Entergy Corporation and Subsidiaries Management's Financial Discussion and Analysis 14 Revenues and fuel and purchased power expenses decreased for Energy Commodity Services by $1,075.8 million and $876.9 million, respectively, in 2002 primarily due to:  a decrease of $542.9 million in revenues and $539.6 million in fuel and purchased power expenses resulting from the sale of Highland Energy in the fourth quarter of 2001;  a decrease of $161.7 million in revenues resulting from the sale of the Saltend plant in August 2001; and  a decrease of $139.1 million in revenues and $133.5 million in purchased power expenses due to the contribution of substantially all of Entergy's power marketing and trading business to Entergy-Koch in February 2001.
Earnings from Entergy-Koch are reported as equity in earnings of unconsolidated equity affiliates in the financial statements.
The net income effect of the lower revenues was more than offset by the income from Entergy’s investment in Entergy-Koch.
The income from Entergy’s investment in Entergy-Koch was $31.9 million higher in 2002 primarily as a result of earnings at Entergy-Koch Trading (EKT) and higher earnings at Gulf South Pipeline due to more favorable transportation contract pricing.
Although the gain/loss days ratio reported below declined in 2002, EKT made relatively more money on the gain days than the loss days, and thus had an increase in earnings for the year.
Following are key performance measures for Entergy-Koch's operations for 2002 and 2001:
## Table 0 ##
(1) Previously reported volumes, which included only U. S.  trading, have been adjusted to reflect both U. S.  and Europe volumes traded.
Entergy accounts for its 50% share in Entergy-Koch under the equity method of accounting.
Certain terms of the partnership arrangement allocate income from various sources, and the taxes on that income, on a significantly disproportionate basis through 2003.
Losses and distributions from operations are allocated to the partners equally.
Substantially all of Entergy-Koch's profits were allocated to Entergy in 2002.
Effective January 1, 2004, a revaluation of Entergy-Koch's assets for legal capital account purposes will occur, and future profit allocations will change after the revaluation.
The profit allocations other than for weather trading and international trading are expected to become equal, unless special allocations are necessary to equalize the partners' legal capital accounts.
Profit allocations for weather trading and international trading remain disproportionate to the ownership interests.
Earnings allocated under the terms of the partnership agreement constitute equity, not subject to reallocation, for the partners.2001 Compared to 2000 The increase in earnings for Energy Commodity Services in 2001 was primarily due to:  the gain on the sale of the Saltend plant discussed below;  the favorable results from Entergy-Koch discussed below;  the $33.5 million ($23.5 million net of tax) cumulative effect of an accounting change marking to market the Damhead Creek gas contract;  liquidated damages of $13.9 million ($9.7 million net of tax) received in 2001 from the Damhead Creek construction contractor as compensation for lost operating margin from the plant due to construction
Part I Item 1 Entergy Corporation, Domestic utility companies, and System Energy 146 Employment Litigation (Entergy Corporation, Entergy Arkansas, Entergy Gulf States, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy) Entergy Corporation and the domestic utility companies are defendants in numerous lawsuits that have been filed by former employees alleging that they were wrongfully terminated and/or discriminated against on the basis of age, race, sex, and/or other protected characteristics.
Entergy Corporation and the domestic utility companies are vigorously defending these suits and deny any liability to the plaintiffs.
However, no assurance can be given as to the outcome of these cases, and at this time management cannot estimate the total amount of damages sought.
Included in the employment litigation are two cases filed in state court in Claiborne County, Mississippi in December 2002.
The two cases were filed by former employees of Entergy Operations who were based at Grand Gulf.
Entergy Operations and Entergy employees are named as defendants.
The cases make employment-related claims, and seek in total $53 million in alleged actual damages and $168 million in punitive damages.
Entergy subsequently removed both proceedings to the federal district in Jackson, Mississippi.
Entergy cannot predict the ultimate outcome of this proceeding.
