the following is a summary of our floor space by business segment at december 31 , 2010 : ( square feet in millions ) owned leased government- owned total .

( square feet in millions )            | owned | leased | government-owned | total
-------------------------------------- | ----- | ------ | ---------------- | -----
aeronautics                            | 5.2   | 3.7    | 15.2             | 24.1
electronic systems                     | 10.3  | 11.5   | 7.1              | 28.9
information systems & global solutions | 2.6   | 7.9    | 2014             | 10.5
space systems                          | 8.6   | 1.6    | .9               | 11.1
corporate activities                   | 2.9   | .8     | 2014             | 3.7
total                                  | 29.6  | 25.5   | 23.2             | 78.3

some of our owned properties , primarily classified under corporate activities , are leased to third parties .
in the area of manufacturing , most of the operations are of a job-order nature , rather than an assembly line process , and productive equipment has multiple uses for multiple products .
management believes that all of our major physical facilities are in good condition and are adequate for their intended use .
item 3 .
legal proceedings we are a party to or have property subject to litigation and other proceedings , including matters arising under provisions relating to the protection of the environment .
we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole , notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular quarter .
we cannot predict the outcome of legal proceedings with certainty .
these matters include the proceedings summarized in note 14 2013 legal proceedings , commitments , and contingencies beginning on page 78 of this form 10-k .
from time-to-time , agencies of the u.s .
government investigate whether our operations are being conducted in accordance with applicable regulatory requirements .
u.s .
government investigations of us , whether relating to government contracts or conducted for other reasons , could result in administrative , civil , or criminal liabilities , including repayments , fines , or penalties being imposed upon us , or could lead to suspension or debarment from future u.s .
government contracting .
u.s .
government investigations often take years to complete and many result in no adverse action against us .
we are subject to federal and state requirements for protection of the environment , including those for discharge of hazardous materials and remediation of contaminated sites .
as a result , we are a party to or have our property subject to various lawsuits or proceedings involving environmental protection matters .
due in part to their complexity and pervasiveness , such requirements have resulted in us being involved with related legal proceedings , claims , and remediation obligations .
the extent of our financial exposure cannot in all cases be reasonably estimated at this time .
for information regarding these matters , including current estimates of the amounts that we believe are required for remediation or clean-up to the extent estimable , see 201ccritical accounting policies 2013 environmental matters 201d in management 2019s discussion and analysis of financial condition and results of operations beginning on page 45 , and note 14 2013 legal proceedings , commitments , and contingencies beginning on page 78 of this form 10-k .
item 4 .
( removed and reserved ) item 4 ( a ) .
executive officers of the registrant our executive officers are listed below , as well as information concerning their age at december 31 , 2010 , positions and offices held with the corporation , and principal occupation and business experience over the past five years .
there were no family relationships among any of our executive officers and directors .
all officers serve at the pleasure of the board of directors .
linda r .
gooden ( 57 ) , executive vice president 2013 information systems & global solutions ms .
gooden has served as executive vice president 2013 information systems & global solutions since january 2007 .
she previously served as deputy executive vice president 2013 information & technology services from october 2006 to december 2006 , and president , lockheed martin information technology from september 1997 to december 2006 .
christopher j .
gregoire ( 42 ) , vice president and controller ( chief accounting officer ) mr .
gregoire has served as vice president and controller ( chief accounting officer ) since march 2010 .
he previously was employed by sprint nextel corporation from august 2006 to may 2009 , most recently as principal accounting officer and assistant controller , and was a partner at deloitte & touche llp from september 2003 to july 2006.


notes to five year summary ( a ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in management 2019s discussion and analysis of financial condition and results of operations ( md&a ) ) which , on a combined basis , increased earnings from continuing operations before income taxes by $ 214 million , $ 139 million after tax ( $ 0.31 per share ) .
also includes a reduction in income tax expense of $ 62 million ( $ 0.14 per share ) resulting from a tax benefit related to claims we filed for additional extraterritorial income exclusion ( eti ) tax benefits .
these items increased earnings by $ 201 million after tax ( $ 0.45 per share ) .
( b ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) which , on a combined basis , increased earnings from continuing operations before income taxes by $ 173 million , $ 113 million after tax ( $ 0.25 per share ) .
( c ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 215 million , $ 154 million after tax ( $ 0.34 per share ) .
also includes a reduction in income tax expense resulting from the closure of an internal revenue service examination of $ 144 million ( $ 0.32 per share ) .
these items reduced earnings by $ 10 million after tax ( $ 0.02 per share ) .
( d ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 153 million , $ 102 million after tax ( $ 0.22 per share ) .
( e ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 1112 million , $ 632 million after tax ( $ 1.40 per share ) .
( f ) we define return on invested capital ( roic ) as net earnings plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) , after adjusting stockholders 2019 equity by adding back adjustments related to postretirement benefit plans .
we believe that reporting roic provides investors with greater visibility into how effectively we use the capital invested in our operations .
we use roic to evaluate multi-year investment decisions and as a long-term performance measure , and also use it as a factor in evaluating management performance under certain of our incentive compensation plans .
roic is not a measure of financial performance under gaap , and may not be defined and calculated by other companies in the same manner .
roic should not be considered in isolation or as an alternative to net earnings as an indicator of performance .
we calculate roic as follows : ( in millions ) 2006 2005 2004 2003 2002 .

( in millions )                                   | 2006             | 2005             | 2004             | 2003           | 2002
------------------------------------------------- | ---------------- | ---------------- | ---------------- | -------------- | --------------
net earnings                                      | $ 2529           | $ 1825           | $ 1266           | $ 1053         | $ 500
interest expense ( multiplied by 65% ( 65 % ) ) 1 | 235              | 241              | 276              | 317            | 378
return                                            | $ 2764           | $ 2066           | $ 1542           | $ 1370         | $ 878
average debt2 5                                   | $ 4727           | $ 5077           | $ 5932           | $ 6612         | $ 7491
average equity3 5                                 | 7686             | 7590             | 7015             | 6170           | 6853
average benefit plan adjustments3 45              | 2006             | 1545             | 1296             | 1504           | 341
average invested capital                          | $ 14419          | $ 14212          | $ 14243          | $ 14286        | $ 14685
return on invested capital                        | 19.2% ( 19.2 % ) | 14.5% ( 14.5 % ) | 10.8% ( 10.8 % ) | 9.6% ( 9.6 % ) | 6.0% ( 6.0 % )

1 represents after-tax interest expense utilizing the federal statutory rate of 35% ( 35 % ) .
2 debt consists of long-term debt , including current maturities , and short-term borrowings ( if any ) .
3 equity includes non-cash adjustments , primarily for the additional minimum pension liability in all years and the adoption of fas 158 in 2006 .
4 average benefit plan adjustments reflect the cumulative value of entries identified in our statement of stockholders equity under the captions 201cadjustment for adoption of fas 158 201d and 201cminimum pension liability . 201d the annual benefit plan adjustments to equity were : 2006 = ( $ 1883 ) million ; 2005 = ( $ 105 ) million ; 2004 = ( $ 285 ) million ; 2003 = $ 331 million ; and 2002 = ( $ 1537 ) million .
as these entries are recorded in the fourth quarter , the value added back to our average equity in a given year is the cumulative impact of all prior year entries plus 20% ( 20 % ) of the current year entry value .
5 yearly averages are calculated using balances at the start of the year and at the end of each quarter.


the following table sets forth our refined products sales by product group and our average sales price for each of the last three years .
refined product sales ( thousands of barrels per day ) 2009 2008 2007 .

