hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.
Our common shares, without par value, are traded on the NASDAQ Stock Market LLC under the symbol “AGYS”. The high and low sales prices for the common shares for each quarter during the past two fiscal years are presented in the table below.
The closing price of the common shares on May 21, 2019, was $22.51 per share. There were 1,561 active shareholders of record.
We did not pay dividends in fiscal 2019 or 2018 and are unlikely to do so in the foreseeable future. The current policy of the Board of Directors is to retain any available earnings for use in the operations of our business.
Table:
2019 | High | Low
Fourth quarter | $21.17 | $13.92
Third quarter | $17.02 | $13.88
Second quarter | $16.72 | $14.72
First quarter | $15.55 | $11.78
2018 | High | Low
Fourth quarter | $13.00 | $10.77
Third quarter | $12.98 | $11.30
Second quarter | $12.14 | $9.80
First quarter | $10.30 | $9.08


Question: What was the increase / (decrease) in the 2019 fourth quarter between low to high?
Answer: 7.25
Calculation: 21.17 - 13.92
During the fourth and third quarters of 2019 and the fourth quarter of 2018, we recorded an income tax expense of $62 million, $28 million and $28 million, respectively, reflecting (i) in the third quarter of 2019 the estimated annual effective tax rate in each of our jurisdictions, applied to the consolidated results before taxes in the third quarter of 2019 and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions.
Income tax expense
Table:
 |  | Three Months Ended | 
 | December 31, 2019 | September 29, 2019 | December 31, 2018
 |  | (Unaudited, in millions) | 
Income tax expense | $(62) | $(28) | $(28)


Question: What is the average Income tax expense for the period December 31, 2019 and 2018?
Answer: 45
Calculation: (62+28) / 2
Seasonality and Backlog
We experience a slight seasonal pattern to our business. Overall, the third and fourth fiscal quarters are typically the strongest quarters of our fiscal year, whereas the first fiscal quarter is negatively affected by holidays and the second fiscal quarter may be affected by adverse winter weather conditions in some of our markets.
Certain of our end markets experience some seasonality. Our sales in the automotive market are dependent upon global automotive production, and seasonal declines in European production may negatively impact net sales in the fourth fiscal quarter. Also, our sales in the energy market typically increase in the third and fourth fiscal quarters as customer activity increases.
Customer orders typically fluctuate from quarter to quarter based upon business and market conditions. Backlog is not necessarily indicative of future net sales as unfilled orders may be cancelled prior to shipment of goods. Backlog by reportable segment was as follows:
We expect that the majority of our backlog at fiscal year end 2019 will be filled during fiscal 2020.
Table:
 |  | Fiscal Year End
 | 2019 | 2018
 |  | (in millions)
Transportation Solutions | $ 1,639 | $ 1,779
Industrial Solutions | 1,315 | 1,245
Communications Solutions | 361 | 441
Total | $ 3,315 | $ 3,465


Question: What were the segments for which backlog was calculated in the table?
Answer: Transportation Solutions, Industrial Solutions, Communications Solutions
notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad that operates in the united states . we have 32094 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways . we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides revenue by commodity group : millions of dollars 2009 2008 2007 .

Table:
millions of dollars | 2009 | 2008 | 2007
agricultural | $ 2666 | $ 3174 | $ 2605
automotive | 854 | 1344 | 1458
chemicals | 2102 | 2494 | 2287
energy | 3118 | 3810 | 3134
industrial products | 2147 | 3273 | 3077
intermodal | 2486 | 3023 | 2925
total freight revenues | $ 13373 | $ 17118 | $ 15486
other revenues | 770 | 852 | 797
total operating revenues | $ 14143 | $ 17970 | $ 16283
although our revenues are principally derived from customers domiciled in the united states , the ultimate points of origination or destination for some products transported are outside the united states .
basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the united states of america ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .
subsequent events evaluation 2013 we evaluated the effects of all subsequent events through february 5 , 2010 , the date of this report , which is concurrent with the date we file this report with the u.s .
securities and exchange commission ( sec ) .
2 .
significant accounting policies change in accounting principle 2013 we have historically accounted for rail grinding costs as a capital asset .
beginning in the first quarter of 2010 , we will change our accounting policy for rail grinding costs .

