Management’s Discussion and Analysis of Financial Condition and Results of Operations – Continued Gas CECONY’s results of gas operations for the year ended December 31, 2014 compared with the year ended December 31, 2013 is as follows:
## Table 0 ##
CECONY’s gas sales and deliveries, excluding off-system sales, in 2014 compared with 2013 were:
## Table 1 ##
(a) Revenues from gas sales are subject to a weather normalization clause and a revenue decoupling mechanism as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
(b) After adjusting for variations, principally weather and billing days, firm gas sales and transportation volumes in the company’s service area increased 8.0 percent in 2014 compared with 2013, reflecting primarily higher oil-to-gas conversions and transfers to firm service.
(c) Includes 6,057 and 5,362 thousands of Dt for 2014 and 2013, respectively, which are also reflected in firm transportation and other.
(d) Other gas operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plans.
See Note B to the financial statements in Item 8.
Operating revenues increased $105 million in 2014 compared with 2013 due primarily to an increase in gas purchased for resale expenses ($77 million) and higher revenues from the gas rate plan ($31 million).
Gas purchased for resale increased $77 million in 2014 compared with 2013 due to higher unit costs ($67 million) and sendout volumes ($10 million).
Other operations and maintenance expenses increased $67 million due primarily to higher operating costs attributable to emergency response ($25 million), higher pension costs ($10 million), an increase in the surcharges for assessments and fees that are collected in revenues from customers ($8 million), higher costs for injuries and damages ($4 million) and higher healthcare costs ($2 million).
Depreciation and amortization increased $2 million due primarily to higher gas utility plant balances.
Taxes, other than income taxes increased $7 million principally due to higher state and local revenue taxes and property taxes, offset in part by a sales and use tax refund.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Continued Competitive Energy Businesses The competitive energy businesses’ results of operations for the year ended December 31, 2013 compared with the year ended December 31, 2012 is as follows:
## Table 2 ##
Operating revenues decreased $117 million in 2013 compared with 2012, due primarily to lower electric retail and wholesale revenues ($156 million), and the impact of the termination of the LILO transactions ($27 million, see “Lease In/Lease Out Transactions” in Note J to the financial statements in Item 8).
Electric retail revenues decreased $99 million, due to lower sales volume ($138 million), offset by higher unit prices ($39 million).
Wholesale revenues decreased $57 million in 2013 as compared with 2012, due to lower sales volumes.
Solar revenues increased $38 million in 2013 compared with 2012 reflecting an increase in solar electric production projects in service.
Net mark-to-market values increased $6 million in 2013 as compared with 2012, of which $14 million in gains are reflected in revenues and $8 million in losses are reflected in purchased power expenses.
Other revenues increased $14 million in 2013 as compared with 2012, due primarily to higher other wholesale revenues.
Purchased power expenses decreased $89 million in 2013 compared with 2012 due primarily to lower volumes ($180 million), offset by higher unit prices ($83 million) and changes in mark-to-market values ($8 million).
Gas purchased for resale increased $22 million due primarily to higher volumes.
Depreciation and amortization increased $15 million due to higher non-utility plant balances.
Net Interest Expense Net interest expense increased $134 million in 2013 compared to 2012 due primarily to the impact of the LILO transactions.
See “Lease In/Lease Out Transactions” in Note J to the financial statements in Item 8.
Income Tax Expense Income taxes decreased $93 million in 2013 compared with 2012 due primarily to lower income before income tax expense and a tax benefit resulting from the acceptance by the IRS of the company’s claim for manufacturing tax deductions.
Other For Con Edison, “Other” also includes inter-company eliminations relating to operating revenues and operating expenses.
Liquidity and Capital Resources The Companies’ liquidity reflects cash flows from operating, investing and financing activities, as shown on their respective consolidated statement of cash flows and as discussed below.
The principal factors affecting Con Edison’s liquidity are its investments in the Utilities, the dividends it pays to its shareholders and the dividends it receives from the Utilities and cash flows from financing activities discussed below.
The principal factors affecting CECONY’s liquidity are its cash flows from operating activities, cash used in investing activities (including construction expenditures), the dividends it pays to Con Edison and cash flows from financing activities discussed below.