( thousands of barrels per day )           | 2009    | 2008     | 2007
------------------------------------------ | ------- | -------- | -------
gasoline                                   | 830     | 756      | 791
distillates                                | 357     | 375      | 377
propane                                    | 23      | 22       | 23
feedstocks and special products            | 75      | 100      | 103
heavy fuel oil                             | 24      | 23       | 29
asphalt                                    | 69      | 76       | 87
total                                      | 1378    | 1352     | 1410
average sales price ( dollars per barrel ) | $ 70.86 | $ 109.49 | $ 86.53

we sell gasoline , gasoline blendstocks and no .
1 and no .
2 fuel oils ( including kerosene , jet fuel and diesel fuel ) to wholesale marketing customers in the midwest , upper great plains , gulf coast and southeastern regions of the united states .
we sold 51 percent of our gasoline volumes and 87 percent of our distillates volumes on a wholesale or spot market basis in 2009 .
the demand for gasoline is seasonal in many of our markets , with demand typically being at its highest levels during the summer months .
we have blended ethanol into gasoline for over 20 years and began expanding our blending program in 2007 , in part due to federal regulations that require us to use specified volumes of renewable fuels .
ethanol volumes sold in blended gasoline were 60 mbpd in 2009 , 54 mbpd in 2008 and 40 mbpd in 2007 .
the future expansion or contraction of our ethanol blending program will be driven by the economics of the ethanol supply and by government regulations .
we sell reformulated gasoline , which is also blended with ethanol , in parts of our marketing territory , including : chicago , illinois ; louisville , kentucky ; northern kentucky ; milwaukee , wisconsin , and hartford , illinois .
we also sell biodiesel-blended diesel in minnesota , illinois and kentucky .
we produce propane at all seven of our refineries .
propane is primarily used for home heating and cooking , as a feedstock within the petrochemical industry , for grain drying and as a fuel for trucks and other vehicles .
our propane sales are typically split evenly between the home heating market and industrial consumers .
we are a producer and marketer of petrochemicals and specialty products .
product availability varies by refinery and includes benzene , cumene , dilute naphthalene oil , molten maleic anhydride , molten sulfur , propylene , toluene and xylene .
we market propylene , cumene and sulfur domestically to customers in the chemical industry .
we sell maleic anhydride throughout the united states and canada .
we also have the capacity to produce 1400 tons per day of anode grade coke at our robinson refinery , which is used to make carbon anodes for the aluminum smelting industry , and 5500 tons per day of fuel grade coke at the garyville refinery , which is used for power generation and in miscellaneous industrial applications .
in early 2009 , we discontinued production and sales of petroleum pitch and aliphatic solvents at our catlettsburg refinery .
we produce and market heavy residual fuel oil or related components at all seven of our refineries .
another product of crude oil , heavy residual fuel oil , is primarily used in the utility and ship bunkering ( fuel ) industries , though there are other more specialized uses of the product .
we have refinery based asphalt production capacity of up to 108 mbpd .
we market asphalt through 33 owned or leased terminals throughout the midwest and southeast .
we have a broad customer base , including approximately 675 asphalt-paving contractors , government entities ( states , counties , cities and townships ) and asphalt roofing shingle manufacturers .
we sell asphalt in the wholesale and cargo markets via rail and barge .
we also produce asphalt cements , polymer modified asphalt , emulsified asphalt and industrial asphalts .
in 2007 , we acquired a 35 percent interest in an entity which owns and operates a 110-million-gallon-per-year ethanol production facility in clymers , indiana .
we also own a 50 percent interest in an entity which owns a 110-million-gallon-per-year ethanol production facility in greenville , ohio .
the greenville plant began production in february 2008 .
both of these facilities are managed by a co-owner.


38 2013 ppg annual report and form 10-k notes to the consolidated financial statements 1 .
summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc .
( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s .
and non-u.s. , that it controls .
ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls .
for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests .
investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting .
as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in "investments" in the accompanying consolidated balance sheet .
transactions between ppg and its subsidiaries are eliminated in consolidation .
use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s .
generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period .
such estimates also include the fair value of assets acquired and liabilities assumed as a result of allocations of purchase price of business combinations consummated .
actual outcomes could differ from those estimates .
revenue recognition the company recognizes revenue when the earnings process is complete .
revenue from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered .
shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income .
shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income .
selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning .
distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities .
advertising costs advertising costs are expensed in the year incurred and totaled $ 345 million , $ 288 million and $ 245 million in 2013 , 2012 and 2011 , respectively .
research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred .
the following are the research and development costs for the years ended december 31: .

( millions )                             | 2013  | 2012  | 2011
---------------------------------------- | ----- | ----- | -----
research and development 2013 total      | $ 505 | $ 468 | $ 443
less depreciation on research facilities | 17    | 15    | 15
research and development net             | $ 488 | $ 453 | $ 428

legal costs legal costs are expensed as incurred .
legal costs incurred by ppg include legal costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes .
foreign currency translation the functional currency of most significant non-u.s .
operations is their local currency .
assets and liabilities of those operations are translated into u.s .
dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period .
unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity .
cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less .
short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year .
the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows .
marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities.


adobe systems incorporated notes to consolidated financial statements ( continued ) note 8 .
other assets other assets as of november 27 , 2009 and november 28 , 2008 consisted of the following ( in thousands ) : .

                                  | 2009     | 2008
--------------------------------- | -------- | --------
acquired rights to use technology | $ 84313  | $ 90643
investments                       | 63526    | 76589
security and other deposits       | 11692    | 16087
prepaid royalties                 | 12059    | 9026
deferred compensation plan assets | 9045     | 7560
restricted cash                   | 4650     | 7361
prepaid land lease                | 3209     | 3185
prepaid rent                      | 1377     | 2658
other                             | 1394     | 3420
other assets                      | $ 191265 | $ 216529

acquired rights to use technology purchased during fiscal 2009 and fiscal 2008 was $ 6.0 million and $ 100.4 million , respectively .
of the cost for fiscal 2008 , an estimated $ 56.4 million was related to future licensing rights and has been capitalized and is being amortized on a straight-line basis over the estimated useful lives up to fifteen years .
of the remaining costs for fiscal 2008 , we estimated that $ 27.2 million was related to historical use of licensing rights which was expensed as cost of sales and the residual of $ 16.8 million for fiscal 2008 was expensed as general and administrative costs .
in connection with these licensing arrangements , we have the ability to acquire additional rights to use technology in the future .
see note 17 for further information regarding our contractual commitments .
in general , acquired rights to use technology are amortized over their estimated useful lives of 3 to 15 years .
included in investments are our indirect investments through our limited partnership interest in adobe ventures of approximately $ 37.1 million and $ 39.0 million as of november 27 , 2009 and november 28 , 2008 , respectively , which is consolidated in accordance with the provisions for consolidating variable interest entities .
the partnership is controlled by granite ventures , an independent venture capital firm and sole general partner of adobe ventures .
we are the primary beneficiary of adobe ventures and bear virtually all of the risks and rewards related to our ownership .
our investment in adobe ventures does not have a significant impact on our consolidated financial position , results of operations or cash flows .
adobe ventures carries its investments in equity securities at estimated fair value and investment gains and losses are included in our consolidated statements of income .
substantially all of the investments held by adobe ventures at november 27 , 2009 and november 28 , 2008 are not publicly traded and , therefore , there is no established market for these securities .
in order to determine the fair value of these investments , we use the most recent round of financing involving new non-strategic investors or estimates of current market value made by granite ventures .
it is our policy to evaluate the fair value of these investments held by adobe ventures , as well as our direct investments , on a regular basis .
this evaluation includes , but is not limited to , reviewing each company 2019s cash position , financing needs , earnings and revenue outlook , operational performance , management and ownership changes and competition .
in the case of privately-held companies , this evaluation is based on information that we request from these companies .
this information is not subject to the same disclosure regulations as u.s .
publicly traded companies and as such , the basis for these evaluations is subject to the timing and the accuracy of the data received from these companies .
see note 4 for further information regarding adobe ventures .
also included in investments are our direct investments in privately-held companies of approximately $ 26.4 million and $ 37.6 million as of november 27 , 2009 and november 28 , 2008 , respectively , which are accounted for based on the cost method .
we assess these investments for impairment in value as circumstances dictate .
see note 4 for further information regarding our cost method investments .
we entered into a purchase and sale agreement , effective may 12 , 2008 , for the acquisition of real property located in waltham , massachusetts .
we purchased the property upon completion of construction of an office building shell and core , parking structure , and site improvements .
the purchase price for the property was $ 44.7 million and closed on june 16 , 2009 .
we made an initial deposit of $ 7.0 million which was included in security and other deposits as of november 28 , 2008 and the remaining balance was paid at closing .
this deposit was held in escrow until closing and then applied to the purchase price.


