the following table reports the significant movements in our shareholders 2019 equity for the year ended december 31 , 2010. .

Table:
( in millions of u.s . dollars ) | 2010
balance beginning of year | $ 19667
net income | 3108
dividends declared on common shares | -443 ( 443 )
change in net unrealized appreciation ( depreciation ) on investments net of tax | 742
repurchase of shares | -303 ( 303 )
other movements net of tax | 203
balance end of year | $ 22974
total shareholders 2019 equity increased $ 3.3 billion in 2010 , primarily due to net income of $ 3.1 billion and the change in net unrealized appreciation on investments of $ 742 million .
short-term debt at december 31 , 2010 , in connection with the financing of the rain and hail acquisition , short-term debt includes reverse repurchase agreements totaling $ 1 billion .
in addition , $ 300 million in borrowings against ace 2019s revolving credit facility were outstanding at december 31 , 2010 .
at december 31 , 2009 , short-term debt consisted of a five-year term loan which we repaid in december 2010 .
long-term debt our total long-term debt increased by $ 200 million during the year to $ 3.4 billion and is described in detail in note 9 to the consolidated financial statements , under item 8 .
in november 2010 , ace ina issued $ 700 million of 2.6 percent senior notes due november 2015 .
these senior unsecured notes are guaranteed on a senior basis by the company and they rank equally with all of the company 2019s other senior obligations .
in april 2008 , as part of the financing of the combined insurance acquisition , ace ina entered into a $ 450 million float- ing interest rate syndicated term loan agreement due april 2013 .
simultaneously , the company entered into a swap transaction that had the economic effect of fixing the interest rate for the term of the loan .
in december 2010 , ace repaid this loan and exited the swap .
in december 2008 , ace ina entered into a $ 66 million dual tranche floating interest rate term loan agreement .
the first tranche , a $ 50 million three-year term loan due december 2011 , had a floating interest rate .
simultaneously , the company entered into a swap transaction that had the economic effect of fixing the interest rate for the term of the loan .
in december 2010 , ace repaid this loan and exited the swap .
the second tranche , a $ 16 million nine-month term loan , was due and repaid in september 2009 .
trust preferred securities the securities outstanding consist of $ 300 million of trust preferred securities due 2030 , issued by a special purpose entity ( a trust ) that is wholly owned by us .
the sole assets of the special purpose entity are debt instruments issued by one or more of our subsidiaries .
the special purpose entity looks to payments on the debt instruments to make payments on the preferred securities .
we have guaranteed the payments on these debt instruments .
the trustees of the trust include one or more of our officers and at least one independent trustee , such as a trust company .
our officers serving as trustees of the trust do not receive any compensation or other remuneration for their services in such capacity .
the full $ 309 million of outstanding trust preferred securities ( calculated as $ 300 million as discussed above plus our equity share of the trust ) is shown on our con- solidated balance sheet as a liability .
additional information with respect to the trust preferred securities is contained in note 9 d ) to the consolidated financial statements , under item 8 .
common shares our common shares had a par value of chf 30.57 each at december 31 , 2010 .
at the annual general meeting held in may 2010 , the company 2019s shareholders approved a par value reduction in an aggregate swiss franc amount , pursuant to a formula , equal to $ 1.32 per share , which we refer to as the base annual divi- dend .
the base annual dividend is payable in four installments , provided that each of the swiss franc installments will be .

Question: what is the dividend payout in 2010?
Answer: 14.3%
Calculation: divide(443, 3108)