The Companies generally maintain minimal cash balances and use short-term borrowings to meet their working capital needs and other cash requirements.
The Companies repay their short-term borrowings using funds from long-term financings and operating activities.
The Utilities’ cost of capital, including working capital, is reflected in the rates they charge to their customers.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Continued Each of the Companies believes that it will be able to meet its reasonably likely short-term and long-term cash requirements.
See “The Companies Require Access to Capital Markets to Satisfy Funding Requirements” and “The Companies Also Face Other Risks That Are Beyond Their Control” in Item 1A, and “Capital Requirements and Resources” in Item 1.
Changes in the Companies’ cash and temporary cash investments resulting from operating, investing and financing activities for the years ended December 31, 2014, 2013 and 2012 are summarized as follows: Con Edison
## Table 3 ##
CECONY
## Table 4 ##
Cash Flows from Operating Activities The Utilities’ cash flows from operating activities reflect principally their energy sales and deliveries and cost of operations.
The volume of energy sales and deliveries is affected primarily by factors external to the Utilities, such as growth of customer demand, weather, market prices for energy, economic conditions and measures that promote energy efficiency.
Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, changes in delivery volumes from levels assumed when rates were approved may affect the timing of cash flows but generally not net income.
See Note B to the financial statements in Item 8.
The prices at which the Utilities provide energy to their customers are determined in accordance with their rate plans.
In general, changes in the Utilities’ cost of purchased power, fuel and gas may affect the timing of cash flows but not net income because the costs are recovered in accordance with rate plans.
See “Recoverable Energy Costs” in Note A to the financial statements in Item 8.
The Companies’ cash flows from operating activities also reflect income tax payments.
Cash paid by Con Edison for income taxes, net of any refunds received was $633 million, $69 million and $46 million in 2014, 2013 and 2012, respectively (including $748 million, $163 million and $62 million for CECONY in 2014, 2013 and 2012, respectively).
The Companies had no current federal income tax liabilities for 2012 due primarily to deduction for costs incurred in connection with Superstorm Sandy and deductions under the bonus depreciation provisions of the federal tax code.
The American Taxpayer Relief Act of 2012 has extended bonus depreciation provisions to assets placed in service before January 2014 (or, for certain types of assets, January 2015).
In December 2014, President Obama signed into law the Tax Increase Prevention Act of 2014 which extended bonus depreciation for another year through December 31, 2014.
As a result, Con Edison is requesting a refund of $224 million of 2014 estimated federal tax payments (including $128 million attributable to CECONY).
See Note L to the financial statements in Item 8.
Net income is the result of cash and non-cash (or accrual) transactions.
Only cash transactions affect the Companies’ cash flows from operating activities.
Principal non-cash charges or credits include depreciation, deferred income tax expense and amortizations of certain regulatory assets and liabilities.
Noncash charges or credits may also be accrued under the revenue decoupling and cost reconciliation mechanisms in the Utilities’ New York electric and gas rate plans.
See “Rate Plans – CECONY– Electric and Gas and O&R – Electric and Gas” in Note B to the financial statements in Item 8.
Net cash flows from operating activities in 2014 for Con Edison and CECONY were $279 million higher and $213 million lower, respectively, than in 2013.
The increase in net cash flows for Con Edison reflects primarily the decreased pension contributions ($303 million) in 2014.
The decrease in net cash for CECONY reflects higher income tax payments ($585 million) in 2014, offset in part by decreased pension contributions ($286 million) in 2014.
The Companies contributed $584 million and $887 million (of which $544 million and $830 million was contributed by CECONY) to the pension plan during 2014 and 2013, respectively.
Net cash flows from operating activities in 2013 for Con Edison and CECONY were $47 million lower and $297 million higher, respectively, than in 2012.
The decrease in net cash flows for Con Edison reflects a special deposit the company made with federal and state tax agencies relating primarily to the LILO transactions.
See “Lease In/Lease Out Transactions” in Note J to
EDWARDS LIFESCIENCES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 13.
COMMON STOCK (Continued) The Company also maintains the Nonemployee Directors Stock Incentive Compensation Program (the ‘‘Nonemployee Directors Program’’).
Under the Nonemployee Directors Program, upon a director’s initial election to the Board, the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $0.2 million, not to exceed 20,000 shares.
