hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Note 11: Share-Based Compensation
Total share-based compensation expense related to the Company's stock options, RSUs, stock grant awards and ESPP were recorded within the Consolidated Statements of Operations and Comprehensive Income as follows (in millions):
(1) Recognition of related income tax benefits are the result of the adoption of ASU 2016-09 during the first quarter of 2017 through a cumulative effect adjustment of $68.1 million recorded as a credit to retained earnings as of January 1, 2017. Tax benefit is calculated using the federal statutory rate of 21% during the years ended December 31, 2019 and December 31, 2018, and 35% for the year ended December 31, 2017.
At December 31, 2019, total unrecognized share-based compensation expense, net of estimated forfeitures, related to non-vested RSUs with service, performance and market conditions was $74.9 million, which is expected to be recognized over a weighted-average period of 1.3 years. The total intrinsic value of stock options exercised during the year ended December 31, 2019 was $3.9 million.
The Company received cash of $1.7 million and $26.2 million from the exercise of stock options and the issuance of shares under the ESPP, respectively. Upon option exercise, vesting of RSUs, stock grant awards, or completion of a purchase under the ESPP, the Company issues new shares of common stock.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Cost of revenue | $10.6 | $7.0 | $6.0
Research and development | 17.0 | 14.3 | 12.5
Selling and marketing | 14.8 | 14.1 | 11.7
General and administrative | 37.0 | 42.9 | 39.6
Share-based compensation expense | 79.4 | 78.3 | 69.8
Related income tax benefits at federal rate (1) | (16.7) | (16.4) | (24.4)
Share-based compensation expense, net of taxes | $62.7 | $61.9 | $45.4


Question: What is the average Cost of revenue for December 31, 2018 and 2019?
Answer: 8.8
Calculation: (10.6+7.0) / 2
Outstanding Equity Awards at Fiscal Year End
The following table summarizes the equity awards made to our named executive officers that were outstanding at December 31, 2019
Table:
Name | No. of Securities Underlying Unexercised Options (#) Exercisable No. of Securities Underlying Unexercised | No. of Securities Underlying Unexercised Options (#) Unexercisable No. of Securities Underlying Unexercised | Option Exercise Price | Option Expiration Date
Garo H. Armen (1) | 500,000 | - | $1.25 | April 16, 2026
Garo H. Armen (2) | 184,028 | 65,972 | $1.75 | October 16, 2027
Alexander K. Arrow (3) | 100,000 | - | $1.25 | February 12, 2026
Alexander K. Arrow (3) | 140,000 | - | $1.25 | April 15, 2026
Alexander K. Arrow (4) | 55,208 | 19,792 | $1.75 | October 16, 2027
Alexander K. Arrow (5) | 41,667 | - | $1.00 | February 1, 2029


Question: How many unexercised options does Garo H. Armen have as at December 31, 2019?
Answer: 684028
Calculation: 500,000 + 184,028
contractual obligations the company's significant contractual obligations as of december 31 , 2014 are summarized below: .

Table:
( in thousands ) | payments due by period total | payments due by period within 1 year | payments due by period 2 2013 3 years | payments due by period 4 2013 5 years | payments due by period after 5 years
global headquarters operating lease ( 1 ) | $ 49415 | $ 4278 | $ 8556 | $ 8556 | $ 28025
other operating leases ( 2 ) | 29838 | 10397 | 12100 | 4603 | 2738
unconditional purchase obligations ( 3 ) | 9821 | 5259 | 4562 | 2014 | 2014
obligations related to uncertain tax positions including interest and penalties ( 4 ) | 209 | 209 | 2014 | 2014 | 2014
other long-term obligations ( 5 ) | 29861 | 9206 | 13378 | 3611 | 3666
total contractual obligations | $ 119144 | $ 29349 | $ 38596 | $ 16770 | $ 34429
( 1 ) on september 14 , 2012 , the company entered into a lease agreement for 186000 square feet of rentable space located in an office facility in canonsburg , pennsylvania , which serves as the company's new headquarters .
the lease was effective as of september 14 , 2012 , but because the leased premises were under construction , the company was not obligated to pay rent until three months following the date that the leased premises were delivered to ansys , which occurred on october 1 , 2014 .
the term of the lease is 183 months , beginning on october 1 , 2014 .
the company shall have a one-time right to terminate the lease effective upon the last day of the tenth full year following the date of possession ( december 31 , 2024 ) , by providing the landlord with at least 18 months' prior written notice of such termination .
the company's lease for its prior headquarters expired on december 31 , 2014 .
( 2 ) other operating leases primarily include noncancellable lease commitments for the company 2019s other domestic and international offices as well as certain operating equipment .
( 3 ) unconditional purchase obligations primarily include software licenses and long-term purchase contracts for network , communication and office maintenance services , which are unrecorded as of december 31 , 2014 .
( 4 ) the company has $ 17.3 million of unrecognized tax benefits , including estimated interest and penalties , that have been recorded as liabilities in accordance with income tax accounting guidance for which the company is uncertain as to if or when such amounts may be settled .
as a result , such amounts are excluded from the table above .
( 5 ) other long-term obligations primarily include deferred compensation of $ 18.5 million ( including estimated imputed interest of $ 300000 within 1 year , $ 450000 within 2-3 years and $ 90000 within 4-5 years ) , pension obligations of $ 6.3 million for certain foreign locations of the company and contingent consideration of $ 2.8 million ( including estimated imputed interest of $ 270000 within 1 year and $ 390000 within 2-3 years ) .
table of contents .

