condition are valued using a Monte Carlo model.
Expected volatility is based on historical volatilities of traded common stock of the Company and comparative companies using daily stock prices over the past three years.
The expected term is three years and the risk-free interest rate is based on the three-year U. S.  Treasury rate in effect as of the measurement date.
The following table provides the weighted average assumptions used in the Monte Carlo simulation and the weighted average grant date fair values of PSUs granted for the years ended December 31:
## Table 0 ##
The grant date fair value of PSUs that vest ratably and have market and/or performance conditions are amortized through expense over the requisite service period using the graded-vesting method.
If dividends are paid with respect to shares of the Company’s common stock before the RSUs and PSUs are distributed, the Company credits a liability for the value of the dividends that would have been paid if the RSUs and PSUs were shares of Company common stock.
When the RSUs and PSUs are distributed, the Company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued.
The Company accrued dividend equivalents totaling $1 million, less than $1 million and $1 million to accumulated deficit in the accompanying Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2018, 2017 and 2016, respectively.
Employee Stock Purchase Plan The Company maintains a nonqualified employee stock purchase plan (the “ESPP”) through which employee participants may use payroll deductions to acquire Company common stock at a discount.
Prior to February 5, 2019, the purchase price of common stock acquired under the ESPP was the lesser of 90% of the fair market value of the common stock at either the beginning or the end of a three -month purchase period.
On July 27, 2018, the ESPP was amended, effective February 5, 2019, to permit employee participants to acquire Company common stock at 85% of the fair market value of the common stock at the end of the purchase period.
As of December 31, 2018, there were 1.9 million shares of common stock reserved for issuance under the ESPP.
The ESPP is considered compensatory.
During the years ended December 31, 2018, 2017 and 2016, the Company issued 95 thousand, 93 thousand and 93 thousand shares, respectively, under the ESPP.
(5) Includes a charge of $1.6 million in 2008 related to the settlement of a litigation matter relating to a shopping center in New Jersey.
The matter is further discussed in Note 8 to the consolidated financial statements.
(6) The SEC has stated that EBITDA is a non-GAAP measure as calculated in the table below.
Adjusted EBITDA is a non-GAAP measure that means net income or loss plus net interest expense, income taxes, depreciation and amortization, gain or loss on sale of real estate and impairments of real estate if any.
Adjusted EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP.
Adjusted EBITDA as presented may not be comparable to other similarly titled measures used by other REITs.
The reconciliation of net income to EBITDA and adjusted EBITDA for the periods presented is as follows:
## Table 1 ##
(7) Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount and expense and the portion of rent expense representing an interest factor.
Preferred share dividends consist of dividends paid on preferred shares and preferred share redemption costs.
Our Series B preferred shares were redeemed in full in November 2006.
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain statements in this section or elsewhere in this report may be deemed “forward-looking statements”.
See “Item 1A.
Risk Factors” in this report for important information regarding these forward-looking statements and certain risk and uncertainties that may affect us.
The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing in “Item 8.
Financial Statements and Supplementary Data” of this report.
Overview We are an equity real estate investment trust specializing in the ownership, management and redevelopment of high quality retail and mixed-use properties located primarily in densely populated and affluent communities in strategic metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, as well as in California.
As of December 31, 2010, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 85 predominantly retail real estate projects comprising approximately 18.3 million square feet.
In total, the real estate projects were 93.9% leased and 93.2% occupied at December 31, 2010.
A joint venture in which we own a 30% interest owned seven retail real estate projects totaling approximately 1.0 million square feet as of December 31, 2010.
In total, the joint venture properties in which we own an interest were 91.0% leased and 90.4% occupied at December 31, 2010.
We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 43 consecutive years.
A master lease for Melville Mall includes a fixed purchase price option in 2021 for $5 million and the assumption of the owner’s debt which is $21.5 million at December 31, 2012.
If we fail to exercise our purchase option, the owner of Melville Mall has a put option which would require us to purchase Melville Mall in 2023 for $5 million and the assumption of the owner’s mortgage debt.
Effective December 27, 2013, the other member in Montrose Crossing has the right to require us to purchase all of its 10.1% interest in Montrose Crossing at the interest's then-current fair market value.
If the other member fails to exercise its put option, we have the right to purchase its interest on or after December 27, 2021 at fair market value.
Effective December 30, 2013, two of the members have the right to require us to purchase their 10.0% and 11.8% ownership interests in Plaza El Segundo at the interests' then-current fair market value.
If the members fail to exercise their put options, we have the right to purchase each of their interests on or after December 30, 2026 at fair market value.