These grants vest over three years from the date of grant, subject to the director’s continued service.
In addition, annually each nonemployee director may receive up to 40,000 stock options or 16,000 restricted stock units of the Company’s common stock, or a combination thereof, provided that in no event may the total value of the combined annual award exceed $0.2 million.
These grants generally vest over one year from the date of grant.
Under the Nonemployee Directors Program, an aggregate of 2.8 million shares of the Company’s common stock has been authorized for issuance.
The Company has an employee stock purchase plan for United States employees and a plan for international employees (collectively ‘‘ESPP’’).
Under the ESPP, eligible employees may purchase shares of the Company’s common stock at 85% of the lower of the fair market value of Edwards Lifesciences common stock on the effective date of subscription or the date of purchase.
Under the ESPP, employees can authorize the Company to withhold up to 12% of their compensation for common stock purchases, subject to certain limitations.
The ESPP is available to all active employees of the Company paid from the United States payroll and to eligible employees of the Company outside the United States, to the extent permitted by local law.
The ESPP for United States employees is qualified under Section 423 of the Internal Revenue Code.
The number of shares of common stock authorized for issuance under the ESPP was 13.8 million shares.
The fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following tables.
The risk-free interest rate is estimated using the U. S.  Treasury yield curve and is based on the expected term of the award.
Expected volatility is estimated based on a blend of the weighted-average of the historical volatility of Edwards Lifesciences’ stock and the implied volatility from traded options on Edwards Lifesciences’ stock.
The expected term of awards granted is estimated from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that awards granted are expected to be outstanding.
The Company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0%.
The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods: Option Awards
## Table 5 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2"> Twelve Months Ended</td><td></td></tr><tr><td> (Millions of Dollars)</td><td> December 31, 2014</td><td> December 31, 2013</td><td>Variation</td></tr><tr><td>Operating revenues</td><td>$1,721</td><td>$1,616</td><td>$105</td></tr><tr><td>Gas purchased for resale</td><td>609</td><td>532</td><td>77</td></tr><tr><td>Other operations and maintenance</td><td>418</td><td>351</td><td>67</td></tr><tr><td>Depreciation and amortization</td><td>132</td><td>130</td><td>2</td></tr><tr><td>Taxes, other than income taxes</td><td>248</td><td>241</td><td>7</td></tr><tr><td> Gas operating income</td><td>$314</td><td>$362</td><td>$-48</td></tr></table>
<table><tr><td></td><td colspan="4">Thousands of Dt Delivered</td><td colspan="4">Revenues in Millions(a)</td></tr><tr><td></td><td colspan="2"> Twelve Months Ended</td><td colspan="2"></td><td colspan="2"> Twelve Months Ended</td><td colspan="2"></td></tr><tr><td> Description</td><td> December 31, 2014</td><td> December 31, 2013</td><td>Variation</td><td>Percent Variation</td><td>December 31, 2014</td><td> December 31, 2013</td><td>Variation</td><td>Percent Variation</td></tr><tr><td>Residential</td><td>46,661</td><td>38,872</td><td>7,789</td><td>20.0%</td><td>$782</td><td>$720</td><td>$62</td><td>8.6%</td></tr><tr><td>General</td><td>28,969</td><td>28,135</td><td>834</td><td>3.0</td><td>359</td><td>339</td><td>20</td><td>5.9</td></tr><tr><td>Firm transportation</td><td>68,731</td><td>61,139</td><td>7,592</td><td>12.4</td><td>453</td><td>414</td><td>39</td><td>9.4</td></tr><tr><td> Total firm sales