Question: what percentage of total contractual obligations come from other operating leases?
Answer: 25.04%
Calculation: divide(29838, 119144)
PSUs – Total Shareholder Return (TSR)
The PSUs granted based on TSR are contingently awarded and will be payable in shares of the Company’s common stock subject to the condition that the number of PSUs, if any, earned by the employees upon the expiration of a three-year award performance period is dependent on the Company’s TSR ranking relative to a peer group of companies. The fair value of the PSUs based on TSR was estimated on the grant date using a Monte Carlo Simulation. Other assumptions include the expected volatility of all companies included in the TSR, the historical share price returns analysis of all companies included in the TSR and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period. Compensation expense for the PSUs based on TSR (which is considered a market condition) is a fixed amount determined at the grant date fair value and is recognized 100% over the three-year award performance period regardless of whether PSUs are awarded at the end of the award performance period.
The number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table:
(1) For 2019, this represents the weighted average fair value for PSU awards approved during the first and third quarter.
(2) For 2019, values represent weighted average assumptions for PSU awards approved during the first and third quarter.
(3) On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.
Table:
 | 2019 | 2018 | 2017
Number of units granted | 70,543 | 56,829 | 100,958
Weighted average fair value on grant date(1) (3) | $ 57.53 | $ 43.40 | $ 44.24
Expected Price volatility(2) | 22.86% | 22.00% | 25.31 %
Risk-free interest rate(2) | 2.36% | 2.00% | 1.56 %


Question: How was the fair value of the PSUs based on TSR estimated?
Answer: a Monte Carlo Simulation
Year Ended December 31, 2019 Compared to Year Ended December 31, 2018
Operating revenues. Operating revenues decreased by 2.0% from NT$151,253 million in 2018 to NT$148,202 million (US$4,955 million) in
2019, primarily due to decreased other operating revenues, decreased foundry wafer sale, and 2.5% depreciation of the NTD in 2019 from 2018. The decreased foundry wafer sale came from a decline of 2.9% in average selling price from 2018 to 2019, partially offset by a 1.1% increase in foundry wafer shipment from 7,108 thousand 8-inch equivalent wafers in 2018 to 7,189 thousand 8-inch equivalent wafers in 2019.
Operating costs. Operating costs decreased by 1.2% from NT$128,413 million in 2018 to NT$126,887 million (US$4,242 million) in 2019, primarily due to the decreased depreciation expense and other operating costs, which was partially offset by the increased direct material costs.
Gross profit and gross margin. Gross profit decreased from NT$22,840 million in 2018 to NT$21,315 million (US$713 million) in 2019. Our gross margin decreased from 15.1% in 2018 to 14.4% in 2019, primarily due to an annual decline of 2.9% in average selling price.
Table:
 |  | Years Ended December 31, | 
 | 2017 | 2018 | 2019
 | % | % | %
Operating revenues | 100.0 | 100.0 | 100.0
Operating costs | (81.9) | (84.9) | (85.6)
Gross profit | 18.1 | 15.1 | 14.4
Operating expenses |  |  | 
Sales and marketing | (2.8) | (2.6) | (2.6)
General and administrative | (2.8) | (3.2) | (3.6)
Research and development | (9.2) | (8.6) | (8.0)
Expected credit losses | — | (0.3) | (0.4)
Subtotal | (14.8) | (14.7) | (14.6)
Net other operating income and expenses | 1.1 | 3.4 | 3.5
Operating income | 4.4 | 3.8 | 3.3
Non-operating income and expenses | 0.7 | (2.4) | (0.1)
Income from continuing operations before income tax | 5.1 | 1.4 | 3.2
Income tax benefit (expense) | (0.6) | 0.7 | (0.1)
Net income | 4.5 | 2.1 | 3.1
Total other comprehensive income (loss), net of tax | (3.2) | 0.6 | 1.9
Total comprehensive income | 1.3 | 2.7 | 5.0
Net income attributable to: |  |  | 
Stockholders of the parent | 6.5 | 5.1 | 5.5
Non-controlling interests | (2.0) | (3.0) | (2.4)
Total comprehensive income attributable to: |  |  | 
Stockholders of the parent | 3.3 | 5.7 | 7.4
Non-controlling interests | (2.0) | (3.0) | (2.4)


