KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued The Company’s investments in Latin America are made through individual entities which are subject to local taxes.
The Company assesses each entity to determine if deferred tax assets are more likely than not realizable.
This assessment primarily includes an analysis of cumulative earnings and the determination of future earnings to the extent necessary to fully realize the individual deferred tax asset.
Based on this analysis the Company has determined that a full valuation allowance is required for entities which have a three-year cumulative book loss and for which future earnings are not readily determinable.
In addition, the Company has determined that no valuation allowance is needed for entities that have three-years of cumulative book income and future earnings are anticipated to be sufficient to more likely than not realize their deferred tax assets.
At December 31, 2014, the Company had total deferred tax assets of $9.5 million relating to its Latin American investments with an aggregate valuation allowance of $9.3 million.
The Company’s deferred tax assets in Canada result principally from depreciation deducted under GAAP that exceed capital cost allowances claimed under Canadian tax rules.
The deferred tax asset will naturally reverse upon disposition as tax basis will be greater than the basis of the assets under generally accepted accounting principles.
As of December 31, 2014, the Company determined that no valuation allowance was needed against a $65.5 million net deferred tax asset within KRS.
The Company based its determination on an analysis of both positive evidence and negative evidence using its judgment as to the relative weight of each.
The Company believes, when evaluating KRS’s deferred tax assets, special consideration should be given to the unique relationship between the Company as a REIT and KRS as a taxable REIT subsidiary.
This relationship exists primarily to protect the REIT’s qualification under the Code by permitting, within certain limits, the REIT to engage in certain business activities in which the REIT cannot directly participate.
As such, the REIT controls which and when investments are held in, or distributed or sold from, KRS.
This relationship distinguishes a REIT and taxable REIT subsidiary from an enterprise that operates as a single, consolidated corporate taxpayer.
The Company will continue through this structure to operate certain business activities in KRS.
The Company’s analysis of KRS’s ability to utilize its deferred tax assets includes an estimate of future projected income.
To determine future projected income, the Company scheduled KRS’s pre-tax book income and taxable income over a twenty year period taking into account its continuing operations (“Core Earnings”).
Core Earnings consist of estimated net operating income for properties currently in service and generating rental income.
Major lease turnover is not expected in these properties as these properties were generally constructed and leased within the past seven years.
The Company can employ strategies to realize KRS’s deferred tax assets including transferring its property management business or selling certain built-in gain assets.
The Company’s projection of KRS’s future taxable income over twenty years, utilizing the assumptions above with respect to Core Earnings, net of related expenses, generates sufficient taxable income to absorb a reversal of the Company’s deductible temporary differences, including net operating loss carryovers.
Based on this analysis, the Company concluded it is more likely than not that KRS’s net deferred tax asset of $65.5 million (excluding net deferred tax assets of FNC discussed above) will be realized and therefore, no valuation allowance is needed at December 31, 2014.
If future income projections do not occur as forecasted or the Company incurs additional impairment losses in excess of the amount Core Earnings can absorb, the Company will reconsider the need for a valuation allowance.
Provision/(benefit) differ from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows (in thousands):
## Table 0 ##
the provisions of SFAS 123(R).
The following table illustrates the effect on net income and earnings per share as if the fair value method under SFAS 123(R) had been applied to all outstanding and unvested awards:
## Table 1 ##
Sales Recognition The Company recognizes sales when title and risk of loss pass to the customer.
The terms of the Company’s sales are split approximately evenly between FOB shipping point and FOB destination.
The timing of the Company’s recognition of FOB destination sales is determined based on shipping date and distance to the destination.
The Company has no significant or unusual price protection, right of return or acceptance provisions with its customers nor is it the Company’s practice to replace goods damaged or lost in transit.
Sales allowances and discounts can be reasonably estimated throughout the period and are deducted from sales in arriving at net sales.
Certain aluminum segment customers have fixed pricing arrangements covering specified aggregate quantities of aluminum contained in their purchases over the term of the agreements.
The Company generally purchases in advance sufficient quantities of aluminum inventory to “hedge” this fixed pricing commitment.
Shipping and Handling Fees and Costs The Company reports Shipping and Handling Fees and Costs in accordance with Emerging Issues Task Force (“EITF”) issue No.00-10, “Accounting for Shipping and Handling Fees and Costs.