and transportation</td><td> 144,361</td><td> 128,146</td><td>16,215</td><td>12.7(b)</td><td>1,594</td><td>1,473</td><td>121</td><td>8.2</td></tr><tr><td>Interruptible sales(c)</td><td>10,498</td><td>10,900</td><td>-402</td><td>-3.7</td><td>91</td><td>69</td><td>22</td><td>31.9</td></tr><tr><td>NYPA</td><td>47,548</td><td>48,682</td><td>-1,134</td><td>-2.3</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Generation plants</td><td>82,146</td><td>62,764</td><td>19,382</td><td>30.9</td><td>30</td><td>26</td><td>4</td><td>15.4</td></tr><tr><td>Other</td><td>22,866</td><td>24,615</td><td>-1,749</td><td>-7.1</td><td>40</td><td>45</td><td>-5</td><td>-11.1</td></tr><tr><td>Other operating revenues(d)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-36</td><td>1</td><td>-37</td><td>Large</td></tr><tr><td> Total</td><td> 307,419</td><td> 275,107</td><td>32,312</td><td>11.7%</td><td>$1,721</td><td>$1,616</td><td>$105</td><td>6.5%</td></tr></table>
<table><tr><td></td><td colspan="2"> Twelve Months Ended</td><td></td></tr><tr><td> (Millions of Dollars)</td><td> December 31, 2013</td><td> December 31, 2012</td><td>Variation</td></tr><tr><td>Operating revenues</td><td>$1,096</td><td>$1,213</td><td>$-117</td></tr><tr><td>Purchased power</td><td>861</td><td>950</td><td>-89</td></tr><tr><td>Gas purchased for resale</td><td>27</td><td>5</td><td>22</td></tr><tr><td>Other operations and maintenance</td><td>105</td><td>107</td><td>-2</td></tr><tr><td>Depreciation and amortization</td><td>23</td><td>8</td><td>15</td></tr><tr><td>Taxes, other than income taxes</td><td>17</td><td>18</td><td>-1</td></tr><tr><td> Operating income</td><td>$63</td><td>$125</td><td>$-62</td></tr></table>
<table><tr><td> (Millions of Dollars)</td><td>2014</td><td>2013</td><td>Variance 2014 vs. 2013</td><td>2012</td><td>Variance 2013 vs. 2012</td></tr><tr><td>Operating activities</td><td>$2,831</td><td>$2,552</td><td>$279</td><td>$2,599</td><td>$-47</td></tr><tr><td>Investing activities</td><td>-2,759</td><td>-2,659</td><td>-100</td><td>-2,523</td><td>-136</td></tr><tr><td>Financing activities</td><td>-47</td><td>387</td><td>-434</td><td>-330</td><td>717</td></tr><tr><td>Net change</td><td>25</td><td>280</td><td>-255</td><td>-254</td><td>534</td></tr><tr><td>Balance at beginning of period</td><td>674</td><td>394</td><td>280</td><td>648</td><td>-254</td></tr><tr><td>Balance at end of period</td><td>$699</td><td>$674</td><td>$25</td><td>$394</td><td>$280</td></tr></table>
<table><tr><td> (Millions of Dollars)</td><td>2014</td><td>2013</td><td>Variance 2014 vs. 2013</td><td>2012</td><td>Variance 2013 vs. 2012</td></tr><tr><td>Operating activities</td><td>$2,430</td><td>$2,643</td><td>$-213</td><td>$2,346</td><td>$297</td></tr><tr><td>Investing activities</td><td>-2,304</td><td>-2,417</td><td>113</td><td>-1,958</td><td>-459</td></tr><tr><td>Financing activities</td><td>-114</td><td>54</td><td>-168</td><td>-407</td><td>461</td></tr><tr><td>Net change</td><td>12</td><td>280</td><td>-268</td><td>-19</td><td>299</td></tr><tr><td>Balance at beginning of period</td><td>633</td><td>353</td><td>280</td><td>372</td><td>-19</td></tr><tr><td>Balance at end of period</td><td>$645</td><td>$633</td><td>$12</td><td>$353</td><td>$280</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Average risk-free interest rate</td><td>1.1%</td><td>1.4%</td><td>1.5%</td></tr><tr><td>Expected dividend yield</td><td>None</td><td>None</td><td>None</td></tr><tr><td>Expected volatility</td><td>33%</td><td>30%</td><td>31%</td></tr><tr><td>Expected life (years)</td><td>4.5</td><td>4.6</td><td>4.6</td></tr><tr><td>Fair value, per share</td><td>$31.00</td><td>$18.13</td><td>$11.75</td></tr></table>

Question: what is the percent change in the fair value per share between 2014 and 2016?
Answer: 1.6383
Reasoning program: subtract(31,11.75), divide(#0,11.75)