hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
entergy gulf states , inc . management's financial discussion and analysis .

Table:
 | ( in millions )
2003 net revenue | $ 1110.1
volume/weather | 26.7
net wholesale revenue | 13.0
summer capacity charges | 5.5
price applied to unbilled sales | 4.8
fuel recovery revenues | -14.2 ( 14.2 )
other | 3.9
2004 net revenue | $ 1149.8
the volume/weather variance resulted primarily from an increase of 1179 gwh in electricity usage in the industrial sector .
billed usage also increased a total of 291 gwh in the residential , commercial , and governmental sectors .
the increase in net wholesale revenue is primarily due to an increase in sales volume to municipal and co-op customers .
summer capacity charges variance is due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of the amortization in 2004 .
the amortization of these capacity charges began in june 2002 and ended in may 2003 .
the price applied to unbilled sales variance resulted primarily from an increase in the fuel price applied to unbilled sales .
fuel recovery revenues represent an under-recovery of fuel charges that are recovered in base rates .
entergy gulf states recorded $ 22.6 million of provisions in 2004 for potential rate refunds .
these provisions are not included in the net revenue table above because they are more than offset by provisions recorded in 2003 .
gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to an increase of $ 187.8 million in fuel cost recovery revenues as a result of higher fuel rates in both the louisiana and texas jurisdictions .
the increases in volume/weather and wholesale revenue , discussed above , also contributed to the increase .
fuel and purchased power expenses increased primarily due to : 2022 increased recovery of deferred fuel costs due to higher fuel rates ; 2022 increases in the market prices of natural gas , coal , and purchased power ; and 2022 an increase in electricity usage , discussed above .
other regulatory credits increased primarily due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of amortization in 2004 .
the amortization of these charges began in june 2002 and ended in may 2003 .
2003 compared to 2002 net revenue , which is entergy gulf states' 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. .

Question: what are the provisions for potential rate refunds as a percentage of net revenue in 2004?
Answer: 1.97%
Calculation: divide(22.6, 1149.8)
management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution . includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities . 2030 interest rate products . government bonds , money market instruments such as commercial paper , treasury bills , repurchase agreements and other highly liquid securities and instruments , as well as interest rate swaps , options and other derivatives . 2030 credit products . investment-grade corporate securities , high-yield securities , credit derivatives , bank and bridge loans , municipal securities , emerging market and distressed debt , and trade claims . 2030 mortgages . commercial mortgage-related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s . government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives . 2030 currencies . most currencies , including growth-market currencies . 2030 commodities . crude oil and petroleum products , natural gas , base , precious and other metals , electricity , coal , agricultural and other commodity products . equities . includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as otc transactions . equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees . the table below presents the operating results of our institutional client services segment. .

Table:
$ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012
fixed income currency and commodities client execution | $ 8461 | $ 8651 | $ 9914
equities client execution1 | 2079 | 2594 | 3171
commissions and fees | 3153 | 3103 | 3053
securities services | 1504 | 1373 | 1986
total equities | 6736 | 7070 | 8210
total net revenues | 15197 | 15721 | 18124
operating expenses | 10880 | 11792 | 12490
pre-tax earnings | $ 4317 | $ 3929 | $ 5634
1 .
net revenues related to the americas reinsurance business were $ 317 million for 2013 and $ 1.08 billion for 2012 .
in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .
42 goldman sachs 2014 annual report .

Question: what was the percentage change in pre-tax earnings for the institutional client services segment between 2013 and 2014?
Answer: 10%
Calculation: subtract(4317, 3929), divide(#0, 3929)
9. Net interest income/interest expenses
The interest result can be broken down as follows:
Interest income and interest expenses from financial instruments are assigned to the measurement categories according to IFRS 9 on the basis of the underlying transactions.
The interest expenses included here (of the measurement categories in accordance with IFRS 9) primarily include interest expenses for issued bonds (including the Commercial Paper Programme) of €41 million (2017/18: €55 million) and for liabilities to banks of €19 million (2017/18: €12 million).
The decline in interest expenses was primarily the result of more favourable refinancing terms.
Table:
€ million | 2017/2018 | 2018/2019
Interest income | 27 | 29
thereof finance leases | (0) | (0)
thereof from post-employment benefits plans | (5) | (7)
thereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): | (16) | (12)
Interest expenses | −163 | −148
thereof finance leases | (−51) | (−49)
thereof from post-employment benefits plans | (−16) | (−15)
thereof from financial instruments of the measurement categories according to IFRS9 (previous year: IAS39) | (−79) | (−69)
Interest result | −136 | −119


