>255</td><td>56</td><td></td></tr><tr><td>Net income attributable to common shareholders (f)</td><td>$2,832</td><td>$2,998</td><td>$3,011</td><td>$2,003</td><td>$861</td></tr><tr><td> PERCOMMONSHARE</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic earnings</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations</td><td>$5.36</td><td>$5.70</td><td>$5.08</td><td>$4.30</td><td>$2.15</td></tr><tr><td>Discontinued operations (e)</td><td></td><td></td><td>.72</td><td>.10</td><td>.34</td></tr><tr><td>Net income</td><td>$5.36</td><td>$5.70</td><td>$5.80</td><td>$4.40</td><td>$2.49</td></tr><tr><td>Diluted earnings</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations</td><td>$5.30</td><td>$5.64</td><td>$5.02</td><td>$4.26</td><td>$2.10</td></tr><tr><td>Discontinued operations (e)</td><td></td><td></td><td>.72</td><td>.10</td><td>.34</td></tr><tr><td>Net income</td><td>$5.30</td><td>$5.64</td><td>$5.74</td><td>$4.36</td><td>$2.44</td></tr><tr><td>Book value</td><td>$67.05</td><td>$61.52</td><td>$56.29</td><td>$47.68</td><td>$39.44</td></tr><tr><td>Cash dividends declared</td><td>$1.55</td><td>$1.15</td><td>$.40</td><td>$.96</td><td>$2.61</td></tr></table>

Question: as of december 31 , 2015 , what was the percent of the $ 2.5 billion program remaining available for purchase
Answer: 0.52
Reasoning program: divide(1.3,2.5)