the company has a restricted stock plan for non-employee directors which reserves for issuance of 300000 shares of the company 2019s common stock .
no restricted shares were issued in 2009 .
the company has a directors 2019 deferral plan , which provides a means to defer director compensation , from time to time , on a deferred stock or cash basis .
as of september 30 , 2009 , 86643 shares were held in trust , of which 4356 shares represented directors 2019 compensation in 2009 , in accordance with the provisions of the plan .
under this plan , which is unfunded , directors have an unsecured contractual commitment from the company .
the company also has a deferred compensation plan that allows certain highly-compensated employees , including executive officers , to defer salary , annual incentive awards and certain equity-based compensation .
as of september 30 , 2009 , 557235 shares were issuable under this plan .
note 16 2014 earnings per share the weighted average common shares used in the computations of basic and diluted earnings per share ( shares in thousands ) for the years ended september 30 were as follows: .

                                                                              | 2009   | 2008   | 2007
----------------------------------------------------------------------------- | ------ | ------ | ------
average common shares outstanding                                             | 240479 | 244323 | 244929
dilutive share equivalents from share-based plans                             | 6319   | 8358   | 9881
average common and common equivalent sharesoutstanding 2014 assuming dilution | 246798 | 252681 | 254810

average common and common equivalent shares outstanding 2014 assuming dilution .
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246798 252681 254810 note 17 2014 segment data the company 2019s organizational structure is based upon its three principal business segments : bd medical ( 201cmedical 201d ) , bd diagnostics ( 201cdiagnostics 201d ) and bd biosciences ( 201cbiosciences 201d ) .
the principal product lines in the medical segment include needles , syringes and intravenous catheters for medication delivery ; safety-engineered and auto-disable devices ; prefilled iv flush syringes ; syringes and pen needles for the self-injection of insulin and other drugs used in the treatment of diabetes ; prefillable drug delivery devices provided to pharmaceutical companies and sold to end-users as drug/device combinations ; surgical blades/scalpels and regional anesthesia needles and trays ; critical care monitoring devices ; ophthalmic surgical instruments ; and sharps disposal containers .
the principal products and services in the diagnostics segment include integrated systems for specimen collection ; an extensive line of safety-engineered specimen blood collection products and systems ; plated media ; automated blood culturing systems ; molecular testing systems for sexually transmitted diseases and healthcare-associated infections ; microorganism identification and drug susceptibility systems ; liquid-based cytology systems for cervical cancer screening ; and rapid diagnostic assays .
the principal product lines in the biosciences segment include fluorescence activated cell sorters and analyzers ; cell imaging systems ; monoclonal antibodies and kits for performing cell analysis ; reagent systems for life sciences research ; tools to aid in drug discovery and growth of tissue and cells ; cell culture media supplements for biopharmaceutical manufacturing ; and diagnostic assays .
the company evaluates performance of its business segments based upon operating income .
segment operating income represents revenues reduced by product costs and operating expenses .
the company hedges against certain forecasted sales of u.s.-produced products sold outside the united states .
gains and losses associated with these foreign currency translation hedges are reported in segment revenues based upon their proportionate share of these international sales of u.s.-produced products .
becton , dickinson and company notes to consolidated financial statements 2014 ( continued )


the retail electric price variance is primarily due to an increase in formula rate plan revenues , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station in march 2016 and a provision recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding .
see note 2 to the financial statements for further discussion of the formula rate plan revenues and the waterford 3 replacement steam generator prudence review proceeding .
the louisiana act 55 financing savings obligation variance results from a regulatory charge recorded in 2016 for tax savings to be shared with customers per an agreement approved by the lpsc .
the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .
see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .
the volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales and decreased usage during the unbilled sales period .
the decrease was partially offset by an increase of 1237 gwh , or 4% ( 4 % ) , in industrial usage primarily due to an increase in demand from existing customers and expansion projects in the chemicals industry .
2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2016 to 2015 .
amount ( in millions ) .

                                              | amount ( in millions )
--------------------------------------------- | ----------------------
2015 net revenue                              | $ 2408.8
retail electric price                         | 62.5
volume/weather                                | -6.7 ( 6.7 )
louisiana act 55 financing savings obligation | -17.2 ( 17.2 )
other                                         | -9.0 ( 9.0 )
2016 net revenue                              | $ 2438.4

the retail electric price variance is primarily due to an increase in formula rate plan revenues , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station .
see note 2 to the financial statements for further discussion .
the volume/weather variance is primarily due to the effect of less favorable weather on residential sales , partially offset by an increase in industrial usage and an increase in volume during the unbilled period .
the increase in industrial usage is primarily due to increased demand from new customers and expansion projects , primarily in the chemicals industry .
the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc .
the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .
see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .
included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis


notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) assumptions can materially affect the estimate of fair value , and our results of operations could be materially impacted .
there were no stock options granted during the years ended december 31 , 2015 and 2014 .
the weighted-average grant-date fair value per option during the year ended december 31 , 2013 was $ 4.14 .
the fair value of each option grant has been estimated with the following weighted-average assumptions. .

                          | year ended december 31 2013
------------------------- | ---------------------------
expected volatility1      | 40.2% ( 40.2 % )
expected term ( years ) 2 | 6.9
risk-free interest rate3  | 1.3% ( 1.3 % )
expected dividend yield4  | 2.4% ( 2.4 % )

expected volatility 1 .
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40.2% ( 40.2 % ) expected term ( years ) 2 .
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6.9 risk-free interest rate 3 .
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1.3% ( 1.3 % ) expected dividend yield 4 .
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2.4% ( 2.4 % ) 1 the expected volatility used to estimate the fair value of stock options awarded is based on a blend of : ( i ) historical volatility of our common stock for periods equal to the expected term of our stock options and ( ii ) implied volatility of tradable forward put and call options to purchase and sell shares of our common stock .
2 the estimate of our expected term is based on the average of : ( i ) an assumption that all outstanding options are exercised upon achieving their full vesting date and ( ii ) an assumption that all outstanding options will be exercised at the midpoint between the current date ( i.e. , the date awards have ratably vested through ) and their full contractual term .
in determining the estimate , we considered several factors , including the historical option exercise behavior of our employees and the terms and vesting periods of the options .
3 the risk-free interest rate is determined using the implied yield currently available for zero-coupon u.s .
government issuers with a remaining term equal to the expected term of the options .
4 the expected dividend yield was calculated based on an annualized dividend of $ 0.30 per share in 2013 .
stock-based compensation we grant other stock-based compensation awards such as stock-settled awards , cash-settled awards and performance- based awards ( settled in cash or shares ) to certain key employees .
the number of shares or units received by an employee for performance-based awards depends on company performance against specific performance targets and could range from 0% ( 0 % ) to 300% ( 300 % ) of the target amount of shares originally granted .
incentive awards are subject to certain restrictions and vesting requirements as determined by the compensation committee .
the fair value of the shares on the grant date is amortized over the vesting period , which is generally three years .
upon completion of the vesting period for cash-settled awards , the grantee is entitled to receive a payment in cash based on the fair market value of the corresponding number of shares of common stock .
no monetary consideration is paid by a recipient for any incentive award .
the fair value of cash-settled awards is adjusted each quarter based on our share price .
the holders of stock-settled awards have absolute ownership interest in the underlying shares of common stock prior to vesting , which includes the right to vote and receive dividends .
dividends declared on common stock are accrued during the vesting period and paid when the award vests .
the holders of cash-settled and performance-based awards have no ownership interest in the underlying shares of common stock until the awards vest and the shares of common stock are issued.


