Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of the aggregate share-based compensation expense that is included in our other operating and SG&A expenses is set forth below:



	Year ended December 31,
	2016		2015		2014
	in millions
Liberty Global:
Performance-based incentive awards (a)	$	162.7	$	157.1	$	129.9
Other share-based incentive awards	114.9		149.6		99.7
Total Liberty Global (b)	277.6		306.7		229.6
Telenet share-based incentive awards (c)	12.2		9.2		14.6
Other	7.1		2.3		13.0
Total	$	296.9	$	318.2	$	257.2
Included in:
Other operating expense:
Liberty Global Group	$	3.3	$	3.1	$	4.8
LiLAC Group	1.4		0.3		2.8
Total other operating expense	4.7		3.4		7.6
SG&A expense:
Liberty Global Group	278.2		312.7		240.8
LiLAC Group	14.0		2.1		8.8
Total SG&A expense	292.2		314.8		249.6
Total	$	296.9	$	318.2	$	257.2

our options, SARs and PSARs increased as a result of the 2015 Award Modifications, resulting in incremental share-based compensation of $99.3 million, including $16.1 million and $69.3 million recognized during 2016 and 2015, respectively, and $13.9 million that will be recognized in future periods through 2019 as the related awards vest.



	Year ended December 31,
	2016		2015		2014
Assumptions used to estimate fair value of options, SARs and PSARs granted:
Risk-free interest rate	0.88 - 1.49%		0.96 - 1.89%		0.81 - 1.77%
Expected life	3.2 - 5.5 years		3.0 - 5.5 years		3.1 - 5.1 years
Expected volatility	27.4 - 42.9%		23.1 - 30.1%		25.1 - 28.7%
Expected dividend yield	none		none		none
Weighted average grant-date fair value per share of awards granted:
Options	$	10.40	$	14.73	$	11.40
SARs	$	8.60	$	10.76	$	8.93
PSARs	$	—	$	—	$	8.15
RSUs	$	36.67	$	51.85	$	40.68
PSUs	$	33.97	$	51.57	$	40.42
PGUs	$	—	$	—	$	44.04
Total intrinsic value of awards exercised (in millions):
Options	$	16.9	$	106.8	$	126.6
SARs	$	42.2	$	51.7	$	48.7
PSARs	$	0.7	$	0.2	$	0.4
Cash received from exercise of options (in millions)	$	17.4	$	40.5	$	54.8
Income tax benefit related to share-based compensation (in millions)	$	55.2	$	67.4	$	54.6

As of December 31, 2016, we are authorized to grant incentive awards under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan. Generally, we may grant non-qualified share options, SARs, restricted shares, RSUs, cash awards, performance awards or any combination of the foregoing under either of these incentive plans (collectively, awards). Ordinary shares issuable pursuant to awards made under these incentive plans will be made available from either authorized but unissued shares or shares that have been issued but reacquired by our company. Awards may be granted at or above fair value in any class of ordinary shares. The maximum number of Liberty Global ordinary shares with respect to which awards may be issued under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive

Plan is 105 million (of which no more than 50.25 million shares may consist of Class B ordinary shares) and 10.5 million, respectively, in each case, subject to anti-dilution and other adjustment provisions in the respective plan. As of December 31, 2016, the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan had 64,795,919 and 9,789,929 ordinary shares available for grant, respectively.

Awards (other than performance-based awards) under the Liberty Global 2014 Incentive Plan generally (i) vest 12.5% on the six month anniversary of the grant date and then vest at a rate of 6.25% each quarter thereafter and (ii) expire seven years after the grant date. Awards (other than RSUs) issued under the Liberty Global 2014 Nonemployee Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire seven years after the grant date. RSUs vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of ordinary shares.

Awards under the VM Incentive Plan issued prior to the June 7, 2013 acquisition of Virgin Media have a 10-year term and become fully exercisable within five years of continued employment. Awards (other than performance-based awards) issued under the Liberty Global 2005 Incentive Plan and issued under the VM Incentive Plan after June 7, 2013 generally (i) vest 12.5% on the six month anniversary of the grant date and then vest at a rate of 6.25% each quarter thereafter and (ii) expire seven years after the grant date. All awards issued under the Liberty Global 2005 Director Incentive Plan were fully vested as of December 31, 2016, and other than RSUs, expire 7 to 10 years after the grant date. RSUs vest on the date of the first annual general meeting of shareholders following the grant date. No further awards will be granted under the Liberty Global 2005 Incentive Plan, the Liberty Global 2005 Director Incentive Plan or the VM Incentive Plan.

Equity awards are granted to executive officers and key employees based on a target annual equity value for each executive and key employee, of which approximately two-thirds would be delivered in the form of PSUs and approximately one-third in the form of an annual award of SARs. Each currently-outstanding PSU represents the right to receive one Liberty Global or LiLAC Class A or Class C ordinary share, as applicable, subject to performance and vesting. Although PSUs are generally granted on an annual basis, no PSUs will be granted in 2017 to recipients of the 2016 PSUs, as defined and described below.