Research Spending Entergy is a member of the Electric Power Research Institute (EPRI).
EPRI conducts a broad range of research in major technical fields related to the electric utility industry.
Entergy participates in various EPRI projects based on Entergy's needs and available resources.
The domestic utility companies contributed $1.6 million in 2004, $1.5 million in 2003, and $2.1 million in 2002 to EPRI.
The Non-Utility Nuclear business contributed $3.2 million in 2004 and $3 million in both 2003 and 2002 to EPRI.
Employees Employees are an integral part of Entergy's commitment to serving its customers.
As of December 31, 2004, Entergy employed 14,425 people.
## Table 1 ##
Approximately 4,900 employees are represented by the International Brotherhood of Electrical Workers Union, the Utility Workers Union of America, and the International Brotherhood of Teamsters Union.
Entergy Corporation and Subsidiaries Management's Financial Discussion and Analysis 8 ?
the deferral in August 2004 of $7.5 million of fossil plant maintenance and voluntary severance program costs at Entergy New Orleans as a result of a stipulation approved by the City Council.2003 Compared to 2002 Net revenue, which is Entergy's measure of gross margin, consists of operating revenues net of: 1) fuel, fuel-related, and purchased power expenses and 2) other regulatory credits.
Following is an analysis of the change in net revenue comparing 2003 to 2002.
## Table 2 ##
Base rates increased net revenue due to base rate increases at Entergy Mississippi and Entergy New Orleans that became effective in January 2003 and June 2003, respectively.
Entergy Gulf States implemented base rate decreases in its Louisiana jurisdiction effective June 2002 and January 2003.
The January 2003 base rate decrease of $22.1 million had a minimal impact on net income due to a corresponding reduction in nuclear depreciation and decommissioning expenses associated with the change in accounting estimate to reflect an assumed extension of River Bend's useful life.
The deferred fuel cost revisions variance was due to a revised unbilled sales pricing estimate made in December 2002 and further revision of that estimate in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs at Entergy Louisiana.
The asset retirement obligation variance was due to the implementation of SFAS 143, "Accounting for Asset Retirement Obligations," adopted in January 2003.
See "Critical Accounting Estimates – Nuclear Decommissioning Costs" for more details on SFAS 143.
The increase was offset by increased depreciation and decommissioning expenses and had an insignificant effect on net income.
The increase in net wholesale revenue was primarily due to an increase in sales volume to municipal and cooperative customers.
The March 2002 settlement agreement variance reflects the absence in 2003 of the effect of recording the ice storm settlement approved by the APSC in 2002.
This settlement resulted in previously deferred revenues at Entergy Arkansas per the transition cost account mechanism being recorded in net revenue in the second quarter of 2002.
The decrease was offset by a corresponding decrease in other operation and maintenance expenses and had a minimal effect on net income.
Gross operating revenues and regulatory credits Gross operating revenues include an increase in fuel cost recovery revenues of $682 million and $53 million in electric and gas sales, respectively, primarily due to higher fuel rates in 2003 resulting from increases in the market prices of purchased power and natural gas.
As such, this revenue increase was offset by increased fuel and purchased power expenses.
Entergy Louisiana, Inc.  Management's Financial Discussion and Analysis 201 Gross operating revenues, fuel and purchased power expenses, and other regulatory credits Gross operating revenues increased primarily due to: ?
an increase of $98.0 million in fuel cost recovery revenues due to higher fuel rates; and ?
an increase due to volume/weather, as discussed above.
The increase was partially offset by the following: ?
a decrease of $31.9 million in the price applied to unbilled sales, as discussed above; ?
a decrease of $12.2 million in rate refund provisions, as discussed above; and ?
a decrease of $5.2 million in gross wholesale revenue due to decreased sales to affiliated systems.
Fuel and purchased power expenses increased primarily due to: ?
an increase in the recovery from customers of deferred fuel costs; and ?
an increase in the market price of natural gas.