contribution incurred in 2013 and foreign currency remeasurement , partially offset by the $ 50 million reduction of an indemnification asset .
as adjusted .
expense , as adjusted , increased $ 362 million , or 6% ( 6 % ) , to $ 6518 million in 2014 from $ 6156 million in 2013 .
the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits and direct fund expense .
amounts related to the reduction of the indemnification asset and the charitable contribution have been excluded from as adjusted results .
2013 compared with 2012 gaap .
expense increased $ 510 million , or 9% ( 9 % ) , from 2012 , primarily reflecting higher revenue-related expense and the $ 124 million expense related to the charitable contribution .
employee compensation and benefits expense increased $ 273 million , or 8% ( 8 % ) , to $ 3560 million in 2013 from $ 3287 million in 2012 , reflecting higher headcount and higher incentive compensation driven by higher operating income , including higher performance fees .
employees at december 31 , 2013 totaled approximately 11400 compared with approximately 10500 at december 31 , 2012 .
distribution and servicing costs totaled $ 353 million in 2013 compared with $ 364 million in 2012 .
these costs included payments to bank of america/merrill lynch under a global distribution agreement and payments to pnc , as well as other third parties , primarily associated with the distribution and servicing of client investments in certain blackrock products .
distribution and servicing costs for 2013 and 2012 included $ 184 million and $ 195 million , respectively , attributable to bank of america/merrill lynch .
direct fund expense increased $ 66 million , reflecting higher average aum , primarily related to ishares , where blackrock pays certain nonadvisory expense of the funds .
general and administration expense increased $ 181 million , largely driven by the $ 124 million expense related to the charitable contribution , higher marketing and promotional costs and various lease exit costs .
the full year 2012 included a one-time $ 30 million contribution to stifs .
as adjusted .
expense , as adjusted , increased $ 393 million , or 7% ( 7 % ) , to $ 6156 million in 2013 from $ 5763 million in 2012 .
the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits , direct fund expense and general and administration expense .
nonoperating results nonoperating income ( expense ) , less net income ( loss ) attributable to nci for 2014 , 2013 and 2012 was as follows : ( in millions ) 2014 2013 2012 nonoperating income ( expense ) , gaap basis $ ( 79 ) $ 116 $ ( 54 ) less : net income ( loss ) attributable to nci ( 1 ) ( 30 ) 19 ( 18 ) nonoperating income ( expense ) ( 2 ) ( 49 ) 97 ( 36 ) gain related to the charitable contribution 2014 ( 80 ) 2014 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ( 7 ) ( 10 ) ( 6 ) nonoperating income ( expense ) , as adjusted ( 2 ) $ ( 56 ) $ 7 $ ( 42 ) ( 1 ) amounts included losses of $ 41 million and $ 38 million attributable to consolidated variable interest entities ( 201cvies 201d ) for 2014 and 2012 , respectively .
during 2013 , the company did not record any nonoperating income ( loss ) or net income ( loss ) attributable to vies on the consolidated statements of income .
( 2 ) net of net income ( loss ) attributable to nci. .

( in millions )                                                                              | 2014         | 2013       | 2012
-------------------------------------------------------------------------------------------- | ------------ | ---------- | ------------
nonoperating income ( expense ) gaap basis                                                   | $ -79 ( 79 ) | $ 116      | $ -54 ( 54 )
less : net income ( loss ) attributableto nci ( 1 )                                          | -30 ( 30 )   | 19         | -18 ( 18 )
nonoperating income ( expense ) ( 2 )                                                        | -49 ( 49 )   | 97         | -36 ( 36 )
gain related to the charitable contribution                                                  | 2014         | -80 ( 80 ) | 2014
compensation expense related to ( appreciation ) depreciation on deferred compensation plans | -7 ( 7 )     | -10 ( 10 ) | -6 ( 6 )
nonoperating income ( expense ) asadjusted ( 2 )                                             | $ -56 ( 56 ) | $ 7        | $ -42 ( 42 )

contribution incurred in 2013 and foreign currency remeasurement , partially offset by the $ 50 million reduction of an indemnification asset .
as adjusted .
expense , as adjusted , increased $ 362 million , or 6% ( 6 % ) , to $ 6518 million in 2014 from $ 6156 million in 2013 .
the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits and direct fund expense .
amounts related to the reduction of the indemnification asset and the charitable contribution have been excluded from as adjusted results .
2013 compared with 2012 gaap .
expense increased $ 510 million , or 9% ( 9 % ) , from 2012 , primarily reflecting higher revenue-related expense and the $ 124 million expense related to the charitable contribution .
employee compensation and benefits expense increased $ 273 million , or 8% ( 8 % ) , to $ 3560 million in 2013 from $ 3287 million in 2012 , reflecting higher headcount and higher incentive compensation driven by higher operating income , including higher performance fees .
employees at december 31 , 2013 totaled approximately 11400 compared with approximately 10500 at december 31 , 2012 .
distribution and servicing costs totaled $ 353 million in 2013 compared with $ 364 million in 2012 .
these costs included payments to bank of america/merrill lynch under a global distribution agreement and payments to pnc , as well as other third parties , primarily associated with the distribution and servicing of client investments in certain blackrock products .
distribution and servicing costs for 2013 and 2012 included $ 184 million and $ 195 million , respectively , attributable to bank of america/merrill lynch .
direct fund expense increased $ 66 million , reflecting higher average aum , primarily related to ishares , where blackrock pays certain nonadvisory expense of the funds .
general and administration expense increased $ 181 million , largely driven by the $ 124 million expense related to the charitable contribution , higher marketing and promotional costs and various lease exit costs .
the full year 2012 included a one-time $ 30 million contribution to stifs .
as adjusted .
expense , as adjusted , increased $ 393 million , or 7% ( 7 % ) , to $ 6156 million in 2013 from $ 5763 million in 2012 .
the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits , direct fund expense and general and administration expense .
nonoperating results nonoperating income ( expense ) , less net income ( loss ) attributable to nci for 2014 , 2013 and 2012 was as follows : ( in millions ) 2014 2013 2012 nonoperating income ( expense ) , gaap basis $ ( 79 ) $ 116 $ ( 54 ) less : net income ( loss ) attributable to nci ( 1 ) ( 30 ) 19 ( 18 ) nonoperating income ( expense ) ( 2 ) ( 49 ) 97 ( 36 ) gain related to the charitable contribution 2014 ( 80 ) 2014 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ( 7 ) ( 10 ) ( 6 ) nonoperating income ( expense ) , as adjusted ( 2 ) $ ( 56 ) $ 7 $ ( 42 ) ( 1 ) amounts included losses of $ 41 million and $ 38 million attributable to consolidated variable interest entities ( 201cvies 201d ) for 2014 and 2012 , respectively .
during 2013 , the company did not record any nonoperating income ( loss ) or net income ( loss ) attributable to vies on the consolidated statements of income .
( 2 ) net of net income ( loss ) attributable to nci.


54| | duke realty corporation annual report 2009 net income ( loss ) per common share basic net income ( loss ) per common share is computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share-based awards expected to vest , by the weighted average number of common shares outstanding for the period .
diluted net income ( loss ) per common share is computed by dividing the sum of basic net income ( loss ) attributable to common shareholders and the noncontrolling interest in earnings allocable to units not owned by us ( to the extent the units are dilutive ) , by the sum of the weighted average number of common shares outstanding and , to the extent they are dilutive , limited partnership units outstanding , as well as any potential dilutive securities for the period .
during the first quarter of 2009 , we adopted a new accounting standard ( fasb asc 260-10 ) on participating securities , which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share .
pursuant to this new standard , certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest .
the following table reconciles the components of basic and diluted net income ( loss ) per common share ( in thousands ) : .

