Becton, Dickinson and Company Notes to Consolidated Financial Statements — (Continued) The weighted average grant date fair value of performance-based restricted stock units granted during the years 2008 and 2007 was $84.33 and $71.72, respectively.
The total fair value of performance-based restricted stock units vested during 2009, 2008 and 2007 was $33,712, $49,387 and $9,181, respectively.
At September 30, 2009, the weighted average remaining vesting term of performance-based restricted stock units is 1.28 years.
Time-Vested Restricted Stock Units Time-vested restricted stock units generally cliff vest three years after the date of grant, except for certain key executives of the Company, including the executive officers, for which such units generally vest one year following the employee’s retirement.
The related share-based compensation expense is recorded over the requisite service period, which is the vesting period or in the case of certain key executives is based on retirement eligibility.
The fair value of all time-vested restricted stock units is based on the market value of the Company’s stock on the date of grant.
A summary of time-vested restricted stock units outstanding as of September 30, 2009, and changes during the year then ended is as follows:
## Table 0 ##
The weighted average grant date fair value of time-vested restricted stock units granted during the years 2008 and 2007 was $84.42 and $72.20, respectively.
The total fair value of time-vested restricted stock units vested during 2009, 2008 and 2007 was $29,535, $26,674 and $3,392, respectively.
At September 30, 2009, the weighted average remaining vesting term of the time-vested restricted stock units is 1.71 years.
The amount of unrecognized compensation expense for all non-vested share-based awards as of September 30, 2009, is approximately $97,034, which is expected to be recognized over a weighted-average remaining life of approximately 2.02 years.
At September 30, 2009, 4,295,402 shares were authorized for future grants under the 2004 Plan.
The Company has a policy of satisfying share-based payments through either open market purchases or shares held in treasury.
At September 30, 2009, the Company has sufficient shares held in treasury to satisfy these payments in 2010.
Other Stock Plans The Company has a Stock Award Plan, which allows for grants of common shares to certain key employees.
Distribution of 25% or more of each award is deferred until after retirement or involuntary termination, upon which the deferred portion of the award is distributable in five equal annual installments.
The balance of the award is distributable over five years from the grant date, subject to certain conditions.
In February 2004, this plan was terminated with respect to future grants upon the adoption of the 2004 Plan.
At September 30, 2009 and 2008, awards for 114,197 and 161,145 shares, respectively, were outstanding.
The following table summarizes the major components of our cost of operations for the years ended December 31, 2005, 2004 and 2003 in millions of dollars and as a percentage of our revenue:
## Table 1 ##
A description of our cost categories is as follows: ?
Subcontractor, disposal and third-party fees include costs such as third-party disposal, transportation of waste, host fees and cost of goods sold.
The decrease in such expenses as a percentage of revenue from 2004 to 2005 is primarily due to improved pricing, a change in mix of revenue and continued focus on productivity improvements partially offset by higher fuel-related subcontracting costs.
The increase in such expenses as a percentage of revenue from 2003 to 2004 is primarily due to an increase in the cost of long-haul transport of waste by third-party vendors.  ?
Labor and benefits include costs such as wages, salaries, payroll taxes and health benefits for our frontline service employees and their supervisors.
The decrease in such expenses as a percentage of revenue from 2004 to 2005 is primarily due to improved pricing, a change in revenue mix and continued focus on productivity improvements during the years presented.
The increase in such expenses as a percentage of revenue from 2003 to 2004 is primarily due to health insurance.  ?
Maintenance and operating includes costs such as fuel, parts, shop labor and benefits, third-party repairs, and landfill monitoring and operating.
The increase in such expenses as a percentage of revenue for the years presented is primarily due to an increase in fuel costs.
The cost of fuel as a percentage of revenue increased by approximately 1.0% from 2004 to 2005 and .7% from 2003 to 2004.  ?
Insurance and other includes costs such as worker’s compensation, auto and general liability insurance, property taxes, property maintenance, and utilities.
The decrease in such costs as a percentage of revenue for the years presented is primarily due to a decrease in risk insurance expense.
Risk insurance expense as a percentage of revenue decreased by .5% from 2004 to 2005 and 1.4% from 2003 to 2004.
The cost categories shown above may change from time to time and may not be comparable to similarly titled categories used by other companies.