Question: What are the broad components in the table which are used to calculate the interest result?
Answer: Interest income, Interest expenses
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
21. Related Party Transactions (Continued)
Compensation of key management personnel
The remuneration of directors and key management was as follows:
Table:
 |  | For the year ended December 31, | 
 | 2017 | 2018 | 2019
Remuneration | 7,603 | 7,011 | 7,536
Short-term benefits | 106 | 136 | 172
Expense recognized in respect of share-based compensation | 1,821 | 1,992 | 2,044
Total | 9,530 | 9,139 | 9,752


Question: Which year was the short-term benefits the highest?
Answer: 2019
Calculation: 172 > 136 > 106
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
See Note 3 of our Notes to Consolidated Financial Statements for a discussion of 2019 and 2018 acquisitions.
Results of Operations
Revenues increased $9.0 million, or 61%, in 2019 compared to the prior year, with overall growth supported by the acquisition of Golden Ridge in November 2018, and MGI Grain in April 2019. Food product revenues increased 97% year over year, primarily due to the addition of new products for human consumption from Golden Ridge and MGI Grain. Animal feed product revenues increased 10%. Animal feed product growth was primarily due to increased buying from our existing SRB customer base.
Gross profit percentage decreased 23.8 percentage points to negative 3.6% in 2019 from 20.2% in the prior year. The decrease in gross profit was primarily attributable to operating losses at Golden Ridge due to an unfavorable contract to sell medium grain rice entered into by the seller of the mill and low levels of plant utilization in the latter half of the year while the mill was going through a planned upgrade cycle. With this project completed in early January 2020, we expect to see improved productivity and a positive contribution margin from Golden Ridge in 2020.
Selling, general and administrative (SG&A) expenses were $13.7 million in 2019, compared to $11.2 million in 2018, an increase of $2.5 million, or 22.4%. Outside services increased $1.1 million in 2019, compared to the prior year, primarily as a result of higher outside accounting, legal and professional fees associated with the acquisition of Golden Ridge and MGI Grain. Salary, wages and benefit related expenses increased $1.1 million in 2019, compared to the prior year, driven substantially by equity grants and outside labor costs. Bad debt expense increased $0.2 million and rent expense increased $0.1 million in 2019, compared to the prior year.
Other, net was $0.9 million for 2019 compared to $0.2 million in 2018. This increase was primarily related to the settlement of a net working capital dispute and other issues with the seller of Golden Ridge.
Table:
 | Years Ended December 31 |  | Change
 | 2019 | 2018 | %
 | (in thousands) |  | 
Revenues | $23,713 | $14,762 | 60.6
Cost of goods sold | 24,574 | 11,780 | (108.6)
Gross profit (loss) | (861) | 2,982 | 
Gross profit % | -3.6% | 20.2% | 
Selling, general and administrative expenses | 13,696 | 11,194 | (22.4)
Loss from operations | (14,557) | (8,212) | (77.3)
Other income (expense): | (96) | (12) | 
Interest expense | 50 | - | 
Other, net | 868 | 168 | 
Total other (expense) income | 822 | 156 | 
Loss before income taxes | $(13,735) | $(8,056) | 


Question: What is the percentage change in selling, general and administrative expenses from operations in 2018 and 2019?
Answer: 22.35
Calculation: (13,696 - 11,194)/11,194
Stock-based Compensation Expense
The following table sets forth our stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017 (in thousands):
Stock-based compensation awards include employee stock options, restricted stock awards and units, and employee stock purchases. For the year ended December 31, 2019, stock-based compensation expense was $31.6 million, of which $0.2 million related to employee stock options, $29.1 million related to restricted stock awards and units and $2.3 million related to employee stock purchases. For the year ended December 31, 2018, stock-based compensation expense was $31.0 million, of which $0.4 million related to employee stock options, $28.0 million related to restricted stock awards and units and $2.6 million related to employee stock purchases. The increase in stock-based compensation expense in 2019 compared to 2018 was due primarily to a higher volume of restricted stock unit grants.
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Research, development and other related costs | $14,643 | $13,168 | $13,277
Selling, general and administrative | 16,911 | 17,843 | 20,185
Total stock-based compensation expense | $31,554 | $31,011 | $33,462