                                                                           | 2009                 | 2008           | 2007
-------------------------------------------------------------------------- | -------------------- | -------------- | --------------
net income ( loss ) attributable to common shareholders                    | $ -333601 ( 333601 ) | $ 50408        | $ 211942
less : dividends on share-based awards expected to vest                    | -1759 ( 1759 )       | -1631 ( 1631 ) | -1149 ( 1149 )
basic net income ( loss ) attributable to common shareholders              | -335360 ( 335360 )   | 48777          | 210793
noncontrolling interest in earnings of common unitholders ( 1 )            | -                    | 2640           | 13998
diluted net income ( loss ) attributable to common shareholders            | $ -335360 ( 335360 ) | $ 51417        | $ 224791
weighted average number of common shares outstanding                       | 201206               | 146915         | 139255
weighted average partnership units outstanding                             | -                    | 7619           | 9204
other potential dilutive shares ( 2 )                                      | -                    | 19             | 791
weighted average number of common shares and potential dilutive securities | 201206               | 154553         | 149250

weighted average number of common shares and potential diluted securities 201206 154553 149250 ( 1 ) the partnership units are anti-dilutive for the year ended december 31 , 2009 , as a result of the net loss for that period .
therefore , 6687 units ( in thousands ) are excluded from the weighted average number of common shares and potential dilutive securities for the year ended december 31 , 2009 and $ 11099 noncontrolling interest in earnings of common unitholders ( in thousands ) is excluded from diluted net loss attributable to common shareholders for the year ended december 31 , 2009 .
( 2 ) excludes ( in thousands of shares ) 7872 ; 8219 and 1144 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively related to stock-based compensation plans .
also excludes ( in thousands of shares ) the exchangeable notes that have 8089 ; 11771 and 11751 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively .
federal income taxes we have elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code of 1986 , as amended .
to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement to distribute at least 90% ( 90 % ) of our adjusted taxable income to our stockholders .
management intends to continue to adhere to these requirements and to maintain our reit status .
as a reit , we are entitled to a tax deduction for some or all of the dividends we pay to shareholders .
accordingly , we generally will not be subject to federal income taxes as long as we distribute an amount equal to or in excess of our taxable income currently to shareholders .
we are also generally subject to federal income taxes on any taxable income that is not currently distributed to our shareholders .
if we fail to qualify as a reit in any taxable year , we will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years .
reit qualification reduces , but does not eliminate , the amount of state and local taxes we pay .
in addition , our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes .
as a reit , we may also be subject to certain federal excise taxes if we engage in certain types of transactions.


the fair value of our grants receivable is determined using a discounted cash flow model , which discounts future cash flows using an appropriate yield curve .
as of december 28 , 2013 , and december 29 , 2012 , the carrying amount of our grants receivable was classified within other current assets and other long-term assets , as applicable .
our long-term debt recognized at amortized cost is comprised of our senior notes and our convertible debentures .
the fair value of our senior notes is determined using active market prices , and it is therefore classified as level 1 .
the fair value of our convertible long-term debt is determined using discounted cash flow models with observable market inputs , and it takes into consideration variables such as interest rate changes , comparable securities , subordination discount , and credit-rating changes , and it is therefore classified as level 2 .
the nvidia corporation ( nvidia ) cross-license agreement liability in the preceding table was incurred as a result of entering into a long-term patent cross-license agreement with nvidia in january 2011 .
we agreed to make payments to nvidia over six years .
as of december 28 , 2013 , and december 29 , 2012 , the carrying amount of the liability arising from the agreement was classified within other accrued liabilities and other long-term liabilities , as applicable .
the fair value is determined using a discounted cash flow model , which discounts future cash flows using our incremental borrowing rates .
note 5 : cash and investments cash and investments at the end of each period were as follows : ( in millions ) dec 28 , dec 29 .

( in millions )                        | dec 282013 | dec 292012
-------------------------------------- | ---------- | ----------
available-for-sale investments         | $ 18086    | $ 14001
cash                                   | 854        | 593
equity method investments              | 1038       | 992
loans receivable                       | 1072       | 979
non-marketable cost method investments | 1270       | 1202
reverse repurchase agreements          | 800        | 2850
trading assets                         | 8441       | 5685
total cash and investments             | $ 31561    | $ 26302

in the third quarter of 2013 , we sold our shares in clearwire corporation , which had been accounted for as available-for-sale marketable equity securities , and our interest in clearwire communications , llc ( clearwire llc ) , which had been accounted for as an equity method investment .
in total , we received proceeds of $ 470 million on these transactions and recognized a gain of $ 439 million , which is included in gains ( losses ) on equity investments , net on the consolidated statements of income .
proceeds received and gains recognized for each investment are included in the "available-for-sale investments" and "equity method investments" sections that follow .
table of contents intel corporation notes to consolidated financial statements ( continued )


2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : .

                    | 2015             | 2014             | 2013
------------------- | ---------------- | ---------------- | ----------------
net sales           | $ 9105           | $ 9202           | $ 9288
operating profit    | 1171             | 1187             | 1198
operating margins   | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % )
backlog at year-end | $ 17400          | $ 20300          | $ 21400

2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume.


increased investment in programming to support subscriber growth , higher offer costs and continued investment in presto , partially offset by lower depreciation expense resulting from foxtel 2019s reassessment of the useful lives of cable and satellite installations .
net income decreased as a result of the lower operating income noted above , partially offset by lower income tax expense .
( b ) other equity affiliates , net for the fiscal year ended june 30 , 2016 includes losses primarily from the company 2019s interests in draftstars and elara technologies , which owns proptiger .
interest , net 2014interest , net for the fiscal year ended june 30 , 2016 decreased $ 13 million , or 23% ( 23 % ) , as compared to fiscal 2015 , primarily due to the negative impact of foreign currency fluctuations and interest expense associated with the rea facility .
( see note 9 to the consolidated financial statements ) .
other , net 2014 for the fiscal years ended june 30 .

( in millions )                                                       | for the fiscal years ended june 30 , 2016 | for the fiscal years ended june 30 , 2015
--------------------------------------------------------------------- | ----------------------------------------- | -----------------------------------------
gain on iproperty transaction ( a )                                   | $ 29                                      | $ 2014
impairment of marketable securities and cost method investments ( b ) | -21 ( 21 )                                | -5 ( 5 )
gain on sale of marketable securities ( c )                           | 2014                                      | 29
dividends received from cost method investments                       | 2014                                      | 25
gain on sale of cost method investments                               | 2014                                      | 15
other                                                                 | 10                                        | 11
total other net                                                       | $ 18                                      | $ 75

( a ) rea group recognized a gain of $ 29 million resulting from the revaluation of its previously held equity interest in iproperty during the fiscal year ended june 30 , 2016 .
( see note 3 to the consolidated financial statements ) .
( b ) the company recorded write-offs and impairments of certain investments in the fiscal years ended june 30 , 2016 and 2015 .
these write-offs and impairments were taken either as a result of the deteriorating financial position of the investee or due to an other-than-temporary impairment resulting from sustained losses and limited prospects for recovery .
( see note 6 to the consolidated financial statements. ) ( c ) in august 2014 , rea group completed the sale of a minority interest held in marketable securities for total cash consideration of $ 104 million .
as a result of the sale , rea group recognized a pre-tax gain of $ 29 million , which was reclassified out of accumulated other comprehensive income and included in other , net in the statement of operations .
income tax benefit ( expense ) 2014the company 2019s income tax benefit and effective tax rate for the fiscal year ended june 30 , 2016 were $ 54 million and ( 30% ( 30 % ) ) , respectively , as compared to an income tax expense and effective tax rate of $ 185 million and 34% ( 34 % ) , respectively , for fiscal 2015 .
for the fiscal years ended june 30 , 2016 the company recorded a tax benefit of $ 54 million on pre-tax income of $ 181 million resulting in an effective tax rate that was lower than the u.s .
statutory tax .
the lower tax rate was primarily due to a tax benefit of approximately $ 106 million related to the release of previously established valuation allowances related to certain u.s .
federal net operating losses and state deferred tax assets .
this benefit was recognized in conjunction with management 2019s plan to dispose of the company 2019s digital education business in the first quarter of fiscal 2016 , as the company now expects to generate sufficient u.s .
taxable income to utilize these deferred tax assets prior to expiration .
in addition , the effective tax rate was also impacted by the $ 29 million non-taxable gain resulting from the revaluation of rea group 2019s previously held equity interest in iproperty .
for the fiscal year ended june 30 , 2015 , the company 2019s effective tax rate was lower than the u.s .
statutory tax rate primarily due to the impact from foreign operations which are subject to lower tax rates , partially offset by the impact of nondeductible items and changes in our accrued liabilities for uncertain tax positions .
( see note 18 to the consolidated financial statements ) .


the future minimum lease commitments under these leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31: .