As such, care should be taken when comparing our cost of operations by cost component to those of other companies.
Depreciation, Amortization and Depletion of Property and Equipment.
Depreciation, amortization and depletion expenses for property and equipment were $271.7 million, $252.4 million and $233.8 million, or, as a percentage of revenue, 9.5%, 9.3% and 9.3%, for the years ended December 31, 2005, 2004 and 2003, respectively.
The increase in aggregate dollars for the periods presented is primarily due to the expansion of our operations through internal growth and acquisitions.
The increase in such expenses as a percentage of revenue during the year ended December 31, 2005 versus the comparable 2004 period is due to an increase in depreciation expense associated with vehicles and equipment acquired in 2005.
Amortization of Intangible Assets.
Intangible assets consist primarily of costs in excess of fair value of net assets acquired (goodwill), but also includes values assigned to long-term contracts, covenants not to compete and customer relationships.
Expenses for amortization of intangible assets were $7.1 million, $7.0 million and $5.3 million, or, as a percentage of revenue, .2%, .3% and .2%, for the years ended December 31, 2005, 2004 and 2003, respectively.
The increase in such expenses in aggregate dollars and as a percentage of revenue from 2003 to 2004 is primarily due to amortization expense on amounts that were recorded in other intangible assets during the three months ended September 30, 2004 resulting from an extensive internal review of all recent acquisitions.
The
Landfill and Environmental Matters Available Airspace The following tables reflect landfill airspace activity for landfills owned or operated by us for the years ended December 31, 2003, 2004 and 2005:
## Table 2 ##
Balance as of December 31, 2003
## Table 3 ##
Balance as of December 31, 2004
## Table 4 ##
Changes in engineering estimates typically include minor modifications to the available disposal capacity of a landfill based on a refinement of the capacity calculations resulting from updated information.
Changes in design typically include significant modifications to a landfill’s footprint or vertical slopes.
At December 31, 2002, 20.7% of our total available airspace, or 353.3 million cubic yards, consists of probable expansion airspace at twenty of our landfills.
At December 31, 2005, 10.1% of our total available airspace, or 177.7 million cubic yards, consists of probable expansion airspace at nine of our landfills.
This decrease in probable expansion airspace demonstrates our continued success in obtaining permits for expansion airspace.
During 2003, total available airspace increased by 56.1 million cubic yards due to new expansions undertaken, two landfills that were acquired during the year, and changes in design partially offset by airspace consumption and changes in engineering estimates.
During 2004, total available airspace decreased by 15.5 million cubic yards primarily due to airspace consumption partially offset by the acquisition of a landfill.
During 2005, total available
The following table reflects our net investment in our landfills, excluding non-depletable land, and our depletion, amortization and accretion expense for the years ended December 31, 2005, 2004, and 2003:
## Table 5 ##
During the twelve months ended December 31, 2005 and 2004, our weighted average compaction rate was approximately 1,500 pounds per cubic yard.
As of December 31, 2005, we expect to spend an estimated additional $1,494.8 million on existing landfills, primarily related to cell construction and environmental structures, over their expected remaining lives.
Our total expected investment, excluding non-depletable land, estimated to be $2.4 billion, or $1.34 per cubic yard, is used in determining our depletion and amortization expense based upon airspace consumed using the units-of-consumption method.
We accrue costs related to environmental remediation activities through a charge to income in the period such liabilities become probable and can be reasonably estimated.
We accrue costs related to environmental remediation activities associated with properties acquired through business combinations as a charge to cost in excess of fair value of net assets acquired or landfill purchase price allocated to airspace, as appropriate.
No material amounts were charged to expense during the years ended December 31, 2005, 2004 and 2003.
Financial Condition At December 31, 2005 we had $131.8 million of cash and cash equivalents.
We also had $255.3 million of restricted cash deposits, including $144.9 million of restricted cash held for capital expenditures under certain debt facilities and $25.3 million pledged to various regulatory agencies and governmental entities as financial guarantees of our performance related to final capping, closure and post-closure obligations at our landfills.
In June 2005, we entered into a new $750.0 million unsecured revolving credit facility with a group of banks which expires in 2010.
This facility replaced our prior facilities which aggregated $750.0 million.
Borrowings under the credit facility bear interest at LIBOR-based rates.
