Future Regulatory Developments Future regulatory developments and actions could affect operations and increase operating costs for the airline industry, including our airline subsidiaries.
See Part I, Item 1A.
Risk Factors - " If we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate Slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future, which may have a material adverse impact on our operations," "Our business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages" and "We are subject to many forms of environmental regulation and may incur substantial costs as a result" for additional information.
Employees and Labor Relations The airline business is labor intensive.
In 2013, salaries, wages, and benefits were one of our largest expenses and represented approximately 22% of our operating expenses.
The table below presents our approximate number of active full-time equivalent employees as of December 31, 2013.
## Table 0 ##
Year ended September 30, 2007 Compared with the Year ended September 30, 2006 – Stock Loan/Borrow The Company’s stock borrow balances averaged $1.1 billion during fiscal year 2007 vs.  $1.0 billion in fiscal 2006.
The Company’s stock loan balances are predominantly the result of a matched-book however, box loan/borrow balances are also carried.
As the Company’s stock loan business is predominantly a matched-book business, stock borrow balances were similar.
Average spreads decreased from 2.0% in fiscal 2006 to 0.5% in 2007, resulting in a 24% decrease in net interest income and a 37% decrease in pre-tax profits.
Year ended September 30, 2006 Compared with the Year ended September 30, 2005 – Stock Loan/Borrow The Company’s stock borrow balances averaged $1.0 billion during fiscal year 2006 vs.  $1.1 billion in fiscal 2005.
As the Company’s stock loan business is predominantly a matched-book business, stock loan balances were similar.
Average spreads increased from 0.9% in fiscal 2005 to 2.0% in 2006 largely due to rising interest rates, resulting in a 37% increase in net interest income and a 34% increase in pre-tax profits.
Results of Operations – Proprietary Capital The following table presents consolidated financial information for the Propriety Capital segment for the years indicated:
## Table 1 ##
Year ended September 30, 2007 Compared with the Year ended September 30, 2006 – Proprietary Capital Proprietary Capital results are driven by the valuations made within Raymond James Capital, Inc. , Raymond James Capital Partners, L. P. , Ballast Point Ventures, L. P. , the EIF Funds and the third party private equity funds in which RJF is invested.
Fiscal 2006 included write-ups within Ballast Point of $3.6 million versus a write-down of $1 million in fiscal 2007.
Fiscal 2007 included valuation adjustments to the RJF private equity investment portfolio.
Year ended September 30, 2006 Compared with the Year ended September 30, 2005 – Proprietary Capital Fiscal 2006 included the $3.6 million write-up on Ballast Point investments.
Fiscal 2006 also included net valuation adjustments to the RJF private equity investment portfolio of $3.2 million versus $1.4 million in 2005.
Results of Operations - Other The following table presents consolidated financial information for the Other segment for the years indicated:
## Table 2 ##
Year ended September 30, 2007 Compared with the Year ended September 30, 2006 - Other Revenue in the Other segment includes $1 million in gains on corporate investments, including Eagle asset managed accounts, and nearly $3 million in proceeds from company owned life insurance.
Interest income represents earnings on available corporate cash balances.
Expenses in this segment are predominantly executive compensation.
As of September 30, 2007, there was $44.2 million of total unrecognized compensation cost related to grants under the Company’s Restricted Stock Plan.
These costs are expected to be recognized over a weighted average period of approximately 3.4 years.
The total fair value of shares vested under this plan during the year ended September 30, 2007 was $2.4 million.
Employee Stock Purchase Plan Under the 2003 Employee Stock Purchase Plan, the Company is authorized to issue up to 3,375,000 shares of common stock to its full-time employees, nearly all of whom are eligible to participate.
Under the terms of the Plan, employees can choose each year to have up to 20% of their annual compensation specified to purchase the Company's common stock.
Share purchases in any calendar year are limited to the lesser of 1,000 shares or shares with a market value of $25,000.
The purchase price of the stock is 85% of the market price on the day prior to the purchase date.
Under the Plan the Company sold approximately 444,000, 379,000 and 493,000 shares to employees during the years ended September 30, 2007, September 30, 2006 and September 30, 2005, respectively.
The compensation cost is calculated as the value of the 15% discount from market value and was $2.1 million, $1.6 million and $1.4 million during the years ended September 30, 2007, September 30, 2006 and September 30, 2005, respectively.