2011                          | $ 62465
----------------------------- | --------
2012                          | 54236
2013                          | 47860
2014                          | 37660
2015                          | 28622
thereafter                    | 79800
future minimum lease payments | $ 310643

rental expense for operating leases was approximately $ 66.9 million , $ 57.2 million and $ 49.0 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .
in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , some of whom became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations .
typical lease terms under these agreements include an initial term of five years , with three to five five-year renewal options and purchase options at various times throughout the lease periods .
we also maintain the right of first refusal concerning the sale of the leased property .
lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $ 1.0 million , $ 0.9 million and $ 0.9 million during each of the years ended december 31 , 2010 , 2009 and 2008 , respectively .
we guarantee the residual values of the majority of our truck and equipment operating leases .
the residual values decline over the lease terms to a defined percentage of original cost .
in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall .
similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value .
had we terminated all of our operating leases subject to these guarantees at december 31 , 2010 , the guaranteed residual value would have totaled approximately $ 31.4 million .
we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value .
litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s .
infringed on ford design patents .
the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 .
pursuant to the settlement , we ( and our designees ) became the sole distributor in the u.s .
of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s .
design patent .
we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell .
the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income .
we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business .
we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows.


at its catlettsburg , kentucky refinery , map has completed the approximately $ 440 million multi-year integrated investment program to upgrade product yield realizations and reduce fixed and variable manufacturing expenses .
this program involves the expansion , conversion and retirement of certain refinery processing units that , in addition to improving profitability , will allow the refinery to begin producing low-sulfur ( tier 2 ) gasoline .
project startup was in the first quarter of 2004 .
in the fourth quarter of 2003 , map commenced approximately $ 300 million in new capital projects for its 74000 bpd detroit , michigan refinery .
one of the projects , a $ 110 million expansion project , is expected to raise the crude oil capacity at the refinery by 35 percent to 100000 bpd .
other projects are expected to enable the refinery to produce new clean fuels and further control regulated air emissions .
completion of the projects is scheduled for the fourth quarter of 2005 .
marathon will loan map the funds necessary for these upgrade and expansion projects .
marketing in 2003 , map 2019s refined product sales volumes ( excluding matching buy/sell transactions ) totaled 19.8 billion gallons ( 1293000 bpd ) .
excluding sales related to matching buy/sell transactions , the wholesale distribution of petroleum products to private brand marketers and to large commercial and industrial consumers , primarily located in the midwest , the upper great plains and the southeast , and sales in the spot market , accounted for approximately 70 percent of map 2019s refined product sales volumes in 2003 .
approximately 50 percent of map 2019s gasoline volumes and 91 percent of its distillate volumes were sold on a wholesale or spot market basis to independent unbranded customers or other wholesalers in 2003 .
approximately half of map 2019s propane is sold into the home heating markets and industrial consumers purchase the balance .
propylene , cumene , aromatics , aliphatics , and sulfur are marketed to customers in the chemical industry .
base lube oils and slack wax are sold throughout the united states .
pitch is also sold domestically , but approximately 13 percent of pitch products are exported into growing markets in canada , mexico , india , and south america .
map markets asphalt through owned and leased terminals throughout the midwest and southeast .
the map customer base includes approximately 900 asphalt-paving contractors , government entities ( states , counties , cities and townships ) and asphalt roofing shingle manufacturers .
the following table sets forth the volume of map 2019s consolidated refined product sales by product group for each of the last three years : refined product sales ( thousands of barrels per day ) 2003 2002 2001 .

( thousands of barrels per day )            | 2003 | 2002 | 2001
------------------------------------------- | ---- | ---- | ----
gasoline                                    | 776  | 773  | 748
distillates                                 | 365  | 346  | 345
propane                                     | 21   | 22   | 21
feedstocks and special products             | 97   | 82   | 71
heavy fuel oil                              | 24   | 20   | 41
asphalt                                     | 74   | 75   | 78
total                                       | 1357 | 1318 | 1304
matching buy/sell volumes included in above | 64   | 71   | 45

map sells reformulated gasoline in parts of its marketing territory , primarily chicago , illinois ; louisville , kentucky ; northern kentucky ; and milwaukee , wisconsin .
map also sells low-vapor-pressure gasoline in nine states .
as of december 31 , 2003 , map supplied petroleum products to approximately 3900 marathon and ashland branded retail outlets located primarily in michigan , ohio , indiana , kentucky and illinois .
branded retail outlets are also located in florida , georgia , wisconsin , west virginia , minnesota , tennessee , virginia , pennsylvania , north carolina , south carolina and alabama.


entergy corporation and subsidiaries notes to financial statements entergy new orleans securitization bonds - hurricane isaac in may 2015 the city council issued a financing order authorizing the issuance of securitization bonds to recover entergy new orleans 2019s hurricane isaac storm restoration costs of $ 31.8 million , including carrying costs , the costs of funding and replenishing the storm recovery reserve in the amount of $ 63.9 million , and approximately $ 3 million of up-front financing costs associated with the securitization .
in july 2015 , entergy new orleans storm recovery funding i , l.l.c. , a company wholly owned and consolidated by entergy new orleans , issued $ 98.7 million of storm cost recovery bonds .
the bonds have a coupon of 2.67% ( 2.67 % ) and an expected maturity date of june 2024 .
although the principal amount is not due until the date given above , entergy new orleans storm recovery funding expects to make principal payments on the bonds over the next five years in the amounts of $ 11.4 million for 2016 , $ 10.6 million for 2017 , $ 11 million for 2018 , $ 11.2 million for 2019 , and $ 11.6 million for 2020 .
with the proceeds , entergy new orleans storm recovery funding purchased from entergy new orleans the storm recovery property , which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds .
the storm recovery property is reflected as a regulatory asset on the consolidated entergy new orleans balance sheet .
the creditors of entergy new orleans do not have recourse to the assets or revenues of entergy new orleans storm recovery funding , including the storm recovery property , and the creditors of entergy new orleans storm recovery funding do not have recourse to the assets or revenues of entergy new orleans .
entergy new orleans has no payment obligations to entergy new orleans storm recovery funding except to remit storm recovery charge collections .
entergy texas securitization bonds - hurricane rita in april 2007 the puct issued a financing order authorizing the issuance of securitization bonds to recover $ 353 million of entergy texas 2019s hurricane rita reconstruction costs and up to $ 6 million of transaction costs , offset by $ 32 million of related deferred income tax benefits .
in june 2007 , entergy gulf states reconstruction funding i , llc , a company that is now wholly-owned and consolidated by entergy texas , issued $ 329.5 million of senior secured transition bonds ( securitization bonds ) as follows : amount ( in thousands ) .