Also, between January 1, 2017 and February 1, 2017, we have an option to purchase the preferred interest of another member in Plaza El Segundo.
The purchase price will be the lesser of fair value or the $4.9 million stated value of the preferred interest plus any accrued and unpaid preferred returns.
Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option.
A total of 320,646 operating partnership units are outstanding which have a total fair value of $33.4 million, based on our closing stock price on December 31, 2012.
NOTE 10—SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares.
In 2012, 2011 and 2010, 22,814 shares, 28,823 shares and 34,401 shares, respectively, were issued under the Plan.
As of December 31, 2012, 2011, and 2010, we had 399,896 shares of 5.417% Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $25 per share and par value $0.01 per share.
The Series 1 Preferred Shares accrue dividends at a rate of 5.417% per year and are convertible at any time by the holders to our common shares at a conversion rate of $104.69 per share.
The Series 1 Preferred Shares are also convertible under certain circumstances at our election.
The holders of the Series 1 Preferred Shares have no voting rights.
On May 8, 2012, we replaced our existing at the market (“ATM”) equity program with a new program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $300.0 million.
We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts outstanding under our revolving credit facility and/or for general corporate purposes.
For the year ended December 31, 2012, we issued 1,040,946 common shares at a weighted average price per share of $103.69 for net cash proceeds of $106.4 million and paid $1.4 million in commissions related to the sales of these common shares.
For the year ended December 31, 2011, we issued 1,662,038 common shares at a weighted average price per share of $85.26 for net cash proceeds of $139.3 million and paid $2.1 million in commissions related to the sales of these common shares.
As of December 31, 2012, we had the capacity to issue up to $213.4 million in common shares under our ATM equity program.
NOTE 11—DIVIDENDS The following table provides a summary of dividends declared and paid per share:
## Table 2 ##
Property, City, State, Zip Code
## Table 3 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Expected volatility</td><td>17.23%</td><td>17.40%</td><td>15.90%</td></tr><tr><td>Risk-free interest rate</td><td>2.36%</td><td>1.53%</td><td>0.91%</td></tr><tr><td>Expected life (years)</td><td>3.0</td><td>3.0</td><td>3.0</td></tr><tr><td>Grant date fair value per share</td><td>$73.62</td><td>$72.81</td><td>$77.16</td></tr></table>
<table><tr><td rowspan="2"></td><td>2010</td><td>2009</td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td colspan="5">(In thousands)</td></tr><tr><td>Net income</td><td>$128,237</td><td>$103,872</td><td>$135,153</td><td>$201,127</td><td>$123,065</td></tr><tr><td>Depreciation and amortization</td><td>119,817</td><td>115,093</td><td>111,068</td><td>105,966</td><td>97,879</td></tr><tr><td>Interest expense</td><td>101,882</td><td>108,781</td><td>99,163</td><td>117,394</td><td>102,808</td></tr><tr><td>Early extinguishment of debt</td><td>2,801</td><td>2,639</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other interest income</td><td>-256</td><td>-1,894</td><td>-919</td><td>-1,337</td><td>-2,616</td></tr><tr><td>EBITDA</td><td>352,481</td><td>328,491</td><td>344,465</td><td>423,150</td><td>321,136</td></tr><tr><td>Gain on sale of real estate</td><td>-1,410</td><td>-1,298</td><td>-12,572</td><td>-94,768</td><td>-23,956</td></tr><tr><td>Adjusted EBITDA</td><td>$351,071</td><td>$327,193</td><td>$331,893</td><td>$328,382</td><td>$297,180</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2012</td><td colspan="2">2011</td><td colspan="2">2010</td></tr><tr><td></td><td>Declared</td><td>Paid</td><td>Declared</td><td>Paid</td><td>Declared</td><td>Paid</td></tr><tr><td>Common shares</td><td>$2.840</td><td>$2.800</td><td>$2.720</td><td>$2.700</td><td>$2.660</td><td>$2.650</td></tr><tr><td>5.417% Series 1 Cumulative Convertible Preferred shares</td><td>$1.354</td><td>$1.354</td><td>$1.354</td><td>$1.354</td><td>$1.354</td><td>$1.354</td></tr></table>