Question: for the three year period what were cumulative operating revenues?
Answer: 48366000000
Calculation: table_sum(total operating revenues, none), multiply(#0, const_1000000)
Net Income (Loss) per Common Share
Basic net income per share is based on the weighted average common and Class A shares outstanding. Diluted net income per share includes any dilutive effects of stock options outstanding and unvested restricted shares.
Basic net income per share was calculated by dividing net income by the weighted-average number of common and Class A shares outstanding during the period. Diluted net income per share was calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus the dilutive effects of stock options and unvested restricted shares. Due to the net loss in the year ended June 3, 2017 restricted shares in the amount of 131,292 were excluded from the calculation of diluted earnings per share because their inclusion would have been
antidilutive. The computations of basic net income per share and diluted net income per share are as follows (in thousands):
Table:
 | June 1, 2019 | June 2, 2018 | June 3, 2017
Net income (loss) attributable to Cal-Maine Foods, Inc. | $54,229 | $125,932 | $(74,278)
Basic weighted-average common shares (including Class A) | 48,467 | 48,353 | 48,362
Effect of dilutive securities: |  |  | 
Common stock options and restricted stock | 122 | 115 | —
Dilutive potential common shares | 48,589 | 48,468 | 48,362
Net income (loss) per common share: |  |  | 
Basic | $1.12 | $2.60 | $(1.54)
Diluted | $1.12 | $2.60 | $(1.54)


Question: What is the number of common shares in the market in June 2019?
Answer: 48,467
Item 6. Selected Financial Data
The following tables set forth our selected financial data for the periods and at the dates indicated. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2019, 2018, and 2017 and the selected financial data from the consolidated balance sheets as of December 31, 2019 and 2018 have been derived from the audited consolidated financial statements included in this Annual Report on Form 10-K. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2016 and 2015 and the selected financial data from the consolidated balance sheets as of December 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 10-K. The information presented below should also be read in conjunction with our consolidated financial statements and the related notes thereto and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Table:
 |  |  | Years Ended December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (In thousands, except per share amounts) |  | 
Net sales . | $3,063,117 | $2,244,044 | $2,941,324 | $2,904,563 | $4,112,650
Gross profit | 549,212 | 392,177 | 548,947 | 638,418 | 1,132,762
Operating (loss) income . | (161,785) | 40,113 | 177,851 | (568,151) | 730,159
Net (loss) income | (114,933) | 144,326 | (165,615) | (416,112) | 593,406
Net (loss) income per share: |  |  |  |  | 
Basic . | $(1.09) | $1.38 | $(1.59) | $(4.05) | $5.88
Diluted . | $(1.09) | $1.36 | $(1.59) | $(4.05) | $5.83
Cash dividends declared per common share. | $— | $— | $— | $— | $—
Net cash provided by (used in) operating |  |  |  |  | 
activities | $174,201 | $(326,809) | $1,340,677 | $206,753 | $(325,209)
Net cash (used in) provided by investing |  |  |  |  | 
activities | (362,298) | (682,714) | (626,802) | 144,520 | (156,177)
Net cash provided by (used in) financing |  |  |  |  | 
activities | 74,943 | 255,228 | 192,045 | (136,393) | 101,207
 |  |  | December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (In thousands) |  | 
Cash and cash equivalents . | $1,352,741 | $1,403,562 | $2,268,534 | $1,347,155 | $1,126,826
Marketable securities . | 811,506 | 1,143,704 | 720,379 | 607,991 | 703,454
Total assets . | 7,515,689 | 7,121,362 | 6,864,501 | 6,824,368 | 7,360,392
Total long-term debt | 471,697 | 466,791 | 393,540 | 188,388 | 289,415
Total liabilities | 2,418,922 | 1,908,959 | 1,765,804 | 1,606,019 | 1,741,996
Total stockholders’ equity . | 5,096,767 | 5,212,403 | 5,098,697 | 5,218,349 | 5,618,396


Question: What was the percentage increase in gross profit from 2018 to 2019?
Answer: 40.04
Calculation: (549,212 - 392,177) / 392,177
the following table provides a summary of our historical capital expenditures related to the upgrading of our infrastructure and systems: .