We use our operating cash flow and proceeds from our credit facilities to finance our working capital, capital expenditures, acquisitions, share repurchases, dividends and other requirements.
At December 31, 2005, letters of credit outstanding totaling $391.2 million were secured by our revolving credit facility.
As a result, as of December 31, 2005 we had $358.8 million available under our credit facility.
In May 1999, we sold $600.0 million of unsecured notes in the public market.
$225.0 million of these notes bore interest at 6.625% per annum and matured in May 2004.
The remaining $375.0 million bear interest at 7.125% per annum and mature in 2009.
Interest on these notes is payable semi-annually in May and November.
The $225.0 million and $375.0 million in notes were offered at a discount of $1.0 million and $.5 million, respectively.
In March 2005, we exchanged $275.7 million of our outstanding 7.125% notes due 2009 for new notes due 2035.
The new notes bear interest at 6.086%.
We paid a premium of $27.6 million related to the exchange.
This premium will be amortized over the life of the new notes using the effective yield method.
REPUBLIC SERVICES, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (All tables in millions, except per share data) — (Continued) The following table summarizes the stock option activity for the years ended 2003, 2004 and 2005:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Stock Units</td><td>Weighted  Average Grant  Date Fair Value</td></tr><tr><td>Balance at October 1</td><td>1,570,329</td><td>$69.35</td></tr><tr><td>Granted</td><td>618,679</td><td>62.96</td></tr><tr><td>Distributed</td><td>-316,839</td><td>60.32</td></tr><tr><td>Forfeited or canceled</td><td>-165,211</td><td>62.58</td></tr><tr><td>Balance at September 30</td><td>1,706,958</td><td>$69.36</td></tr><tr><td>Expected to vest at September 30</td><td>1,536,262</td><td>$69.36</td></tr></table>
<table><tr><td></td><td colspan="6"> Years Ended December 31,</td></tr><tr><td></td><td colspan="2">2005</td><td colspan="2">2004</td><td colspan="2"> 2003</td></tr><tr><td>Subcontractor, disposal and third-party fees</td><td>$694.9</td><td>24.3%</td><td>$667.8</td><td>24.7%</td><td>$611.3</td><td>24.3%</td></tr><tr><td>Labor and benefits</td><td>557.3</td><td>19.5</td><td>536.2</td><td>19.8</td><td>493.4</td><td>19.6</td></tr><tr><td>Maintenance and operating</td><td>401.2</td><td>14.0</td><td>355.5</td><td>13.1</td><td>314.0</td><td>12.5</td></tr><tr><td>Insurance and other</td><td>150.5</td><td>5.2</td><td>154.9</td><td>5.7</td><td>186.7</td><td>7.4</td></tr><tr><td>Total</td><td>$1,803.9</td><td>63.0%</td><td>$1,714.4</td><td>63.3%</td><td>$1,605.4</td><td>63.8%</td></tr></table>
<table><tr><td></td><td> Balance as of   December 31,   2002</td><td> New   Expansions   Undertaken</td><td> Landfills   Acquired or   Divested,   Net</td><td>Permits Granted, Net of Closures</td><td>Airspace Consumed</td><td>Changes in Engineering Estimates</td><td> Changes   in   Design</td><td> Balance as of   December 31,   2003</td></tr><tr><td>Permitted airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>1,357.9</td><td>—</td><td>26.3</td><td>154.6</td><td>-39.3</td><td>-.9</td><td>—</td><td>1,498.6</td></tr><tr><td>Number of sites</td><td>56</td><td></td><td>2</td><td>—</td><td></td><td></td><td></td><td>58</td></tr><tr><td>Probable expansion airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>353.3</td><td>61.6</td><td>—</td><td>-154.1</td><td>—</td><td>-3.5</td><td>11.4</td><td>268.7</td></tr><tr><td>Number of sites</td><td>20</td><td>—</td><td>—</td><td>-5</td><td></td><td></td><td></td><td>15</td></tr><tr><td>Total available airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>1,711.2</td><td>61.6</td><td>26.3</td><td>.5</td><td>-39.3</td><td>-4.4</td><td>11.4</td><td>1,767.3</td></tr><tr><td>Number of sites</td><td>56</td><td></td><td>2</td><td>—</td><td></td><td></td><td></td><td>58</td></tr></table>
