performance vesting conditions.
We adopted SFAS 123R using the “modified prospective” transition method.
Under this transition method, compensation expense is recognized beginning January 1, 2006 based on the requirements of SFAS 123R for all share-based payments granted after December 31, 2005, and based on the requirements of SFAS 123 for all awards granted to employees prior to January 1, 2006 that remain unvested as of that date.
Results of operations for prior years have not been restated.
The adoption of SFAS 123R, compared to the previous accounting for share-based compensation under APB 25, reduced the Company’s income before income taxes and minority interest and net income along with the related basic and diluted per common share amounts for 2006 as follows (in thousands, except per share amounts):
## Table 0 ##
The impact on net income and net earnings per common share if we had applied the provisions of SFAS 123 to stock options for 2005 and 2004 was as follows (in thousands, except per share amounts):
## Table 1 ##
SFAS 123R also requires the benefits of tax deductions in excess of recognized compensation expense resulting from the exercise of share-based awards to be reported as a financing cash flow.
For 2006, this requirement reduced net operating cash flows and increased net financing cash flows by approximately $15.7 million.
As required by SFAS 123R, upon adoption, we reclassified $11.1 million of unearned compensation related to restricted stock from deferred compensation to common stock.
We classify all share-based awards as equity instruments and recognize the vesting of the awards ratably over their respective terms.
As of December 31, 2006, compensation expense not yet recognized for nonvested share-based awards was approximately $44.2 million, which is expected to be recognized over a weighted average period of 1.3 years.
STOCK OPTIONS Options granted to employees vest at the rate of one third each year and expire seven years after the date of grant.
Options granted to nonemployee directors vest in increments from six months to three and a half years and expire ten years after the date of grant.
In 2005, we discontinued our broad-based employee stock option plan under which options were made available to substantially all employees; however, existing options continue to vest at the rate of one third each year and expire four years after the date of grant.
For 2006, the additional compensation expense of $17.5 million for stock options under SFAS 123R is included in salaries and employee benefits in the statements of income with the corresponding increase, excluding the effects of stock option expense on subsidiary stock, included in common stock in shareholders’ equity.
The related tax benefit recognized as a reduction of income tax expense was $5.0 million.
During 2006, the amount of cash received from the exercise of stock options was $79.5 million and the tax benefit realized as a reduction of income taxes payable was $17.3 million.
Of this amount, $4.2 million reduced goodwill for the tax benefit of vested share-based awards converted in the Amegy acquisition that were exercised during 2006, $11.8 million was included in common stock as part of net stock options exercised, and the remainder reduced deferred tax assets and current income tax expense.
For 2005 and 2004, the tax benefit realized as a reduction of income taxes payable and included in common stock was $13.5 million and $8.8 million, respectively
The Company’s efficiency ratio was 60.5% for 2007 compared to 56.9% for 2006 and 55.7% for 2005.
The increase in the efficiency ratio to 60.5% for 2007 was primarily due to the previously discussed impairment and valuation losses on securities.
The efficiency ratio was 56.7% excluding the impairment and valuation losses.
Salary costs for 2007 increased 6.4% over 2006, which were up 31.0% from 2005.
The increases for 2007 resulted mainly from merit pay salary increases and increased staffing related to other business expansion.
The salary costs for 2007 also included share-based compensation expense of approximately $28.3 million, up from $24.4 million for 2006.
The increases for 2006 resulted primarily from the acquisition of Amegy, increased incentive plan costs, additional staffing related to the build-out of our wealth management business, NetDeposit, and to other business expansion and sharebased compensation expense resulting from the adoption of SFAS 123R in 2006.
Employee health and insurance benefits for 2007 increased 24.2% from 2006, which increased 9.7% from 2005.
The increase for 2006 resulted primarily from the acquisition of Amegy.
Employee health and insurance expense for 2006 included an adjustment which reduced expense by approximately $4.0 million to reflect accumulated cash balances available to pay incurred but not reported medical claims.
Salaries and employee benefits are shown in greater detail in Schedule 10.
Schedule 10 SALARIES AND EMPLOYEE BENEFITS
## Table 2 ##
Occupancy expense increased $7.8 million or 7.8% compared to 2006 which was up 28.7% from 2005.
The 2007 increase is impacted by higher facilities rent expense, higher facilities maintenance and utilities expense, and the impact of the acquisition of Stockmen’s.