” As such, in the Consolidated Statement of Earnings all amounts billed to customers by the Company related to shipping and handling are included in “Net sales” and the Company’s shipping and handling costs are included in “Cost of goods sold.
” Restructuring Costs The Company recognizes a liability for costs associated with an exit or disposal activity when the liability is incurred.
Certain termination benefits for which employees are required to render service are recognized ratably over the respective future service periods.
Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes.
Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid.
The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year.
Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate.
A valuation allowance is provided to reduce deferred tax assets when management cannot conclude that it is more likely than not that a tax benefit will be realized.
A provision is also made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested.
This provision would be offset by available foreign tax credits.
The calculation of the Company’s U. S. , state, and foreign tax liabilities involves dealing with uncertainties in the application of complex global tax laws.
The Company recognizes potential liabilities for anticipated tax issues which might arise in the U. S.  and other tax jurisdictions based on management’s estimate of whether, and the extent to which, additional taxes will be due.
If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary.
Conversely, if the estimate of tax liabilities proves to be less than the ultimate tax assessment, a further charge to tax expense would result.
Concentration of Credit Risks, Exposures and Financial Instruments The Company manufactures, markets, and distributes engineered products for the various end markets described in Note L.  Operations are principally located in the United States, although the Company also has operations in Canada, Europe, Latin America, Asia, Australia and South Africa.
The Company performs ongoing credit evaluations of its customers’ financial conditions and generally requires no collateral from its customers, some of which are highly leveraged.
The Company maintains allowances for potential credit losses and such losses have generally been within management’s expectations.
The Company has no material guarantees or liabilities for product warranties which would require disclosure under Financial Accounting Standards Board Interpretation (FIN) No.45, “Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others.
” From time to time, the Company will enter into contracts to hedge foreign currency denominated transactions, natural gas purchases, and interest rates related to the Company’s debt.
To minimize the risk of counter party default, only highly-rated financial institutions that meet certain requirements are used.
The Company does not anticipate that any of the financial institution counter parties will default on their obligations.
The carrying value of cash and short-term financial instruments approximates fair value due to the short maturity of those instruments.
Other Risks The Company obtains insurance for workers’ compensation, automobile, product and general liability, property loss and medical claims.
However, the Company has elected to retain a significant portion of expected losses
Issuer Repurchases of Equity Securities The table below is a listing of our repurchases of the Company’s common stock during the fourth quarter of 2008.
## Table 2 ##
(1) On August 4, 2004, the Board authorized management to repurchase up to 10 million shares each calendar year beginning January 1, 2005.
This standing authorization was first reported in the quarterly report on Form 10-Q for the period ended June 30, 2004, filed August 5, 2004, and will remain in force until repealed by the Board of Directors.
On November 13, 2007 the Board accelerated the 10 million share standing repurchase authorization for the 2008 calendar year to begin November 15, 2007.
The acceleration was first reported in the Company’s press release issued November 13, 2007 and filed on Form 8-K on November 14, 2007.
As of December 31, 2007 there were no shares left under the 2007 calendar year standing authorization (which expired December 31, 2007) and 8,904,650 shares left under the 2008 standing authorization.
By the end of July 2008, we had purchased all of the shares under the 2008 standing authorization.
(2) On February 21, 2008, the Board approved the repurchase of an additional 20 million shares during the 2008 calendar year at management’s discretion, limited to the amount of divestiture proceeds.
This special authorization was first publicly announced in the Company’s press release dated February 21, 2008.
In 2008, we purchased 6,264,461 shares under the special 20 million share authorization.
The special 20 million share authorization expired December 31, 2008.
As referenced in note (1) above, on January 1, 2009, the Company was authorized to purchase 10 million shares in 2009.
Sale of Unregistered Shares of Common Stock The Company issued 75,000 shares of common stock at fair market value to David S.  Haffner, President and Chief Executive Officer and Jack D.  Crusa, Senior Vice President and President of Specialized Products, as set out below.
