CBRE GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) We estimate the fair value of our options on the date of grant using the Black-Scholes option-pricing model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility and the expected life of the options.
The total estimated grant date fair value of stock options that vested during the year ended December 31, 2014 was $0.03 million.
The dividend yield assumption is excluded from the calculation, as it is our present intention to retain all earnings.
The expected volatility is based on a combination of our historical stock price and implied volatility.
The selection of implied volatility data to estimate expected volatility is based upon the availability of actively traded options on our stock.
The risk-free interest rate is based upon the U. S.  Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the options.
The expected life of our stock options represents the estimated period of time until exercise and is based on historical experience of similar options, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior.
Option valuation models require the input of subjective assumptions including the expected stock price volatility and expected life.
Because our employee stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, we do not believe that the Black-Scholes model necessarily provides a reliable single measure of the fair value of our employee stock options.
Options outstanding at December 31, 2014 and their related weighted average exercise price, intrinsic value and life information is presented below:
## Table 0 ##
At December 31, 2014, the aggregate intrinsic value and weighted average remaining contractual life for options vested and expected to vest were $14.3 million and 1.0 year, respectively.
Total compensation expense related to stock options was $0.03 million, $0.4 million and $2.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.
The total intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $7.6 million, $31.9 million and $16.4 million, respectively.
We recorded cash received from stock option exercises of $6.2 million, $5.8 million and $20.3 million and related tax benefit of $1.2 million, $9.9 million and $2.9 million during the years ended December 31, 2014, 2013 and 2012, respectively.
Upon option exercise, we issue new shares of stock.
Excess tax benefits exist when the tax deduction resulting from the exercise of options exceeds the compensation cost recorded.
CBRE GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Our foreign subsidiaries have accumulated $1.3 billion of undistributed earnings for which we have not recorded a deferred tax liability.
Although tax liabilities might result from dividends being paid out of these earnings, or as a result of a sale or liquidation of non-U.
S.  subsidiaries, these earnings are permanently reinvested outside of the U. S.  and we do not have any plans to repatriate them or to sell or liquidate any of our non-U.
S.  subsidiaries.
To the extent that we are able to repatriate the earnings in a tax efficient manner, or in the event of a change in our capital situation or investment strategy in which such funds become needed for funding our U. S.  operations, we would be required to accrue and pay U. S.  taxes to repatriate these funds, net of foreign tax credits.
Determining our tax liability upon repatriation is not practicable.
Cash and cash equivalents owned by non-U.
S.  subsidiaries totaled $287.4 million at December 31, 2014.
In 2012 and 2013, we repatriated $58.0 million and $196.2 million, respectively.
In anticipation of these repatriations, tax benefits of $28.8 million were recorded in 2012.
Additional tax benefits associated with the release of valuation allowances of $14.5 million and $4.9 million were recorded in 2013 and 2014, respectively.
The total amount of gross unrecognized tax benefits was approximately $67.0 million and $95.7 million as of December 31, 2014 and 2013, respectively.
The total amount of unrecognized tax benefits that would affect our effective tax rate, if recognized, is $37.6 million ($35.8 million, net of federal benefit received from state positions) and $50.8 million ($48.8 million, net of federal benefit received from state positions) as of December 31, 2014 and 2013, respectively.
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2014 and 2013 is as follows (dollars in thousands):
## Table 1 ##
We believe it is reasonably possible that between $22.0 million and $27.8 million of gross unrecognized tax benefits will be settled during the next twelve months due to filing amended returns and the conclusion of an advanced pricing agreement.
Our continuing practice is to recognize potential accrued interest and/or penalties related to income tax matters within income tax expense.
During the years ended December 31, 2014, 2013 and 2012, we accrued an additional $3.0 million, $2.6 million and $3.3 million, respectively, in interest associated with uncertain tax positions.
During the year ended December 31, 2014, we reversed $10.5 million of accrued interest and penalties related to settled positions.
As of December 31, 2014 and 2013, we have recognized a liability for interest and penalties of $25.5 million ($19.8 million, net of related federal benefit received from interest expense) and $33.0 million ($25.9 million, net of related federal benefit received from interest expense), respectively
Asia Pacific The following table summarizes our results of operations for our Asia Pacific operating segment for the years ended December 31, 2018, 2017 and 2016 (dollars in thousands):
## Table 2 ##
(1) We adopted new revenue recognition guidance in the first quarter of 2018.
Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation.
See Notes 2 and 3 of the Notes to Consolidated Financial Statements set forth in Item 8 of this Annual Report for more information.
Year Ended December 31, 2018 Compared to Year Ended December 31, 2017 Revenue increased by $224.0 million, or 11.3%, for the year ended December 31, 2018 as compared to the year ended December 31, 2017.