Other regulatory credits increased primarily due to: ?
the deferral in 2004 of $14.3 million of capacity charges related to generation resource planning as allowed by the LPSC; ?
the amortization in 2003 of $11.8 million of deferred capacity charges, as discussed above; and ?
the deferral in 2004 of $11.4 million related to Entergy's voluntary severance program, in accordance with a proposed stipulation with the LPSC staff.2003 Compared to 2002 Net revenue, which is Entergy Louisiana's measure of gross margin, consists of operating revenues net of: 1) fuel, fuel-related, and purchased power expenses and 2) other regulatory charges (credits).
Following is an analysis of the change in net revenue comparing 2003 to 2002.
## Table 3 ##
The deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in December 2002 and a further revision made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs.
The asset retirement obligation variance was due to the implementation of SFAS 143, "Accounting for Asset Retirement Obligations," adopted in January 2003.
See "Critical Accounting Estimates" for more details on SFAS 143.
The increase was offset by decommissioning expense and had no effect on net income.
The volume variance was due to a decrease in electricity usage in the service territory.
Billed usage decreased 1,868 GWh in the industrial sector including the loss of a large industrial customer to cogeneration.
Entergy Corporation Notes to Consolidated Financial Statements 52 Income Taxes Entergy Corporation and the majority of its subsidiaries file a United States consolidated federal income tax return.
Income taxes are allocated to the subsidiaries in proportion to their contribution to consolidated taxable income.
SEC regulations require that no Entergy subsidiary pay more taxes than it would have paid if a separate income tax return had been filed.
In accordance with SFAS 109, "Accounting for Income Taxes," deferred income taxes are recorded for all temporary differences between the book and tax basis of assets and liabilities, and for certain credits available for carryforward.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized.
Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates in the period in which the tax or rate was enacted.
Investment tax credits are deferred and amortized based upon the average useful life of the related property, in accordance with ratemaking treatment.
Earnings per Share The following table presents Entergy's basic and diluted earnings per share (EPS) calculation included on the consolidated income statement:
## Table 4 ##
(1)  Options to purchase approximately 3,319 common stock shares in 2004, 15,231 common stock shares in 2003, and 109,897 common stock shares in 2002 at various prices were outstanding at the end of those years that were not included in the computation of diluted earnings per share because the exercise prices were greater than the common share average market price at the end of each of the years presented.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td> 2002</td><td> 2001</td></tr><tr><td> <i>Entergy-Koch Trading</i></td><td></td><td></td></tr><tr><td>Gas volatility</td><td>61%</td><td>72%</td></tr><tr><td>Electricity volatility</td><td>48%</td><td>78%</td></tr><tr><td>Gas marketed (BCF/D) (1)</td><td>5.8</td><td>3.0</td></tr><tr><td>Electricity marketed (GWh) (1)</td><td>408,038</td><td>180,893</td></tr><tr><td>Gain/loss days</td><td>1.8</td><td>2.8</td></tr><tr><td><i> </i>Gulf South Pipeline</td><td></td><td></td></tr><tr><td>Throughput (BCF/D)</td><td>2.40</td><td>2.45</td></tr><tr><td>Production cost ($/MMBtu)</td><td>$0.094</td><td>$0.093</td></tr></table>