Question: What is the average of Gross profit?
Answer: 15.87
Calculation: (18.1+15.1+14.4) / 3
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 2012 and 2013?
Answer: -30%
Calculation: subtract(3929, 5634), divide(#0, 5634)
Definite-Lived Intangible Assets, Net
The following table summarizes the changes in the carrying amount of definite-lived intangible assets during the periods presented (table in millions):
Upon adoption of Topic 842 on February 2, 2019, leasehold interest of $116 million related to favorable terms of certain ground lease agreements was derecognized and adjusted to the carrying amount of the operating lease ROU assets and classified as other assets on the consolidated balance sheets. Prior to adoption, these assets were classified as intangible assets, net on the consolidated balance sheets.
Table:
 | January 31, 2020 | February 1, 2019
Balance, beginning of the year | $966 | $1,059
Additions to intangible assets related to business combinations | 622 | 154
Amortization expense | (300) | (247)
Derecognized leasehold interest | (116) | —
Balance, end of the year | $1,172 | $966


Question: What was the amortization expense in 2020?
Answer: (300)
Note: The Company adopted IFRS 16 on January 1, 2019. The Company elected not to restate prior periods in accordance with the transition provision in IFRS 16.
Financial risk management objectives and policies
The Company’s risk management objectives are to manage the market risk, credit risk and liquidity risk related to its operating activities. The Company identifies, measures and manages the aforementioned risks based on policy and risk preference.
The Company has established appropriate policies, procedures and internal controls for financial risk management. Before entering into significant financial activities, approval process by the Board of Directors and Audit Committee must be carried out based on related protocols and internal control procedures. The Company complies with its financial risk management policies at all times.
Table:
Financial Assets | As of December 31, | 
 | 2018 | 2019
 | NT$ | NT$
 | (In Thousands) | (In Thousands)
Financial assets at fair value through profit or loss | $12,084,297 | $14,021,473
Financial assets at fair value through other comprehensive income | 11,585,477 | 14,723,232
Financial assets measured at amortized cost |  | 
Cash and cash equivalents (excludes cash on hand) | 83,655,648 | 95,486,403
Receivables | 24,583,451 | 26,459,392
Refundable deposits | 2,757,399 | 2,600,733
Other financial assets | 2,320,037 | 2,353,066
Total | $136,986,309 | $155,644,299
Financial Liabilities | As of December 31, | 
 | 2018 | 2019
 | NT$ | NT$
 | (In Thousands) | (In Thousands)
Financial liabilities measured at amortized cost |  | 
Short-term loans | $13,103,808 | $12,015,206
Payables | 23,559,548 | 27,433,065
Guarantee deposits (current portion included) | 665,793 | 296,694
Bonds payable (current portion included) | 41,378,182 | 38,781,416
Long-term loans (current portion included) | 30,826,215 | 33,902,074
Lease liabilities (Note) | — | 6,031,025
Other financial liabilities | 20,523,099 | 20,093,441
Total | $130,056,645 | $138,552,921