## Table 3 ##
The shares were exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, in that the transactions did not involve a public offering.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Federal provision/(benefit) at statutory tax rate (35%)</td><td>$7,762</td><td>$-1,697</td><td>$2,936</td></tr><tr><td>State and local provision/(benefit), net of federal benefit</td><td>1,304</td><td>-205</td><td>230</td></tr><tr><td>Acquisition of FNC</td><td>-</td><td>-9,126</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>229</td><td>-25</td></tr><tr><td>Total tax provision/(benefit) – U.S.</td><td>$9,066</td><td>$-10,799</td><td>$3,141</td></tr></table>
<table><tr><td></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td>Net earnings—as reported</td><td>$300.3</td><td>$251.3</td><td>$285.4</td></tr><tr><td>Add: Stock-based compensation cost, net of taxes, Included in net earnings as reported</td><td>12.3</td><td>9.6</td><td>9.6</td></tr><tr><td>Deduct: Stock-based compensation cost, net of taxes, if the fair value based method had been applied to all awards</td><td>-12.3</td><td>-9.9</td><td>-11.0</td></tr><tr><td>Pro forma net income</td><td>$300.3</td><td>$251.0</td><td>$284.0</td></tr><tr><td>Earnings per share</td><td></td><td></td><td></td></tr><tr><td>Basic—as reported</td><td>$1.61</td><td>$1.30</td><td>$1.46</td></tr><tr><td>Basic—pro forma</td><td>1.61</td><td>1.30</td><td>1.45</td></tr><tr><td>Diluted—as reported</td><td>1.61</td><td>1.30</td><td>1.45</td></tr><tr><td>Diluted—pro forma</td><td>1.61</td><td>1.30</td><td>1.44</td></tr></table>
<table><tr><td> Period</td><td> Total Number of   Shares Purchased </td><td> Average Price Paid   per Share </td><td> Total Number of Shares   Purchased as Part of   Publicly Announced   Plans or Programs-1 </td><td> Maximum   Number of Shares   that May Yet Be   Purchased Under   the Plans or   Programs-1 </td><td></td></tr><tr><td> October 1-31, 2008</td><td>816,284</td><td>$16.15</td><td>816,284</td><td>14,424,921</td><td>-2</td></tr><tr><td> November 1-30, 2008</td><td>588,721</td><td>$14.88</td><td>588,721</td><td>13,836,200</td><td>-2</td></tr><tr><td> December 1-31, 2008</td><td>100,661</td><td>$14.31</td><td>100,661</td><td>10,000,000</td><td>-2</td></tr><tr><td> Total</td><td> 1,505,666</td><td>$15.53</td><td> 1,505,666</td><td></td><td></td></tr></table>
<table><tr><td> Name</td><td> Date of   Issuance </td><td> Number of   Shares </td><td> Price   per Share </td><td> Administrative   Fee </td><td> Total Purchase Price </td></tr><tr><td>David S. Haffner</td><td>10/27/08</td><td>25,000</td><td>$14.59</td><td>$500</td><td>$365,250</td></tr><tr><td></td><td>11/20/08</td><td>5,000</td><td>$12.24</td><td>$100</td><td>$61,300</td></tr><tr><td></td><td>2/09/09</td><td>5,000</td><td>$13.78</td><td>$100</td><td>$69,000</td></tr><tr><td></td><td>2/10/09</td><td>4,000</td><td>$12.97</td><td>$80</td><td>$51,960</td></tr><tr><td></td><td>2/12/09</td><td>6,000</td><td>$12.81</td><td>$120</td><td>$76,980</td></tr><tr><td></td><td>2/17/09</td><td>5,000</td><td>$12.57</td><td>$100</td><td>$62,950</td></tr><tr><td></td><td>2/18/09</td><td>3,000</td><td>$12.45</td><td>$60</td><td>$37,410</td></tr><tr><td></td><td>2/20/09</td><td>8,000</td><td>$12.26</td><td>$160</td><td>$98,240</td></tr><tr><td></td><td>2/23/09</td><td>10,000</td><td>$11.75</td><td>$200</td><td>$117,700</td></tr><tr><td>Totals</td><td></td><td>71,000</td><td></td><td>$1,420</td><td>$940,790</td></tr><tr><td>Jack D. Crusa</td><td>2/18/09</td><td>4,000 </td><td>$12.45</td><td>$80</td><td>$49,880</td></tr></table>

Question: What is the ratio of all Price per Share that are in the range of 13 and 15 to the sum of Price per Share for Price per Share?
Answer: 0.22187
Reasoning program: add(14.59,13.78), add(14.59,13.78), add(#1,12.24), add(#2,12.97), add(#3,12.81), add(#4,12.57), add(#5,12.45), add(#6,12.26), add(#7,11.75), add(#8,12.45), divide(#0,#9)