<table><tr><td>Entergy Arkansas</td><td>1,494</td></tr><tr><td>Entergy Gulf States</td><td>1,641</td></tr><tr><td>Entergy Louisiana</td><td>943</td></tr><tr><td>Entergy Mississippi</td><td>793</td></tr><tr><td>Entergy New Orleans</td><td>403</td></tr><tr><td>System Energy</td><td>-</td></tr><tr><td>Entergy Operations</td><td>2,735</td></tr><tr><td>Entergy Services</td><td>2,704</td></tr><tr><td>Entergy Nuclear Operations</td><td>3,245</td></tr><tr><td>Other subsidiaries</td><td>277</td></tr><tr><td>Total Full-time</td><td>14,235</td></tr><tr><td>Part-time</td><td>190</td></tr><tr><td>Total Entergy</td><td>14,425</td></tr></table>
<table><tr><td></td><td>(In Millions)</td></tr><tr><td>2002 net revenue</td><td>$4,209.6</td></tr><tr><td>Base rate increases</td><td>66.2</td></tr><tr><td>Base rate decreases</td><td>-23.3</td></tr><tr><td>Deferred fuel cost revisions</td><td>56.2</td></tr><tr><td>Asset retirement obligation</td><td>42.9</td></tr><tr><td>Net wholesale revenue</td><td>23.2</td></tr><tr><td>March 2002 Ark. settlement agreement</td><td>-154.0</td></tr><tr><td>Other</td><td>-6.3</td></tr><tr><td>2003 net revenue</td><td>$4,214.5</td></tr></table>
<table><tr><td></td><td>(In Millions)</td></tr><tr><td>2002 net revenue</td><td>$922.9</td></tr><tr><td>Deferred fuel cost revisions</td><td>59.1</td></tr><tr><td>Asset retirement obligation</td><td>8.2</td></tr><tr><td>Volume</td><td>-16.2</td></tr><tr><td>Vidalia settlement</td><td>-9.2</td></tr><tr><td>Other</td><td>8.9</td></tr><tr><td>2003 net revenue</td><td>$973.7</td></tr></table>
<table><tr><td></td><td colspan="6"> For the Years Ended December 31,</td></tr><tr><td></td><td colspan="2"> 2004</td><td colspan="2"> 2003</td><td colspan="2"> 2002</td></tr><tr><td></td><td colspan="6">(In Millions, Except Per Share Data)</td></tr><tr><td></td><td> </td><td>$/share</td><td> </td><td>$/share</td><td> </td><td>$/share</td></tr><tr><td>Income before cumulative effect of accounting change</td><td> $909.5</td><td></td><td> $789.9</td><td></td><td> $599.4</td><td></td></tr><tr><td>Average number of common shares outstanding - basic</td><td> 226.9</td><td> $4.01</td><td> 226.8</td><td> $3.48</td><td> 223.0</td><td> $2.69</td></tr><tr><td>Average dilutive effect of:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Stock Options -1</td><td>4.3</td><td>-0.075</td><td>4.1</td><td>-0.062</td><td>3.9</td><td>-0.046</td></tr><tr><td>Equity Awards</td><td>-</td><td>-</td><td>0.2</td><td>-0.004</td><td>0.4</td><td>-0.005</td></tr><tr><td>Average number of common shares outstanding - diluted</td><td> 231.2</td><td> $3.93</td><td> 231.1</td><td> $3.42</td><td> 227.3</td><td> $2.64</td></tr><tr><td>Earnings applicable to common stock</td><td>$909.5</td><td></td><td>$926.9</td><td></td><td>$599.4</td><td></td></tr><tr><td>Average number of common shares outstanding - basic</td><td> 226.9</td><td> $4.01</td><td> 226.8</td><td> $4.09</td><td> 223.0</td><td> $2.69</td></tr><tr><td>Average dilutive effect of:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Stock Options -1</td><td>4.3</td><td>-0.075</td><td>4.1</td><td>-0.073</td><td>3.9</td><td>-0.046</td></tr><tr><td>Equity Awards</td><td>-</td><td>-</td><td>0.2</td><td>-0.004</td><td>0.4</td><td>-0.005</td></tr><tr><td>Average number of common shares outstanding - diluted</td><td> 231.2</td><td> $3.93</td><td> 231.1</td><td> $4.01</td><td> 227.3</td><td> $2.64</td></tr></table>

Question: What's the total value of all Average dilutive effect that are smaller than 1.0 in 2003? (in Dollars In Millions)
Answer: 0.2