contractual obligations . the following table shows our contractual obligations for the period indicated: .

( dollars in millions )	payments due by period total	payments due by period less than 1 year	payments due by period 1-3 years	payments due by period 3-5 years	payments due by period more than 5 years
8.75% ( 8.75 % ) senior notes	$ 200.0	$ -	$ 200.0	$ -	$ -
5.40% ( 5.40 % ) senior notes	250.0	-	-	-	250.0
junior subordinated debt	329.9	-	-	-	329.9
6.6% ( 6.6 % ) long term notes	400.0	-	-	-	400.0
interest expense ( 1 )	2243.0	77.2	145.7	119.5	1900.6
employee benefit plans	2.4	2.4	-	-	-
operating lease agreements	32.0	8.5	16.3	3.7	3.5
gross reserve for losses and lae ( 2 )	9040.6	2053.2	3232.3	1077.1	2678.1
total	$ 12497.9	$ 2141.3	$ 3594.3	$ 1200.3	$ 5562.0

( 1 ) interest expense on 6.6% ( 6.6 % ) long term notes is assumed to be fixed through contractual term . ( 2 ) loss and lae reserves represent our best estimate of losses from claim and related settlement costs . both the amounts and timing of such payments are estimates , and the inherent variability of resolving claims as well as changes in market conditions make the timing of cash flows uncertain . therefore , the ultimate amount and timing of loss and lae payments could differ from our estimates . the contractual obligations for senior notes , long term notes and junior subordinated debt are the responsibility of holdings . we have sufficient cash flow , liquidity , investments and access to capital markets to satisfy these obligations . holdings gen- erally depends upon dividends from everest re , its operating insurance subsidiary for its funding , capital contributions from group or access to the capital markets . our various operating insurance and reinsurance subsidiaries have sufficient cash flow , liquidity and investments to settle outstanding reserves for losses and lae . management believes that we , and each of our entities , have sufficient financial resources or ready access thereto , to meet all obligations . dividends . during 2007 , 2006 and 2005 , we declared and paid shareholder dividends of $ 121.4 million , $ 39.0 million and $ 25.4 million , respectively . as an insurance holding company , we are partially dependent on dividends and other permitted pay- ments from our subsidiaries to pay cash dividends to our shareholders . the payment of dividends to group by holdings and to holdings by everest re is subject to delaware regulatory restrictions and the payment of dividends to group by bermuda re is subject to bermuda insurance regulatory restrictions . management expects that , absent extraordinary catastrophe losses , such restrictions should not affect everest re 2019s ability to declare and pay dividends sufficient to support holdings 2019 general corporate needs and that holdings and bermuda re will have the ability to declare and pay dividends sufficient to support group 2019s general corporate needs . for the years ended december 31 , 2007 , 2006 and 2005 , everest re paid divi- dends to holdings of $ 245.0 million , $ 100.0 million and $ 75.0 million , respectively . for the years ended december 31 , 2007 , 2006 and 2005 , bermuda re paid dividends to group of $ 0.0 million , $ 60.0 million and $ 45.0 million , respectively . see item 1 , 201cbusiness 2013 regulatory matters 2013 dividends 201d and note 16 of notes to consolidated financial statements . application of new accounting standards . in november 2005 , the fasb issued fasb staff position ( 201cfsp 201d ) fas 115-1 , 201cthe meaning of other-than-temporary impairment and its application to certain investments 201d ( 201cfas 115-1 201d ) , which is effective for reporting periods beginning after december 15 , 2005 . fas 115-1 addresses the determination as to when an investment is considered impaired , whether the impairment is other than temporary and the measurement of an impairment loss . fas 115-1 also includes accounting considerations subsequent to the recognition of an other-than-temporary impairment and requires certain dis- closures about unrealized losses not recognized as other-than-temporary impairments . the company adopted fas 115-1 prospectively effective january 1 , 2006 . the company believes that all unrealized losses in its investment portfolio are temporary in nature. .

Question: what was the rate of increase in 2007 shareholder dividends paid?
Program: subtract(121.4, 39.0), divide(#0, 39.0)
Answer: 2.11282