The revenue increase reflects strong organic growth, fueled by higher occupier outsourcing and property management revenue as well as improved leasing activity.
In addition, foreign currency translation had a $10.0 million negative impact on total revenue during the year ended December 31, 2018, primarily driven by weakness in the Australian dollar and Indian rupee, partially offset by strength in the Chinese yuan, Japanese yen, Singapore dollar and Thai baht.
Cost of services increased by $167.2 million, or 11.3%, for the year ended December 31, 2018 as compared to the same period in 2017, primarily driven by higher costs associated with our occupier outsourcing and property management businesses.
In addition, foreign currency translation had a $6.8 million positive impact on total cost of services during the year ended December 31, 2018.
Cost of services as a percentage of revenue was consistent at 74.8% for the year ended December 31, 2018 as compared to 74.9% for the year ended December 31, 2017.
Operating, administrative and other expenses increased by $39.8 million, or 12.5%, for the year ended December 31, 2018 as compared to the same period in 2017.
We incurred higher payroll-related costs (including increased bonus expense) as well as increases in marketing, occupancy and travel costs during the year ended December 31, 2018.
Foreign currency activity also had an overall net negative impact of $6.9 million for the year ended December 31, 2018, due to unfavorable foreign currency transaction activity of $7.8 million, partially offset by a $0.9 million positive impact from foreign currency translation.
Table of Contents The following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2016.
## Table 3 ##
(a) The shares reported in this column represent purchases settled in the fourth quarter of 2016 relating to (i) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans, and (ii) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options, the vesting of restricted stock, and other stock compensation transactions in accordance with the terms of our stock-based compensation plans.
(b) On July 13, 2015, we announced that our board of directors authorized our purchase of up to $2.5 billion of our outstanding common stock.
This authorization has no expiration date.
As of December 31, 2016, the approximate dollar value of shares that may yet be purchased under the 2015 authorization is $40 million.
On September 21, 2016, we announced that our board of directors authorized our purchase of up to an additional $2.5 billion of our outstanding common stock with no expiration date.
As of December 31, 2016, no purchases have been made under the 2016 authorization.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="4"> Outstanding Options</td><td colspan="3"> Exercisable Options</td></tr><tr><td> Exercise Prices</td><td> Number Outstanding</td><td> Weighted Average Remaining Contractual Life</td><td> Weighted Average Exercise Price</td><td> Aggregate  Intrinsic  Value</td><td> Number Exercisable</td><td> Weighted Average Exercise Price</td><td> Aggregate  Intrinsic  Value</td></tr><tr><td>$8.09 – $8.44</td><td>63,272</td><td>1.5</td><td>$8.32</td><td></td><td>63,272</td><td>$8.32</td><td></td></tr><tr><td>$11.45 – $16.48</td><td>584,074</td><td>0.9</td><td>13.16</td><td></td><td>584,074</td><td>13.16</td><td></td></tr><tr><td>$22.00 – $26.50</td><td>30,992</td><td>1.9</td><td>24.19</td><td></td><td>30,992</td><td>24.19</td><td></td></tr><tr><td></td><td>678,338</td><td>1.0</td><td>$13.21</td><td>$14,270,326</td><td>678,338</td><td>$13.21</td><td>$14,270,326</td></tr></table>