Question: What caused the increment in stock-based compensation expense in 2019 compared to 2018?
Answer: a higher volume of restricted stock unit grants
Activity under our stock option plans is summarized as follows:
(a) Weighted-average exercise price
(b) Weighted-average contractual life remaining
The total aggregate intrinsic value of options exercised is $2,149, $1,724, and $1,944 for fiscal years ended March 31, 2017, 2018, and 2019, respectively.
Table:
 | Number of Shares | Average Price (a) | Average Life (years) (b) | Aggregate Intrinsic Value
Outstanding at March 31, 2018 | 1,894 | $12.90 | - | -
Options granted | - | - | - | -
Options exercised | (326) | 13.11 | - | $1,944
Options cancelled/forfeited | (122) | 13.22 | - | 295
Outstanding at March 31, 2019 | 1,446 | $12.82 | 3.29 | $6,528
Exercisable at March 31, 2019 | 1,347 | $12.70 | 3.08 | $6,253


Question: What is the percentage of total aggregate intrinsic value of options exercised as a percentage of the aggregate intrinsic value exercisable at March 31, 2019?
Answer: 31.09
Calculation: 1,944/6,253
Beginning fiscal 2011, we replaced the ownership share grants with time-vested RSUs for certain Vice Presidents and Officers that vest ratably overfour to five years and have a 50% or 100% holding requirement on settled shares, which must be held until termination. There were146,268 of such RSUs outstanding as of September 29, 2019. RSUs issued to non-management directors and certain other employees vest12 months from the date of grant, or upon termination of board service if the director or employee elects to defer receipt, and totaled 69,411 units outstanding as of September 29, 2019. RSUs issued to certain other employees either cliff vest or vest ratably over three years and totaled 35,864 units outstanding as of September 29, 2019. These awards are amortized to compensation expense over the estimated vesting period based upon the fair value of our common stock on the award date discounted by the present value of the expected dividend stream over the vesting period.
The following is a summary of RSU activity for fiscal 2019:
As of September 29, 2019, there was approximately $7.4 million of total unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of 2.2 years. The weighted-average grant date fair value of awards granted was$86.08, $94.93, and $102.42 in fiscal years 2019, 2018, and 2017, respectively. In fiscal years 2019, 2018, and 2017, the total fair value of RSUs that vested and were released was$4.7 million, $4.4 million, and $4.4 million, respectively.
Table:
 |  | Weighted-
 |  | Average Grant
 |  | Date Fair
 | Shares | Value
RSUs outstanding at September 30, 2018 | 288,098 | $64.57
Granted | 93,686 | $86.08
Released | (55,642) | $84.23
Forfeited | (14,297) | $94.00
RSUs outstanding at September 29, 2019 | 311,845 | $66.18


Question: What is the difference in the weighted-average grant date fair value between granted RSUs and released RSUs?
Answer: 1.85
Calculation: 86.08-84.23
NOTE 11 – STOCK COMPENSATION
The Company sponsors a stock-based incentive compensation plan known as the 2013 Equity Compensation Plan (the “Plan”), which was established by the Board of Directors of the Company in June 2013. A total of 500,000 shares were initially reserved for issuance under the Plan. The Plan was amended several times since then to eventually increase the authorized shares to 2,500,000 as of December 31, 2019. A total of 1,624,221 shares of common stock underlying options were outstanding at December 31, 2019. The Company had 236,614 remaining shares available to grant under the Plan at December 31, 2019.
The Plan allows the Company to grant incentive stock options, non-qualified stock options, stock appreciation rights, or restricted stock. The incentive stock options are exercisable for up to ten years, at an option price per share not less than the fair market value on the date the option is granted. The incentive stock options are limited to persons who are regular full-time employees of the Company at the date of the grant of the option. Non-qualified options may be granted to any person, including, but not limited to, employees, independent agents, consultants and attorneys, who the Company’s Board or Compensation Committee believes have contributed, or will contribute, to the success of the Company. Non-qualified options may be issued at option prices of less than fair market value on the date of grant and may be exercisable for up to ten years from date of grant. The option vesting schedule for options granted is determined by the Compensation Committee of the Board of Directors at the time of the grant. The Plan provides for accelerated vesting of unvested options if there is a change in control, as defined in the Plan.
The compensation cost that has been charged against income related to options for the years ended December 31, 2019 and 2018, was $1,687,745 and $1,317,904, respectively. No income tax benefit was recognized in the income statement and no compensation was capitalized in any of the years presented.
The Company had the following option activity during the years ended December 31, 2019 and 2018:
Of the options outstanding at December 31, 2019, 1,143,637 were exercisable with a weighted average contractual life of 1.9 years.
Table:
 | Number of Options | Weighted average exercise price | Weighted average remaining contractual life (years) | Aggregate intrinsic value $
Outstanding, January 1, 2018 | 1,368,772 | $3.12 |  | 
Granted – 2018 | 401,099 | $9.27 |  | 
Exercised – 2018 | (165,169) | $3.16 |  | 
Expired – 2018 | (50,002) | $5.48 |  | 
Outstanding, December 31, 2018 | 1,554,700 | $4.63 | 3.0 | 
Granted – 2019 | 410,134 | $12.28 |  | 
Exercised – 2019 | (251,063) | $3.73 |  | 
Expired – 2019 | (89,550) | $12.55 |  | 
Outstanding, December 31, 2019 | 1,624,221 | $6.27 | 2.6 | $7,925,643
Exercisable, December 31, 2019 | 1,143,637 | $4.39 | 1.9 | $7,197,053


Question: How much were the compensation costs that have been charged against income related to options in 2018 and 2019, respectively?
Answer: $1,317,904, $1,687,745
entergy gulf states , inc . management's financial discussion and analysis .