Stock Bonus Plan The Company's 2007 Stock Bonus Plan authorizes the Company to issue up to 3,000,000 restricted shares to officers and certain other employees in lieu of cash for 10% to 20% of annual bonus amounts in excess of $250,000.
The 2007 Plan was established to replace, on substantially the same terms and conditions, the 1999 Plan.
The determination of the number of shares to be granted may encompass a discount from market value at the discretion of the Compensation Committee of the Board of Directors.
Under the plan the shares are generally restricted for a three year period, during which time the shares are forfeitable in the event of voluntary termination other than for death, disability or retirement.
The compensation cost is recognized over the three-year vesting period based on the market value of the shares on the date of grant.
The following activity occurred during the year ended September 30, 2007:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>American</td><td>US Airways</td><td>Wholly-owned Regional Carriers</td><td>Total</td></tr><tr><td>Pilots</td><td>7,900</td><td>4,100</td><td>3,400</td><td>15,400</td></tr><tr><td>Flight attendants</td><td>15,000</td><td>7,700</td><td>2,100</td><td>24,800</td></tr><tr><td>Maintenance personnel</td><td>11,300</td><td>3,100</td><td>2,400</td><td>16,800</td></tr><tr><td>Fleet service personnel</td><td>7,400</td><td>5,500</td><td>1,700</td><td>14,600</td></tr><tr><td>Passenger service personnel</td><td>10,300</td><td>6,200</td><td>6,400</td><td>22,900</td></tr><tr><td>Administrative and other</td><td>8,200</td><td>5,500</td><td>2,200</td><td>15,900</td></tr><tr><td>Total</td><td>60,100</td><td>32,100</td><td>18,200</td><td>110,400</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended</td></tr><tr><td></td><td>September 30, 2007</td><td>% Incr. (Decr.)</td><td>September 30, 2006</td><td>% Incr. (Decr.)</td><td>September 30, 2005</td></tr><tr><td></td><td colspan="5">($ in 000's)</td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment Advisory Fees</td><td>$ 746</td><td>-54%</td><td>$ 1,625</td><td>-38%</td><td>$ 2,608</td></tr><tr><td>Other</td><td>7,534</td><td>-52%</td><td>15,687</td><td>88%</td><td>8,344</td></tr><tr><td>Total Revenues</td><td>8,280</td><td>-52%</td><td>17,312</td><td>58%</td><td>10,952</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Compensation Expense</td><td>2,348</td><td>-21%</td><td>2,959</td><td>50%</td><td>1,976</td></tr><tr><td>Other Expenses</td><td>747</td><td>-26%</td><td>1,003</td><td>114%</td><td>469</td></tr><tr><td>Total Expenses</td><td>3,095</td><td>-22%</td><td>3,962</td><td>62%</td><td>2,445</td></tr><tr><td>Minority Interest</td><td>1,608</td><td></td><td>4,882</td><td></td><td>4,325</td></tr><tr><td>Pre-tax Earnings</td><td>$ 3,577</td><td>-58%</td><td>$ 8,468</td><td>102%</td><td>$ 4,182</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended</td></tr><tr><td></td><td>September 30, 2007</td><td>% Incr. (Decr.)</td><td>September 30, 2006</td><td>% Incr. (Decr.)</td><td>September 30, 2005</td></tr><tr><td></td><td colspan="5">($ in 000's)</td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest Income</td><td>$ 7,773</td><td>89%</td><td>$ 4,114</td><td>-10%</td><td>$ 4,588</td></tr><tr><td>Other</td><td>6,659</td><td>-65%</td><td>19,197</td><td>381%</td><td>3,990</td></tr><tr><td>Total Revenues</td><td>14,432</td><td>-38%</td><td>23,311</td><td>172%</td><td>8,578</td></tr><tr><td>Other Expense</td><td>10,780</td><td>-11%</td><td>12,063</td><td>11%</td><td>10,902</td></tr><tr><td>Pre-tax Earnings (Loss)</td><td>$ 3,652</td><td>-68%</td><td>$ 11,248</td><td>584%</td><td>$ -2,324</td></tr></table>

Question: As As the chart 1 shows,which Year Ended September 30 is Compensation Expense the highest?
Answer: 2006