<table><tr><td></td><td colspan="2">Year Ended December 31,</td></tr><tr><td></td><td>2014</td><td>2013</td></tr><tr><td>Beginning balance, unrecognized tax benefits</td><td>$-95,664</td><td>$-95,575</td></tr><tr><td>Gross increases—tax positions in prior period</td><td>-8,864</td><td>-3,784</td></tr><tr><td>Gross decreases—tax positions in prior period</td><td>20,823</td><td>6,198</td></tr><tr><td>Gross increases—current-period tax positions</td><td>-4,431</td><td>-4,465</td></tr><tr><td>Decreases relating to settlements</td><td>17,747</td><td>643</td></tr><tr><td>Reductions as a result of lapse of statute of limitations</td><td>2,857</td><td>1,040</td></tr><tr><td>Foreign exchange movement</td><td>548</td><td>279</td></tr><tr><td>Ending balance, unrecognized tax benefits</td><td>$-66,984</td><td>$-95,664</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2018</td><td colspan="2">2017 (As Adjusted) (1)</td><td colspan="2">2016 (As Adjusted) (1)</td></tr><tr><td>Revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fee revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Occupier outsourcing</td><td>$291,819</td><td>13.2%</td><td>$247,518</td><td>12.5%</td><td>$214,040</td><td>12.4%</td></tr><tr><td>Property management</td><td>91,923</td><td>4.2%</td><td>86,164</td><td>4.3%</td><td>74,602</td><td>4.3%</td></tr><tr><td>Valuation</td><td>111,741</td><td>5.1%</td><td>117,377</td><td>5.9%</td><td>110,125</td><td>6.4%</td></tr><tr><td>Loan servicing</td><td>570</td><td>0.0%</td><td>—</td><td>0.0%</td><td>—</td><td>0.0%</td></tr><tr><td>Leasing</td><td>421,255</td><td>19.1%</td><td>357,983</td><td>18.0%</td><td>312,184</td><td>18.1%</td></tr><tr><td>Capital Markets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales</td><td>300,312</td><td>13.6%</td><td>304,344</td><td>15.3%</td><td>261,320</td><td>15.1%</td></tr><tr><td>Commercial mortgage origination</td><td>2,330</td><td>0.1%</td><td>2,119</td><td>0.1%</td><td>2,136</td><td>0.1%</td></tr><tr><td>Other</td><td>12,703</td><td>0.5%</td><td>9,636</td><td>0.6%</td><td>12,393</td><td>0.7%</td></tr><tr><td>Total fee revenue</td><td>1,232,653</td><td>55.8%</td><td>1,125,141</td><td>56.7%</td><td>986,800</td><td>57.1%</td></tr><tr><td>Pass through costs also recognized as revenue</td><td>974,882</td><td>44.2%</td><td>858,345</td><td>43.3%</td><td>742,728</td><td>42.9%</td></tr><tr><td>Total revenue</td><td>2,207,535</td><td>100.0%</td><td>1,983,486</td><td>100.0%</td><td>1,729,528</td><td>100.0%</td></tr><tr><td>Costs and expenses:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of services</td><td>1,652,281</td><td>74.8%</td><td>1,485,044</td><td>74.9%</td><td>1,302,050</td><td>75.3%</td></tr><tr><td>Operating, administrative and other</td><td>359,033</td><td>16.3%</td><td>319,214</td><td>16.1%</td><td>301,097</td><td>17.4%</td></tr><tr><td>Depreciation and amortization</td><td>20,297</td><td>0.9%</td><td>18,258</td><td>0.9%</td><td>17,810</td><td>1.0%</td></tr><tr><td>Operating income</td><td>175,924</td><td>8.0%</td><td>160,970</td><td>8.1%</td><td>108,571</td><td>6.3%</td></tr><tr><td>Equity income from unconsolidated subsidiaries</td><td>433</td><td>0.0%</td><td>397</td><td>0.0%</td><td>223</td><td>0.0%</td></tr><tr><td>Less: Net income attributable to non-controllinginterests</td><td>—</td><td>0.0%</td><td>—</td><td>0.0%</td><td>85</td><td>0.0%</td></tr><tr><td>Add-back: Depreciation and amortization</td><td>20,297</td><td>0.9%</td><td>18,258</td><td>0.9%</td><td>17,810</td><td>1.0%</td></tr><tr><td>EBITDA</td><td>$196,654</td><td>8.9%</td><td>$179,625</td><td>9.0%</td><td>$126,519</td><td>7.3%</td></tr><tr><td>Adjusted EBITDA</td><td>$197,684</td><td>9.0%</td><td>$180,043</td><td>9.1%</td><td>$142,299</td><td>8.2%</td></tr></table>
<table><tr><td>Period</td><td>Total Numberof SharesPurchased</td><td>AveragePrice Paidper Share</td><td>Total Number ofShares NotPurchased as Part ofPublicly AnnouncedPlans or Programs (a)</td><td>Total Number ofShares Purchased asPart of PubliclyAnnounced Plans orPrograms</td><td>Approximate DollarValue of Shares thatMay Yet Be PurchasedUnder the Plans orPrograms (b)</td></tr><tr><td>October 2016</td><td>433,272</td><td>$52.69</td><td>50,337</td><td>382,935</td><td>$2.7 billion</td></tr><tr><td>November 2016</td><td>667,644</td><td>$62.25</td><td>248,349</td><td>419,295</td><td>$2.6 billion</td></tr><tr><td>December 2016</td><td>1,559,569</td><td>$66.09</td><td>688</td><td>1,558,881</td><td>$2.5 billion</td></tr><tr><td>Total</td><td>2,660,485</td><td>$62.95</td><td>299,374</td><td>2,361,111</td><td>$2.5 billion</td></tr></table>

Question: as of december 31 , 2016 what was the percent of the shares outstanding of the 2015 program yet to be purchased
Answer: 16
Reasoning program: divide(40,2.5)