Question: What is the increase / (decrease) in the Financial assets at fair value through profit or loss from 2018 to 2019?
Answer: 1937176
Calculation: 14,021,473 - 12,084,297
part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . price range our common stock trades on the nasdaq global select market under the symbol 201cmktx 201d . the range of closing price information for our common stock , as reported by nasdaq , was as follows : on february 20 , 2015 , the last reported closing price of our common stock on the nasdaq global select market was $ 78.97 . holders there were 28 holders of record of our common stock as of february 20 , 2015 . dividend policy during 2014 , 2013 and 2012 , we paid quarterly cash dividends of $ 0.16 per share , $ 0.13 per share and $ 0.11 per share , respectively . on december 27 , 2012 , we paid a special cash dividend of $ 1.30 per share . in january 2015 , our board of directors approved a quarterly cash dividend of $ 0.20 per share payable on february 26 , 2015 to stockholders of record as of the close of business on february 12 , 2015 . any future declaration and payment of dividends will be at the sole discretion of our board of directors . the board of directors may take into account such matters as general business conditions , our financial results , capital requirements , contractual obligations , legal and regulatory restrictions on the payment of dividends to our stockholders or by our subsidiaries to their respective parent entities , and such other factors as the board of directors may deem relevant . recent sales of unregistered securities securities authorized for issuance under equity compensation plans please see the section entitled 201cequity compensation plan information 201d in item 12. .

Table:
2014: | high | low
january 1 2014 to march 31 2014 | $ 67.16 | $ 57.99
april 1 2014 to june 30 2014 | $ 59.65 | $ 50.30
july 1 2014 to september 30 2014 | $ 62.05 | $ 47.50
october 1 2014 to december 31 2014 | $ 73.25 | $ 61.15
2013: | high | low
january 1 2013 to march 31 2013 | $ 41.85 | $ 34.79
april 1 2013 to june 30 2013 | $ 47.80 | $ 37.09
july 1 2013 to september 30 2013 | $ 61.47 | $ 47.59
october 1 2013 to december 31 2013 | $ 70.60 | $ 61.34
.

Question: based on the above listed holders of common stock , what was the market value of mktx common stock on february 20 , 2015?
Answer: $ 2211.16
Calculation: multiply(78.97, 28)
performance graph the table below compares the cumulative total shareholder return on our common stock with the cumulative total return of ( i ) the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) , ( ii ) the standard & poor 2019s industrials index ( 201cs&p industrials index 201d ) and ( iii ) the standard & poor 2019s consumer durables & apparel index ( 201cs&p consumer durables & apparel index 201d ) , from december 31 , 2005 through december 31 , 2010 , when the closing price of our common stock was $ 12.66 . the graph assumes investments of $ 100 on december 31 , 2005 in our common stock and in each of the three indices and the reinvestment of dividends . performance graph 201020092008200720062005 s&p 500 index s&p industrials index s&p consumer durables & apparel index the table below sets forth the value , as of december 31 for each of the years indicated , of a $ 100 investment made on december 31 , 2005 in each of our common stock , the s&p 500 index , the s&p industrials index and the s&p consumer durables & apparel index and includes the reinvestment of dividends. .

Table:
 | 2006 | 2007 | 2008 | 2009 | 2010
masco | $ 101.79 | $ 76.74 | $ 42.81 | $ 54.89 | $ 51.51
s&p 500 index | $ 115.61 | $ 121.95 | $ 77.38 | $ 97.44 | $ 111.89
s&p industrials index | $ 113.16 | $ 126.72 | $ 76.79 | $ 92.30 | $ 116.64
s&p consumer durables & apparel index | $ 106.16 | $ 84.50 | $ 56.13 | $ 76.51 | $ 99.87
in july 2007 , our board of directors authorized the purchase of up to 50 million shares of our common stock in open-market transactions or otherwise .
at december 31 , 2010 , we had remaining authorization to repurchase up to 27 million shares .
during 2010 , we repurchased and retired three million shares of our common stock , for cash aggregating $ 45 million to offset the dilutive impact of the 2010 grant of three million shares of long-term stock awards .
we did not purchase any shares during the three months ended december 31 , 2010. .

Question: what was the difference in percentage cumulative total shareholder return on masco common stock versus the s&p 500 index for the five year period ended 2010?
Answer: -60.38%
Calculation: subtract(51.51, 100), divide(#0, 100), subtract(111.89, 100), divide(#2, 100), subtract(#1, #3)