agreements . deferred financing costs amounted to $ 51 million and $ 60 million , net of accumulated amortization , as of december 31 , 2007 and 2006 , respectively . amortization of deferred financing costs totaled $ 13 million , $ 15 million and $ 14 million in 2007 , 2006 and 2005 , respectively , and is included in interest expense on the accompanying statements of operations . amortization of property and equipment under capital leases totaled $ 2 million , $ 2 million and $ 3 million in 2007 , 2006 and 2005 , respectively , and is included in depreciation and amortization on the accompanying consolidated state- ments of operations . 5 stockholders 2019 equity seven hundred fifty million shares of common stock , with a par value of $ 0.01 per share , are authorized , of which 522.6 million and 521.1 million were outstanding as of december 31 , 2007 and 2006 , respectively . fifty million shares of no par value preferred stock are authorized , with 4.0 million shares out- standing as of december 31 , 2007 and 2006 . dividends we are required to distribute at least 90% ( 90 % ) of our annual taxable income , excluding net capital gain , to qualify as a reit . however , our policy on common dividends is generally to distribute 100% ( 100 % ) of our estimated annual taxable income , including net capital gain , unless otherwise contractually restricted . for our preferred dividends , we will generally pay the quarterly dividend , regard- less of the amount of taxable income , unless similarly contractu- ally restricted . the amount of any dividends will be determined by host 2019s board of directors . all dividends declared in 2007 , 2006 and 2005 were determined to be ordinary income . the table below presents the amount of common and preferred dividends declared per share as follows: .
what was the percent of the increase in the common stock dividend from 2006 to 2007
class e preferred stock 8 7/8% ( 7/8 % ) 2.22 2.22 2.22 common stock on april 10 , 2006 , we issued approximately 133.5 million com- mon shares for the acquisition of hotels from starwood hotels & resorts . see note 12 , acquisitions-starwood acquisition . during 2006 , we converted our convertible subordinated debentures into approximately 24 million shares of common stock . the remainder was redeemed for $ 2 million in april 2006 . see note 4 , debt . preferred stock we currently have one class of publicly-traded preferred stock outstanding : 4034400 shares of 8 7/8% ( 7/8 % ) class e preferred stock . holders of the preferred stock are entitled to receive cumulative cash dividends at 8 7/8% ( 7/8 % ) per annum of the $ 25.00 per share liqui- dation preference , which are payable quarterly in arrears . after june 2 , 2009 , we have the option to redeem the class e preferred stock for $ 25.00 per share , plus accrued and unpaid dividends to the date of redemption . the preferred stock ranks senior to the common stock and the authorized series a junior participating preferred stock ( discussed below ) . the preferred stockholders generally have no voting rights . accrued preferred dividends at december 31 , 2007 and 2006 were approximately $ 2 million . during 2006 and 2005 , we redeemed , at par , all of our then outstanding shares of class c and b cumulative preferred stock , respectively . the fair value of the preferred stock ( which was equal to the redemption price ) exceeded the carrying value of the class c and b preferred stock by approximately $ 6 million and $ 4 million , respectively . these amounts represent the origi- nal issuance costs . the original issuance costs for the class c and b preferred stock have been reflected in the determination of net income available to common stockholders for the pur- pose of calculating our basic and diluted earnings per share in the respective years of redemption . stockholders rights plan in 1998 , the board of directors adopted a stockholder rights plan under which a dividend of one preferred stock purchase right was distributed for each outstanding share of our com- mon stock . each right when exercisable entitles the holder to buy 1/1000th of a share of a series a junior participating pre- ferred stock of ours at an exercise price of $ 55 per share , subject to adjustment . the rights are exercisable 10 days after a person or group acquired beneficial ownership of at least 20% ( 20 % ) , or began a tender or exchange offer for at least 20% ( 20 % ) , of our com- mon stock . shares owned by a person or group on november 3 , 1998 and held continuously thereafter are exempt for purposes of determining beneficial ownership under the rights plan . the rights are non-voting and expire on november 22 , 2008 , unless exercised or previously redeemed by us for $ .005 each . if we were involved in a merger or certain other business combina- tions not approved by the board of directors , each right entitles its holder , other than the acquiring person or group , to purchase common stock of either our company or the acquiror having a value of twice the exercise price of the right . stock repurchase plan our board of directors has authorized a program to repur- chase up to $ 500 million of common stock . the common stock may be purchased in the open market or through private trans- actions , dependent upon market conditions . the plan does not obligate us to repurchase any specific number of shares and may be suspended at any time at management 2019s discretion . 6 income taxes we elected to be treated as a reit effective january 1 , 1999 , pursuant to the u.s . internal revenue code of 1986 , as amended . in general , a corporation that elects reit status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and complies with certain other requirements ( relating primarily to the nature of its assets and the sources of its revenues ) is generally not subject to federal and state income taxation on its operating income distributed to its stockholders . in addition to paying federal and state income taxes on any retained income , we are subject to taxes on 201cbuilt-in-gains 201d resulting from sales of certain assets . additionally , our taxable reit subsidiaries are subject to federal , state and foreign 63h o s t h o t e l s & r e s o r t s 2 0 0 7 60629p21-80x4 4/8/08 4:02 pm page 63 .