<table><tr><td>Property, City, State, Zip Code</td><td>YearCompleted</td><td>YearAcquired</td><td>Square Feet-1/ApartmentUnits</td><td>Average RentPer SquareFoot-2</td><td>PercentageLeased-3</td><td>Principal Tenant(s)</td></tr><tr><td>Pennsylvania</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>AndorraPhiladelphia, PA 19128</td><td>1953</td><td>1988</td><td>265,000</td><td>$15.65</td><td>95%</td><td>Acme MarketsKohl’sStaplesL.A. Fitness</td></tr><tr><td>Bala CynwydBala Cynwyd, PA 19004</td><td>1955</td><td>1993</td><td>294,000</td><td>$23.77</td><td>100%</td><td>Acme MarketsLord & TaylorMichaelsL.A. Fitness</td></tr><tr><td>FlourtownFlourtown, PA 19031</td><td>1957</td><td>1980</td><td>156,000</td><td>$20.81</td><td>97%</td><td>Giant FoodMovie Tavern</td></tr><tr><td>LancasterLancaster, PA 17601-8</td><td>1958</td><td>1980</td><td>127,000</td><td>$17.73</td><td>97%</td><td>Giant FoodMichaels</td></tr><tr><td>Langhorne SquareLevittown, PA 19056</td><td>1966</td><td>1985</td><td>219,000</td><td>$17.39</td><td>100%</td><td>MarshallsRedner’s Warehouse Market</td></tr><tr><td>Lawrence ParkBroomall, PA 19008</td><td>1972</td><td>1980</td><td>364,000</td><td>$20.45</td><td>96%</td><td>Acme MarketsTJ MaxxHomeGoods Virginia College</td></tr><tr><td>NortheastPhiladelphia, PA 19114</td><td>1959</td><td>1983</td><td>288,000</td><td>$12.02</td><td>87%</td><td>Burlington Coat FactoryHome GalleryMarshalls</td></tr><tr><td>Town Center of New BritainNew Britain, PA 18901</td><td>1969</td><td>2006</td><td>124,000</td><td>$9.91</td><td>90%</td><td>Giant FoodRite Aid</td></tr><tr><td>Willow GroveWillow Grove, PA 19090</td><td>1953</td><td>1984</td><td>211,000</td><td>$19.51</td><td>99%</td><td>Home GoodsMarshalls Barnes & Noble</td></tr><tr><td>WynnewoodWynnewood, PA 19096</td><td>1948</td><td>1996</td><td>251,000</td><td>$27.24</td><td>100%</td><td>DSW Bed, Bath & BeyondGiant FoodOld Navy</td></tr><tr><td>Virginia</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>29<sup>th</sup>Place Charlottesville, VA 22091-10</td><td>1975-2001</td><td>2007</td><td>169,000</td><td>$17.60</td><td>98%</td><td>HomeGoods DSW Stein Mart Staples</td></tr><tr><td>Barcroft PlazaFalls Church, VA 22041-9(10)</td><td>1963, 1972 & 1990</td><td>2006-2007</td><td>100,000</td><td>$24.61</td><td>92%</td><td>Harris TeeterBank of America</td></tr><tr><td>Barracks RoadCharlottesville, VA 22905</td><td>1958</td><td>1985</td><td>497,000</td><td>$25.05</td><td>99%</td><td>AnthropologieBed, Bath & BeyondHarris TeeterKrogerBarnes & NobleOld NavyMichaelsUlta</td></tr><tr><td>Falls Plaza/Falls Plaza—EastFalls Church, VA 22046</td><td>1960-1962</td><td>1967/1972</td><td>144,000</td><td>$34.43</td><td>97%</td><td>Giant FoodCVSStaples</td></tr><tr><td>Graham Park PlazaFairfax, VA 22042</td><td>1971</td><td>1983</td><td>260,000</td><td>$27.77</td><td>93%</td><td>Stein MartGiant Food L.A. Fitness</td></tr><tr><td>Idylwood PlazaFalls Church, VA 22030</td><td>1991</td><td>1994</td><td>73,000</td><td>$46.59</td><td>100%</td><td>Whole Foods</td></tr><tr><td>Leesburg PlazaLeesburg, VA 20176</td><td>1967</td><td>1998</td><td>236,000</td><td>$23.04</td><td>94%</td><td>Giant FoodPier 1 ImportsOffice DepotPetsmart</td></tr><tr><td>Mount Vernon/South Valley/7770 Richmond HwyAlexandria, VA 22306-4(7)</td><td>1966, 1972,1987 & 2001</td><td>2003/2006</td><td>569,000</td><td>$17.14</td><td>97%</td><td>Shoppers Food WarehouseBed, Bath & BeyondMichaelsHome DepotTJ MaxxGold’s Gym StaplesDSW</td></tr><tr><td>Old Keene MillSpringfield, VA 22152</td><td>1968</td><td>1976</td><td>92,000</td><td>$41.19</td><td>84%</td><td>Whole FoodsWalgreens</td></tr></table>

Question: what was the purchase price of common stock acquired under the espp in 2018?
Answer: 66.258
Reasoning program: multiply(90%,73.62)