The increase for 2006 was mainly due to the Amegy acquisition.
Furniture and equipment expense for 2007 increased $7.8 million or 8.8% compared to 2006, which was up 30.1% from 2005.
The increase in 2007 was mainly due to increased maintenance contract costs related to technology and operational assets.
The increase for 2006 resulted primarily from the acquisition of Amegy.
Merger related expense decreased $15.2 million or 74.1% compared to 2006.
The decrease is mainly due to the completion of the Amegy system conversion during 2006.
Merger related expenses for 2006 and 2005 are mainly incremental costs associated with the integration and system conversions of Amegy.
See Note 3 of the Notes to Consolidated Financial Statements for additional information on merger related expenses.
Other noninterest expense for 2007 increased $24.1 million or 11.1% compared to 2006, which was up 20.0% from 2005.
The increase included an $8.1 million Visa litigation accrual, increased other real estate expenses of $4.3 million, and a $4.0 million write-down on repossessed equipment, which was collateral for an equipment lease on which we recorded a loan loss related to an alleged accounting fraud at a water bottling company during the fourth quarter of 2006.
The Visa litigation accrual represents an estimate of the Company’s proportionate share of a contingent obligation to indemnify Visa Inc.  for certain litigation matters.
The increase for 2006 resulted primarily from the acquisition of Amegy.
Impairment Losses on Goodwill During the fourth quarter of 2007, 2006 and 2005, the Company completed the annual goodwill impairment analysis as required by SFAS 142 and concluded there was no impairment on the goodwill balances.
Foreign Operations Zions Bank and Amegy both operate foreign branches in Grand Cayman, Grand Cayman Islands, B. W. I.
The branches only accept deposits from qualified customers.
While deposits in these branches are not subject to Federal Reserve Board reserve requirements or Federal Deposit Insurance Corporation insurance requirements, there are no federal or state income tax benefits to the Company or any customers as a result of these operations.
in a natural position that is more “asset-sensitive” than the Company believes is desirable.
The Company attempts to mitigate this tendency toward asset sensitivity primarily through the use of interest rate swaps.
We have contracted to convert most of the Company’s fixed-rate debt into floating-rate debt through the use of interest rate swaps (see fair value hedges in Schedule 42).
More importantly, we engage in an ongoing program of swapping prime-based and LIBOR-based loans for “receive fixed” contracts.
At year-end 2007, the Company had a notional amount of approximately $3.4 billion of such cash flow hedge contracts.
The Company expects to continue to add new “receive fixed” swap contracts as its prime-based loan portfolio grows.
These swaps also expose the Company to counterparty risk, which is a type of credit risk.
The Company’s approach to managing this risk is discussed in “Credit Risk Management” on page 57.
The Company retains basis risk due to changes between the prime rate and LIBOR on nonhedge derivative basis swaps.
See “Critical Accounting Policies and Significant Estimates – Accounting for Derivatives” on page 26 for further details about our derivative instruments.
Schedule 42 presents a profile of the current interest rate swap portfolio.
For additional information regarding derivative instruments, including fair values at December 31, 2007, refer to Notes 1 and 7 of the Notes to Consolidated Financial Statements.
Schedule 42 INTEREST RATE SWAPS – YEAR-END BALANCES AND AVERAGE RATES
## Table 3 ##
1 Receive fixed rate/pay variable rate Note: Balances are based upon the portfolio at December 31, 2007.
Excludes interest rate swap products that we provide as a service to our cust
The following table presents quantitative information about delinquencies and net credit losses for those categories of loans for which securitizations existed at December 31.
The Company only securitizes loans originated or purchased by Zions Bank.
