other-than-temporary impairments on investment securities . in april 2009 , the fasb revised the authoritative guidance for the recognition and presentation of other-than-temporary impairments . this new guidance amends the recognition guidance for other-than-temporary impairments of debt securities and expands the financial statement disclosures for other-than-temporary impairments on debt and equity securities . for available for sale debt securities that the company has no intent to sell and more likely than not will not be required to sell prior to recovery , only the credit loss component of the impairment would be recognized in earnings , while the rest of the fair value loss would be recognized in accumulated other comprehensive income ( loss ) . the company adopted this guidance effective april 1 , 2009 . upon adoption the company recognized a cumulative-effect adjustment increase in retained earnings ( deficit ) and decrease in accumulated other comprehensive income ( loss ) as follows : ( dollars in thousands ) .

Table:
cumulative-effect adjustment gross | $ 65658
tax | -8346 ( 8346 )
cumulative-effect adjustment net | $ 57312
measurement of fair value in inactive markets .
in april 2009 , the fasb revised the authoritative guidance for fair value measurements and disclosures , which reaffirms that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions .
it also reaffirms the need to use judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive .
there was no impact to the company 2019s financial statements upon adoption .
fair value disclosures about pension plan assets .
in december 2008 , the fasb revised the authoritative guidance for employers 2019 disclosures about pension plan assets .
this new guidance requires additional disclosures about the components of plan assets , investment strategies for plan assets and significant concentrations of risk within plan assets .
the company , in conjunction with fair value measurement of plan assets , separated plan assets into the three fair value hierarchy levels and provided a roll forward of the changes in fair value of plan assets classified as level 3 in the 2009 annual consolidated financial statements .
these disclosures had no effect on the company 2019s accounting for plan benefits and obligations .
revisions to earnings per share calculation .
in june 2008 , the fasb revised the authoritative guidance for earnings per share for determining whether instruments granted in share-based payment transactions are participating securities .
this new guidance requires unvested share-based payment awards that contain non- forfeitable rights to dividends be considered as a separate class of common stock and included in the earnings per share calculation using the two-class method .
the company 2019s restricted share awards meet this definition and are therefore included in the basic earnings per share calculation .
additional disclosures for derivative instruments .
in march 2008 , the fasb issued authoritative guidance for derivative instruments and hedging activities , which requires enhanced disclosures on derivative instruments and hedged items .
on january 1 , 2009 , the company adopted the additional disclosure for the equity index put options .
no comparative information for periods prior to the effective date was required .
this guidance had no impact on how the company records its derivatives. .

Question: following the adoption of the new guidence on the other-than-temporary impairments on investment securities what was the tax rate on the gross cumulative-effect adjustment
Answer: 12.7%
Calculation: divide(8346, 65658)