                                                  | amount ( in thousands )
------------------------------------------------- | -----------------------
senior secured transition bonds series a:         |
tranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013 | $ 93500
tranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018 | 121600
tranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022    | 114400
total senior secured transition bonds             | $ 329500

although the principal amount of each tranche is not due until the dates given above , entergy gulf states reconstruction funding expects to make principal payments on the bonds over the next five years in the amounts of $ 26 million for 2016 , $ 27.6 million for 2017 , $ 29.2 million for 2018 , $ 30.9 million for 2019 , and $ 32.8 million for 2020 .
all of the scheduled principal payments for 2016 are for tranche a-2 , $ 23.6 million of the scheduled principal payments for 2017 are for tranche a-2 and $ 4 million of the scheduled principal payments for 2017 are for tranche a-3 .
all of the scheduled principal payments for 2018-2020 are for tranche a-3 .
with the proceeds , entergy gulf states reconstruction funding purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds .
the transition property is reflected as a regulatory asset on the consolidated entergy texas balance sheet .
the creditors of entergy texas do not have recourse to the assets or revenues of entergy gulf states reconstruction funding , including the transition property , and the creditors of entergy gulf states reconstruction funding do not have recourse to the assets or revenues of entergy texas .
entergy texas has no payment obligations to entergy gulf states reconstruction funding except to remit transition charge collections.


performance graph this graph compares the return on lilly stock with that of the standard & poor 2019s 500 stock index and our peer group for the years 2014 through 2018 .
the graph assumes that , on december 31 , 2013 , a person invested $ 100 each in lilly stock , the s&p 500 stock index , and the peer groups' common stock .
the graph measures total shareholder return , which takes into account both stock price and dividends .
it assumes that dividends paid by a company are reinvested in that company 2019s stock .
value of $ 100 invested on last business day of 2013 comparison of five-year cumulative total return among lilly , s&p 500 stock index , peer group ( 1 ) .

       | lilly    | peer group | s&p 500
------ | -------- | ---------- | --------
dec-13 | $ 100.00 | $ 100.00   | $ 100.00
dec-14 | $ 139.75 | $ 114.39   | $ 113.69
dec-15 | $ 175.21 | $ 116.56   | $ 115.26
dec-16 | $ 157.03 | $ 112.80   | $ 129.05
dec-17 | $ 185.04 | $ 128.90   | $ 157.22
dec-18 | $ 259.88 | $ 136.56   | $ 150.33

( 1 ) we constructed the peer group as the industry index for this graph .
it comprises the companies in the pharmaceutical and biotech industries that we used to benchmark the compensation of our executive officers for 2018 : abbvie inc. ; amgen inc. ; astrazeneca plc ; baxter international inc. ; biogen idec inc. ; bristol-myers squibb company ; celgene corporation ; gilead sciences inc. ; glaxosmithkline plc ; johnson & johnson ; medtronic plc ; merck & co. , inc. ; novartis ag. ; pfizer inc. ; roche holdings ag ; sanofi ; and shire plc.


purchases of equity securities the following table provides information about our repurchases of our common stock registered pursuant to section 12 of the securities exchange act of 1934 during the quarter ended december 31 , 2014 .
period ( a ) number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs ( b ) amount available for future share repurchases under the plans or programs ( b ) ( in millions ) .

period ( a )                           | total number of shares purchased | average price paid per share | total number of shares purchased as part of publicly announced plans or programs ( b ) | amount available for future share repurchases under the plans or programs ( b ) ( in millions )
-------------------------------------- | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------
september 29 2014 2013 october 26 2014 | 399259                           | $ 176.96                     | 397911                                                                                | $ 3825
october 27 2014 2013 november 30 2014  | 504300                           | $ 187.74                     | 456904                                                                                | $ 3739
december 1 2014 2013 december 31 2014  | 365683                           | $ 190.81                     | 357413                                                                                | $ 3671
total                                  | 1269242 ( c )                    | $ 185.23                     | 1212228                                                                                | $ 3671

total 1269242 ( c ) $ 185.23 1212228 $ 3671 ( a ) we close our books and records on the last sunday of each month to align our financial closing with our business processes , except for the month of december , as our fiscal year ends on december 31 .
as a result , our fiscal months often differ from the calendar months .
for example , september 29 , 2014 was the first day of our october 2014 fiscal month .
( b ) in october 2010 , our board of directors approved a share repurchase program pursuant to which we are authorized to repurchase our common stock in privately negotiated transactions or in the open market at prices per share not exceeding the then-current market prices .
on september 25 , 2014 , our board of directors authorized a $ 2.0 billion increase to the program .
under the program , management has discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation .
we also may make purchases under the program pursuant to rule 10b5-1 plans .
the program does not have an expiration date .
( c ) during the quarter ended december 31 , 2014 , the total number of shares purchased included 57014 shares that were transferred to us by employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock units .
these purchases were made pursuant to a separate authorization by our board of directors and are not included within the program.


marathon oil corporation notes to consolidated financial statements of the $ 446 million present value of net minimum capital lease payments , $ 53 million was related to obligations assumed by united states steel under the financial matters agreement .
operating lease rental expense was : ( in millions ) 2009 2008 2007 minimum rental ( a ) $ 238 $ 245 $ 209 .

( in millions )      | 2009  | 2008  | 2007
-------------------- | ----- | ----- | -----
minimum rental ( a ) | $ 238 | $ 245 | $ 209
contingent rental    | 19    | 22    | 33
net rental expense   | $ 257 | $ 267 | $ 242

( a ) excludes $ 3 million , $ 5 million and $ 8 million paid by united states steel in 2009 , 2008 and 2007 on assumed leases .
26 .
commitments and contingencies we are the subject of , or party to , a number of pending or threatened legal actions , contingencies and commitments involving a variety of matters , including laws and regulations relating to the environment .
certain of these matters are discussed below .
the ultimate resolution of these contingencies could , individually or in the aggregate , be material to our consolidated financial statements .
however , management believes that we will remain a viable and competitive enterprise even though it is possible that these contingencies could be resolved unfavorably .
environmental matters 2013 we are subject to federal , state , local and foreign laws and regulations relating to the environment .
these laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites .
penalties may be imposed for noncompliance .
at december 31 , 2009 and 2008 , accrued liabilities for remediation totaled $ 116 million and $ 111 million .
it is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed .
receivables for recoverable costs from certain states , under programs to assist companies in clean-up efforts related to underground storage tanks at retail marketing outlets , were $ 59 and $ 60 million at december 31 , 2009 and 2008 .
legal cases 2013 we , along with other refining companies , settled a number of lawsuits pertaining to methyl tertiary-butyl ether ( 201cmtbe 201d ) in 2008 .
presently , we are a defendant , along with other refining companies , in 27 cases arising in four states alleging damages for mtbe contamination .
like the cases that we settled in 2008 , 12 of the remaining cases are consolidated in a multi-district litigation ( 201cmdl 201d ) in the southern district of new york for pretrial proceedings .
the other 15 cases are in new york state courts ( nassau and suffolk counties ) .
plaintiffs in 26 of the 27 cases allege damages to water supply wells from contamination of groundwater by mtbe , similar to the damages claimed in the cases settled in 2008 .
in the remaining case , the new jersey department of environmental protection is seeking the cost of remediating mtbe contamination and natural resources damages allegedly resulting from contamination of groundwater by mtbe .
we are vigorously defending these cases .
we have engaged in settlement discussions related to the majority of these cases .
we do not expect our share of liability for these cases to significantly impact our consolidated results of operations , financial position or cash flows .
we voluntarily discontinued producing mtbe in 2002 .
we are currently a party to one qui tam case , which alleges that marathon and other defendants violated the false claims act with respect to the reporting and payment of royalties on natural gas and natural gas liquids for federal and indian leases .
a qui tam action is an action in which the relator files suit on behalf of himself as well as the federal government .
the case currently pending is u.s .
ex rel harrold e .
wright v .
agip petroleum co .
et al .
it is primarily a gas valuation case .
marathon has reached a settlement with the relator and the doj which will be finalized after the indian tribes review and approve the settlement terms .
such settlement is not expected to significantly impact our consolidated results of operations , financial position or cash flows .
guarantees 2013 we have provided certain guarantees , direct and indirect , of the indebtedness of other companies .
under the terms of most of these guarantee arrangements , we would be required to perform should the guaranteed party fail to fulfill its obligations under the specified arrangements .
in addition to these financial guarantees , we also have various performance guarantees related to specific agreements.


performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .
companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .
the performance graph assumes the investment of $ 100 on march 31 , 2007 in our common stock , the nasdaq composite index ( u.s .
companies ) and the peer group index , and the reinvestment of any and all dividends. .