<table><tr><td></td><td> Balance as of   December 31,   2003</td><td> Landfills   Acquired or   Divested,   Net</td><td>Permits Granted, Net of Closures</td><td>Airspace Consumed</td><td> Changes in   Engineering   Estimates</td><td> Changes   in   Design</td><td> Balance as of   December 31,   2004</td></tr><tr><td>Permitted airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>1,498.6</td><td>24.4</td><td>48.6</td><td>-42.1</td><td>.1</td><td>—</td><td>1,529.6</td></tr><tr><td>Number of sites</td><td>58</td><td>1</td><td>-1</td><td></td><td></td><td></td><td>58</td></tr><tr><td>Probable expansion airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>268.7</td><td>—</td><td>-48.6</td><td>—</td><td>.1</td><td>2.0</td><td>222.2</td></tr><tr><td>Number of sites</td><td>15</td><td>—</td><td>-3</td><td></td><td></td><td></td><td>12</td></tr><tr><td>Total available airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>1,767.3</td><td>24.4</td><td>—</td><td>-42.1</td><td>.2</td><td>2.0</td><td>1,751.8</td></tr><tr><td>Number of sites</td><td>58</td><td>1</td><td>-1</td><td></td><td></td><td></td><td>58</td></tr></table>
<table><tr><td></td><td> Balance as of   December 31,   2004</td><td> New   Expansions   Undertaken</td><td> Landfills   Acquired or   Divested,   Net</td><td>Permits Granted, Net of Closures</td><td>Airspace Consumed</td><td>Changes in Engineering Estimates</td><td> Changes   in   Design</td><td> Balance as of   December 31,   2005</td></tr><tr><td>Permitted airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>1,529.6</td><td>—</td><td>17.9</td><td>64.8</td><td>-43.6</td><td>7.4</td><td>1.6</td><td>1,577.7</td></tr><tr><td>Number of sites</td><td>58</td><td></td><td>1</td><td>—</td><td></td><td></td><td></td><td>59</td></tr><tr><td>Probable expansion airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>222.2</td><td>8.3</td><td>—</td><td>-52.7</td><td>—</td><td>-.3</td><td>.2</td><td>177.7</td></tr><tr><td>Number of sites</td><td>12</td><td>1</td><td>—</td><td>-4</td><td></td><td></td><td></td><td>9</td></tr><tr><td>Total available airspace:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cubic yards (in millions)</td><td>1,751.8</td><td>8.3</td><td>17.9</td><td>12.1</td><td>-43.6</td><td>7.1</td><td>1.8</td><td>1,755.4</td></tr><tr><td>Number of sites</td><td>58</td><td></td><td>1</td><td>—</td><td></td><td></td><td></td><td>59</td></tr></table>
<table><tr><td></td><td colspan="3"> Years Ended December 31,</td></tr><tr><td></td><td> 2005</td><td> 2004</td><td> 2003</td></tr><tr><td>Number of landfills owned or operated</td><td>59</td><td>58</td><td>58</td></tr><tr><td>Net investment, excluding non-depletable land (in millions)</td><td>$856.5</td><td>$782.7</td><td>$751.4</td></tr><tr><td>Total estimated available disposal capacity (in millions of cubic yards)</td><td>1,755.4</td><td>1,751.8</td><td>1,767.3</td></tr><tr><td>Net investment per cubic yard</td><td>$.49</td><td>$.45</td><td>$.43</td></tr><tr><td>Landfill depletion and amortization expense (in millions)</td><td>$104.2</td><td>$98.4</td><td>$92.8</td></tr><tr><td>Accretion expense (in millions)</td><td>14.5</td><td>13.7</td><td>12.7</td></tr><tr><td></td><td>118.7</td><td>112.1</td><td>105.5</td></tr><tr><td>Airspace consumed (in millions of cubic yards)</td><td>43.6</td><td>42.1</td><td>39.3</td></tr><tr><td>Depletion, amortization and accretion expense per cubic yard of airspace consumed</td><td>$2.72</td><td>$2.66</td><td>$2.68</td></tr></table>

Question: As As the chart 3 shows,Balance as of December 31, which year for Cubic yards in terms of Total available airspace ranks first?
Answer: 2003