Table:
 | ( in millions )
2003 net revenue | $ 1110.1
volume/weather | 26.7
net wholesale revenue | 13.0
summer capacity charges | 5.5
price applied to unbilled sales | 4.8
fuel recovery revenues | -14.2 ( 14.2 )
other | 3.9
2004 net revenue | $ 1149.8
the volume/weather variance resulted primarily from an increase of 1179 gwh in electricity usage in the industrial sector .
billed usage also increased a total of 291 gwh in the residential , commercial , and governmental sectors .
the increase in net wholesale revenue is primarily due to an increase in sales volume to municipal and co-op customers .
summer capacity charges variance is due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of the amortization in 2004 .
the amortization of these capacity charges began in june 2002 and ended in may 2003 .
the price applied to unbilled sales variance resulted primarily from an increase in the fuel price applied to unbilled sales .
fuel recovery revenues represent an under-recovery of fuel charges that are recovered in base rates .
entergy gulf states recorded $ 22.6 million of provisions in 2004 for potential rate refunds .
these provisions are not included in the net revenue table above because they are more than offset by provisions recorded in 2003 .
gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to an increase of $ 187.8 million in fuel cost recovery revenues as a result of higher fuel rates in both the louisiana and texas jurisdictions .
the increases in volume/weather and wholesale revenue , discussed above , also contributed to the increase .
fuel and purchased power expenses increased primarily due to : 2022 increased recovery of deferred fuel costs due to higher fuel rates ; 2022 increases in the market prices of natural gas , coal , and purchased power ; and 2022 an increase in electricity usage , discussed above .
other regulatory credits increased primarily due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of amortization in 2004 .
the amortization of these charges began in june 2002 and ended in may 2003 .
2003 compared to 2002 net revenue , which is entergy gulf states' 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. .

Question: what portion of the net change in net revenue during 2004 is due to the change in volume/weather for entergy gulf states , inc?
Answer: 67.3%
Calculation: subtract(1149.8, 1110.1), divide(26.7, #0)
Product warranty liabilities:
Equipment and software systems sales include a standard product warranty. The following tables summarize the activity related to product warranty liabilities and their balances as reported in our consolidated balance sheets (in millions):
Table:
 | Year Ended | 
 | April 26, 2019 | April 27, 2018
Balance at beginning of period | $ 40 | $ 50
Expense accrued during the period | 22 | 16
Warranty costs incurred | (22) | (26)
Balance at end of period | $ 40 | $ 40
Total warranty liabilities | $ 40 | $  40


Question: What was the Balance at beginning of period in 2019?
Answer: 40
NOTE 11 - STOCK CAPITAL (Cont.)
Shares and warrants issued to service providers:
On August 17, 2017 the Company issued to Anthony Fiorino, the former CEO of the Company, for consulting services rendered, a grant of 4,327 shares of restricted stock under the 2014 U.S. Plan, which vests in eight equal quarterly installments (starting November 17, 2017) until fully vested on the second anniversary of the date of grant.
Compensation expense recorded by the Company in respect of its stock-based service provider compensation awards for the year ended December 31, 2019 and 2018 amounted to $25 and $102, respectively.
On March 26, 2019, the Company issued to its legal advisor 5,908 shares of Common Stock under the 2014 U.S. Plan for certain 2018 legal services. The related compensation expense was recorded as general and administrative expense in 2018.
On May 23, 2019, the Company granted to a former director, in consideration for services rendered to the Company, an option under the 2014 Global Plan to purchase up to 4,167 shares of Common Stock with an exercise price per share of $0.75. The option was fully vested and exercisable as of the date of grant.
Total Stock-Based Compensation Expense:
The total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows:
Table:
 | December 31 | 
 | 2019 | 2 0 1 8
U.S. $ in thousands |  | 
Research and development | 123 | 175
General and administrative | 666 | 844
Total stock-based compensation expense | 789 | 1,019


Question: What is the exercise price per share under the 2014 Global Plan?
Answer: $0.75