Therefore, only loans and related delinquencies and net credit losses of commonly managed Zions Bank loans are included (in millions):

<table><tr><td>Income before income taxes and minority interest</td><td>$17,542</td></tr><tr><td>Net income</td><td>12,574</td></tr><tr><td>Net earnings per common share:</td><td></td></tr><tr><td>Basic</td><td>$0.12</td></tr><tr><td>Diluted</td><td>0.12</td></tr></table>
<table><tr><td></td><td>2005</td><td>2004</td></tr><tr><td>Net income, as reported</td><td>$480,121</td><td>405,987</td></tr><tr><td>Deduct: Total share-based compensation expensedetermined under fair value based method for</td><td></td><td></td></tr><tr><td>stock options, net of related tax effects</td><td>-9,793</td><td>-12,503</td></tr><tr><td>Pro forma net income</td><td>$470,328</td><td>393,484</td></tr><tr><td>Net earnings per common share:</td><td></td><td></td></tr><tr><td>Basic – as reported</td><td>$5.27</td><td>4.53</td></tr><tr><td>Basic – pro forma</td><td>5.16</td><td>4.39</td></tr><tr><td>Diluted – as reported</td><td>5.16</td><td>4.47</td></tr><tr><td>Diluted – pro forma</td><td>5.08</td><td>4.33</td></tr></table>
<table><tr><td>(Dollar amounts in millions)</td><td> 2007</td><td> Percent change</td><td> 2006</td><td> Percent change</td><td> 2005</td></tr><tr><td>Salaries and bonuses</td><td>$678.1</td><td>5.8%</td><td>$641.1</td><td>31.7%</td><td>$486.7</td></tr><tr><td>Employee benefits:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee health and insurance</td><td>42.1</td><td>24.2</td><td>33.9</td><td>9.7</td><td>30.9</td></tr><tr><td>Retirement</td><td>36.3</td><td>-4.0</td><td>37.8</td><td>35.0</td><td>28.0</td></tr><tr><td>Payroll taxes and other</td><td>43.4</td><td>11.6</td><td>38.9</td><td>37.5</td><td>28.3</td></tr><tr><td>Total benefits</td><td>121.8</td><td>10.1</td><td>110.6</td><td>26.8</td><td>87.2</td></tr><tr><td>Total salaries and employee benefits</td><td>$799.9</td><td>6.4%</td><td>$751.7</td><td>31.0%</td><td>$573.9</td></tr><tr><td>Full-time equivalent employees(“FTEs”) at December 31 </td><td>10,933</td><td>3.0%</td><td>10,618</td><td>5.1%</td><td>10,102</td></tr></table>
<table><tr><td>(Amounts in millions)</td><td> 2008</td><td> 2009</td><td> 2010</td><td> 2011</td><td> 2012</td><td> Thereafter</td></tr><tr><td>Cash flow hedges-1:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Notional amount</td><td>$3,400</td><td>3,400</td><td>2,970</td><td>1,840</td><td>615</td><td></td></tr><tr><td>Weighted average rate received</td><td>7.38%</td><td>7.38</td><td>7.38</td><td>7.18</td><td>7.02</td><td></td></tr><tr><td>Weighted average rate paid</td><td>5.74</td><td>6.07</td><td>6.43</td><td>6.59</td><td>6.69</td><td></td></tr><tr><td>Fair value hedges-1:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Notional amount</td><td>$1,400</td><td>1,400</td><td>1,400</td><td>1,400</td><td>1,400</td><td>1,400</td></tr><tr><td>Weighted average rate received</td><td>5.71%</td><td>5.71</td><td>5.71</td><td>5.71</td><td>5.71</td><td>5.71</td></tr><tr><td>Weighted average rate paid</td><td>3.49</td><td>3.96</td><td>4.35</td><td>4.62</td><td>4.91</td><td>5.05</td></tr><tr><td>Nonhedges:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Receive fixed rate/pay variable rate:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Notional amount</td><td>$87</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Weighted average rate received</td><td>4.53%</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Weighted average rate paid</td><td>3.88</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Receive variable rate/pay fixed rate:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Notional amount</td><td>$87</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Weighted average rate received</td><td>3.88%</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Weighted average rate paid</td><td>4.53</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basis swaps:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Notional amount</td><td>$2,815</td><td>2,815</td><td>2,385</td><td>1,400</td><td>340</td><td></td></tr><tr><td>Weighted average rate received</td><td>6.21%</td><td>6.58</td><td>6.99</td><td>7.29</td><td>7.60</td><td></td></tr><tr><td>Weighted average rate paid</td><td>6.45</td><td>6.63</td><td>7.09</td><td>7.35</td><td>7.64</td><td></td></tr><tr><td>Net notional</td><td>$7,615</td><td>7,615</td><td>6,755</td><td>4,640</td><td>2,355</td><td>1,400</td></tr></table>

Question: What was the average of the Basis swaps: Notional amount in the years where Cash flow hedges-1: Notional amount is positive? (in million)
Answer: 1951