                                            | 3/31/2007 | 3/31/2008 | 3/31/2009 | 3/31/2010 | 3/31/2011 | 3/31/2012
------------------------------------------- | --------- | --------- | --------- | --------- | --------- | ---------
abiomed inc                                 | 100       | 96.19     | 35.87     | 75.55     | 106.37    | 162.45
nasdaq composite index                      | 100       | 94.11     | 63.12     | 99.02     | 114.84    | 127.66
nasdaq medical equipment sic code 3840-3849 | 100       | 82.91     | 41.56     | 77.93     | 94.54     | 74.40

this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .
transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent.


customary affirmative and negative covenants and events of default for an unsecured financing arrangement , including , among other things , limitations on consolidations , mergers and sales of assets .
financial covenants include a maximum leverage ratio of 3.0 to 1.0 and a minimum interest coverage ratio of 3.5 to 1.0 .
if we fall below an investment grade credit rating , additional restrictions would result , including restrictions on investments , payment of dividends and stock repurchases .
we were in compliance with all covenants under the senior credit facility as of december 31 , 2007 .
commitments under the senior credit facility are subject to certain fees , including a facility and a utilization fee .
the senior credit facility is rated a- by standard & poor 2019s ratings services and is not rated by moody 2019s investors 2019 service , inc .
we also have available uncommitted credit facilities totaling $ 70.4 million .
management believes that cash flows from operations , together with available borrowings under the senior credit facility , are sufficient to meet our expected working capital , capital expenditure and debt service needs .
should investment opportunities arise , we believe that our earnings , balance sheet and cash flows will allow us to obtain additional capital , if necessary .
contractual obligations we have entered into contracts with various third parties in the normal course of business which will require future payments .
the following table illustrates our contractual obligations ( in millions ) : contractual obligations total 2008 thereafter .

contractual obligations        | total   | 2008   | 2009 and 2010 | 2011 and 2012 | 2013 and thereafter
------------------------------ | ------- | ------ | ------------- | ------------- | -------------------
long-term debt                 | $ 104.3 | $ 2013 | $ 2013        | $ 104.3       | $ 2013
operating leases               | 134.3   | 35.4   | 50.0          | 28.6          | 20.3
purchase obligations           | 24.6    | 23.2   | 1.4           | 2013          | 2013
long-term income taxes payable | 137.0   | 2013   | 57.7          | 53.9          | 25.4
other long-term liabilities    | 191.4   | 2013   | 47.3          | 17.1          | 127.0
total contractual obligations  | $ 591.6 | $ 58.6 | $ 156.4       | $ 203.9       | $ 172.7

total contractual obligations $ 591.6 $ 58.6 $ 156.4 $ 203.9 $ 172.7 critical accounting estimates our financial results are affected by the selection and application of accounting policies and methods .
significant accounting policies which require management 2019s judgment are discussed below .
excess inventory and instruments 2013 we must determine as of each balance sheet date how much , if any , of our inventory may ultimately prove to be unsaleable or unsaleable at our carrying cost .
similarly , we must also determine if instruments on hand will be put to productive use or remain undeployed as a result of excess supply .
reserves are established to effectively adjust inventory and instruments to net realizable value .
to determine the appropriate level of reserves , we evaluate current stock levels in relation to historical and expected patterns of demand for all of our products and instrument systems and components .
the basis for the determination is generally the same for all inventory and instrument items and categories except for work-in-progress inventory , which is recorded at cost .
obsolete or discontinued items are generally destroyed and completely written off .
management evaluates the need for changes to valuation reserves based on market conditions , competitive offerings and other factors on a regular basis .
income taxes fffd we estimate income tax expense and income tax liabilities and assets by taxable jurisdiction .
realization of deferred tax assets in each taxable jurisdiction is dependent on our ability to generate future taxable income sufficient to realize the benefits .
we evaluate deferred tax assets on an ongoing basis and provide valuation allowances if it is determined to be 201cmore likely than not 201d that the deferred tax benefit will not be realized .
federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the u.s .
we operate within numerous taxing jurisdictions .
we are subject to regulatory review or audit in virtually all of those jurisdictions and those reviews and audits may require extended periods of time to resolve .
we make use of all available information and make reasoned judgments regarding matters requiring interpretation in establishing tax expense , liabilities and reserves .
we believe adequate provisions exist for income taxes for all periods and jurisdictions subject to review or audit .
commitments and contingencies 2013 accruals for product liability and other claims are established with internal and external legal counsel based on current information and historical settlement information for claims , related fees and for claims incurred but not reported .
we use an actuarial model to assist management in determining an appropriate level of accruals for product liability claims .
historical patterns of claim loss development over time are statistically analyzed to arrive at factors which are then applied to loss estimates in the actuarial model .
the amounts established equate to less than 5 percent of total liabilities and represent management 2019s best estimate of the ultimate costs that we will incur under the various contingencies .
goodwill and intangible assets 2013 we evaluate the carrying value of goodwill and indefinite life intangible assets annually , or whenever events or circumstances indicate the carrying value may not be recoverable .
we evaluate the carrying value of finite life intangible assets whenever events or circumstances indicate the carrying value may not be recoverable .
significant assumptions are required to estimate the fair value of goodwill and intangible assets , most notably estimated future cash flows generated by these assets .
as such , these fair valuation measurements use significant unobservable inputs as defined under statement of financial accounting standards no .
157 , fair value measurements .
changes to these assumptions could require us to record impairment charges on these assets .
share-based payment 2013 we account for share-based payment expense in accordance with the fair value z i m m e r h o l d i n g s , i n c .
2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t


stock performance graph the following performance graph compares the cumulative total return ( including dividends ) to the holders of our common stock from december 31 , 2002 through december 31 , 2007 , with the cumulative total returns of the nyse composite index , the ftse nareit composite reit index ( the 201call reit index 201d ) , the ftse nareit healthcare equity reit index ( the 201chealthcare reit index 201d ) and the russell 1000 index over the same period .
the comparison assumes $ 100 was invested on december 31 , 2002 in our common stock and in each of the foregoing indices and assumes reinvestment of dividends , as applicable .
we have included the nyse composite index in the performance graph because our common stock is listed on the nyse .
we have included the other indices because we believe that they are either most representative of the industry in which we compete , or otherwise provide a fair basis for comparison with ventas , and are therefore particularly relevant to an assessment of our performance .
the figures in the table below are rounded to the nearest dollar. .

                      | 12/31/2002 | 12/31/2003 | 12/31/2004 | 12/31/2005 | 12/31/2006 | 12/31/2007
--------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
ventas                | $ 100      | $ 206      | $ 270      | $ 331      | $ 457      | $ 512
nyse composite index  | $ 100      | $ 132      | $ 151      | $ 166      | $ 200      | $ 217
all reit index        | $ 100      | $ 138      | $ 181      | $ 196      | $ 262      | $ 215
healthcare reit index | $ 100      | $ 154      | $ 186      | $ 189      | $ 273      | $ 279
russell 1000 index    | $ 100      | $ 130      | $ 145      | $ 154      | $ 178      | $ 188

ventas nyse composite index all reit index healthcare reit index russell 1000 index