Table:
( in millions ) | for the years ended december 31 , 2018 | for the years ended december 31 , 2017 | for the years ended december 31 , 2016
transmission and distribution | $ 572 | $ 551 | $ 568
treatment and pumping | 231 | 171 | 151
services meter and fire hydrants | 303 | 281 | 297
general structure and equipment | 371 | 281 | 202
sources of supply | 26 | 54 | 59
wastewater | 83 | 96 | 34
total capital expenditures | $ 1586 | $ 1434 | $ 1311
in 2018 , our capital expenditures increased $ 152 million , or 10.6% ( 10.6 % ) , primarily due to investment across the majority of our infrastructure categories .
in 2017 , our capital expenditures increased $ 123 million , or 9.4% ( 9.4 % ) , primarily due to investment in our general structure and equipment and wastewater categories .
we also grow our business primarily through acquisitions of water and wastewater systems , as well as other water-related services .
these acquisitions are complementary to our existing business and support continued geographical diversification and growth of our operations .
generally , acquisitions are funded initially with short- term debt , and later refinanced with the proceeds from long-term debt .
the following is a summary of the acquisitions and dispositions affecting our cash flows from investing activities : 2022 the majority of cash paid for acquisitions pertained to the $ 365 million purchase of pivotal within our homeowner services group .
2022 paid $ 33 million for 15 water and wastewater systems , representing approximately 14000 customers .
2022 received $ 35 million for the sale of assets , including $ 27 million for the sale of the majority of the o&m contracts in our contract services group during the third quarter of 2018 .
2022 the majority of cash paid for acquisitions pertained to the $ 159 million purchase of the wastewater collection and treatment system assets of the municipal authority of the city of mckeesport , pennsylvania ( the 201cmckeesport system 201d ) , excluding a $ 5 million non-escrowed deposit made in 2016 .
2022 paid $ 18 million for 16 water and wastewater systems , excluding the mckeesport system and shorelands ( a stock-for-stock transaction ) , representing approximately 7000 customers .
2022 received $ 15 million for the sale of assets .
2022 paid $ 199 million for 15 water and wastewater systems , representing approximately 42000 customers .
2022 made a non-escrowed deposit of $ 5 million related to the mckeesport system acquisition .
2022 received $ 9 million for the sale of assets .
as previously noted , we expect to invest between $ 8.0 billion to $ 8.6 billion from 2019 to 2023 , with $ 7.3 billion of this range for infrastructure improvements in our regulated businesses .
in 2019 , we expect to .

Question: what percentage of total capital expenditures were related to general structure and equipment in 2018?
Answer: 23.4%
Calculation: divide(371, 1586)
The tax holidays represent a tax exemption period aimed to attract foreign technological investment in certain tax jurisdictions. The effect of the tax benefits, from tax holidays for countries which are profitable, on basic earnings per share was $0.14, $0.15 and $0.13 for the years ended December 31, 2019, 2018, and 2017, respectively. These agreements are present in various countries and include programs that reduce up to and including 100% of taxes in years affected by the agreements.
The Company’s tax holidays expire at various dates through the year ending December 31, 2028. In certain countries, tax holidays can be renewed depending on the Company still meeting certain conditions at the date of expiration of the current tax holidays.
In May 2019, Switzerland voted a tax reform which cancelled all favourable tax regimes and introduced a single tax rate for all companies, which triggered the revaluation of all deferred tax assets and liabilities. Enactment of this law occurred in third quarter of 2019, which resulted in a tax benefit of $20 million. The remeasurement of deferred taxes was reconciled in the fourth quarter of 2019 to include the current year activity, which did not have a material impact on the net remeasurement.
Table:
 | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017
Income tax benefit (expense) computed at statutory rate | (297) | (353) | (238)
Non-deductible and non-taxable permanent differences, net | 4 | 45 | 17
Income (loss) on equity-method investments | — | — | —
Valuation allowance adjustments | 2 | 141 | 92
Effect on deferred taxes of changes in enacted tax rates | 14 | (62) | (70)
Current year credits | 50 | 43 | 40
Other tax and credits | (51) | (20) | (36)
Benefits from tax holidays | 129 | 135 | 114
Net impact of changes to uncertain tax positions | (5) | (16) | (43)
Earnings of subsidiaries taxed at different rates | (2) | (9) | (19)
Income tax benefit (expense) | (156) | (96) | (143)


Question: What was the effect of tax holidays on the basic earnings per share in 2019?
Answer: $0.14
16. SHARE-BASED PAYMENTS
a. Employee Share Plan
The Employee Share Plan (ESP) is available to all eligible employees each year to acquire ordinary shares in the Company from future remuneration (before tax). Shares to be issued or transferred under the ESP will be valued at the volume-weighted average price of the Company’s shares traded on the Australian Securities Exchange during the five business days immediately preceding the day the shares are issued or transferred. Shares issued under the ESP are not allowed to be sold, transferred or otherwise disposed until the earlier of the end of an initial three-year period, or the participant ceasing continuing employment with the Company.
Details of the movement in employee shares under the ESP are as follows:
The consideration for the shares issued on 22 May 2019 was $3.72 (7 May 2018: $4.24).
Table:
 | 2019 | 2018
 | No. of Shares | No. of Shares
Number of shares at beginning of year | 114,758 | 137,227
Number of shares distributed to employees | 45,560 | 42,480
Number of shares transferred to main share registry and/or disposed of | (44,526) | (64,949)
Number of shares at year end | 115,792 | 114,758


Question: How many shares were distributed to employees in 2018?
Answer: 42,480
Stock Option Award Amendment
The Board of Directors has in 2019 amended and restated the 2011 Equity Incentive Plan to reserve an additional 1,000,000 stock options for issuance. The stock options have been allocated amongst management and employees of the Company.
As of December 31, 2019, the Company has granted 755,000 and 234,000 options with vesting over a period of two and three years, respectively, and an exercise price of $4.70 per share.
The Company has used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;
The expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date.
The compensation expense related to the stock option awards was $0.1 million for the year ended December 31, 2019 and the remaining unrecognized cost related to non-vested stock options was $0.5 million with a remaining average remaining vesting period of 2.1 years.
Table:
 | Options with two year vesting | Options with three year vesting
Volatility | 57.5% | 52.5%
Dividend yield | 10.0 % | 10.0%
Risk-free interest rate | 1.64% | 1.65%
Weighted-average grant date fair value | $0.59 | $0.58


Question: What are the number of options granted by the company with vesting over a period of two and three years, respectively? 
Answer: 755,000, 234,000
Operating Activities
Net cash provided by operating activities in fiscal 2019 was primarily attributable to net income of $39.3 million, which included $89.9 million of net non-cash items, offset by changes in operating assets and liabilities using $8.2 million of cash as discussed in more detail below. Accounts receivable increased $2.6 million to $97.9 million at December 28, 2019 compared to $95.3 million at December 29, 2018 as a result of strong collections despite increased revenues and changes in payment terms related to customer mix.
Inventories, net, increased $5.6 million to $83.3 million at December 28, 2019 compared to $77.7 million at December 29, 2018 as a result of higher sales volumes, partially offset by a $10.4 million increase to our provision for excess and obsolete inventories. Accrued liabilities increased $8.7 million to $36.4 million at December 28, 2019 compared to $27.7 million at December 29, 2018, as a result of an increase in employee performance-based compensation and benefits and an increase in accrued income taxes due to timing of payments.
Accounts payable increased $0.9 million to $40.9 million at December 28, 2019 compared to $40.0 million at December 29, 2018, as a result of higher volumes mostly offset by the impact of timing of vendor payments.
Investing Activities
Net cash used in investing activities in fiscal 2019 primarily related to $20.8 million of cash used in the acquisition of property, plant and equipment, $20.5 million paid (net of cash acquired) as part of the consideration for the acquisition of FRT, and $25.1 million used for the purchase of marketable securities, net of maturities.
Financing Activities
Net cash used in financing activities in fiscal 2019 primarily related to $30.0 million of principal payments made towards the repayment of our term loan and $8.0 million related to tax withholdings associated with the net share settlements of our equity awards, largely offset by $23.4 million of proceeds from a term loan to fund the acquisition of FRT and $8.1 million of proceeds received from issuances of common stock under our stock incentive plans.
Table:
 |  | Fiscal Year Ended | 
 | December 28, 2019 | December 29, 2018 | December 30, 2017
 |  | (Dollars in thousands) | 
Net cash provided by operating activities | $121,048 | $68,700 | $86,323
Net cash used in investing activities | (66,352) | (21,295) | (59,425)
Net cash used in financing activities | $(6,578) | $(39,329) | $(39,470)


Question: In which year was Net cash provided by operating activities less than 100,000 thousands?
Answer: 2018, 2017
Calculation: locate and analyze Net cash provided by operating activities in row 4