In March 2015, our compensation committee approved the grant of PSUs to executive officers and key employees (the 2015 PSUs). The performance plan for the 2015 PSUs covered a two-year period ending December 31, 2016 and included a performance target based on the achievement of a specified compound annual growth rate (CAGR) in a consolidated Adjusted OIBDA metric (as defined in note 18). The performance target was adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates that affect comparability (Adjusted OIBDA CAGR), and the participant’s annual performance ratings during the two-year performance period. A performance range of 75% to 125% of the target Adjusted OIBDA CAGR will result in award recipients earning 50% to 150% of their respective PSUs, subject to reduction or forfeiture based on individual performance. The percentage of the 2015 PSUs that has been earned by participants has not been finalized. The 2015 PSUs will vest 50% on each of April 1 and October 1 of 2017.

In February 2016, our compensation committee approved the grant of PSUs to executive officers and key employees (the 2016 PSUs) pursuant to a performance plan that is based on the achievement of a specified Adjusted OIBDA CAGR during the three-year period ended December 31, 2018. The 2016 PSUs require delivery of a compound annual growth rate of our consolidated Adjusted OIBDA CAGR of 6.0% during the three-year performance period, with over- and under-performance payout opportunities should the Adjusted OIBDA CAGR exceed or fail to meet the target, as applicable. The performance payout may be adjusted at the compensation committee’s discretion for events that may affect comparability, such as changes in foreign currency exchange rates and accounting principles or policies. A performance range of 75% to 167.5% of the target Adjusted OIBDA CAGR will generally result in award recipients earning 75% to 300% of their target 2016 PSUs, subject to reduction or forfeiture based on individual performance. The earned 2016 PSUs will vest 50% on each of April 1, 2019 and October 1, 2019.

Effective April 30, 2014, our compensation committee authorized the grant of PGUs to our Chief Executive Officer, comprising a total of one million PGUs with respect to Class A Old Liberty Global Shares and one million PGUs with respect to Class B Old Liberty Global Shares. The PGUs, which were subject to a performance condition that was achieved in 2014, vest in three equal annual installments, the first of which occurred on March 15, 2015. Our Chief Executive Officer also received 41,589 PGUs with respect to each Class A and Class B LiLAC Shares as a result of the LiLAC Distribution in 2016 and 33,333 PGUs with respect to each Class A and Class B LiLAC Shares as a result of the LiLAC Transaction in 2015. Each of these additional distributions vest over the same period as the May 1, 2014 award grant described above.

Effective June 24, 2013, our compensation committee approved the Challenge Performance Awards, which consisted solely of PSARs for our senior executive officers and a combination of PSARs and PSUs for our other executive officers and key employees. Each PSU represented the right to receive one Liberty Global or LiLAC Class A or Class C ordinary share, as applicable. The performance criteria for the Challenge Performance Awards was based on the participant’s performance and achievement of individual goals in each of the years 2013, 2014 and 2015. As a result of satisfying performance conditions, 100% of the then outstanding Challenge Performance Awards vested and became fully exercisable on June 24, 2016. The PSARs have a term of seven years and base prices equal to the respective market closing prices of the applicable class on the grant date.

In connection with the LiLAC Distribution, our compensation committee approved modifications to our outstanding share-based incentive awards (the 2016 Award Modification) in accordance with the underlying share-based incentive plans. The objective of our compensation committee was to ensure a relatively unchanged intrinsic value of outstanding equity awards before and after the LiLAC Distribution. The mechanism to modify outstanding share-based incentive awards, as approved by our compensation committee, utilized an analysis of the prices of the respective shares before and after the share issuance. Based upon this approach, we determined the incremental value associated with the 2016 Award Modification was immaterial. As a result, we did not recognize any incremental share-based compensation expense associated with the 2016 Award Modification. The impact of the LiLAC Distribution is separately presented in the below tables.

Liberty Global Shares



Options — Class A ordinary shares	Number of shares		Weighted average exercise price			Weighted average remaining contractual term	Aggregate intrinsic value
						in years	in millions
Outstanding at January 1, 2016	873,333		$	22.85
Granted	79,899		$	36.06
Forfeited	(9,328	)	$	34.59
Exercised	(207,034	)	$	20.99
Outstanding at June 30, 2016	736,870		$	24.66
Impact of the LiLAC Distribution	39,000		$	(3.49	)
Outstanding at July 1, 2016	775,870		$	21.17
Forfeited	(5,597	)	$	16.65
Exercised	(62,980	)	$	17.55
Outstanding at December 31, 2016	707,293		$	21.53		4.0	$	7.5
Exercisable at December 31, 2016	491,061		$	17.93		3.2	$	6.6



Options — Class C ordinary shares	Number of shares		Weighted average exercise price			Weighted average remaining contractual term	Aggregate intrinsic value
						in years	in millions
Outstanding at January 1, 2016	2,738,536		$	23.98
Granted	159,798		$	35.15
Forfeited	(51,787	)	$	35.07
Exercised	(541,147	)	$	19.40
Outstanding at June 30, 2016	2,305,400		$	25.58
Impact of the LiLAC Distribution	166,139		$	(3.43	)
Outstanding at July 1, 2016	2,471,539		$	22.15
Granted	499,552		$	26.43
Forfeited	(65,243	)	$	28.24
Exercised	(151,368	)	$	16.73
Outstanding at December 31, 2016	2,754,480		$	23.08		3.5	$	21.5
Exercisable at December 31, 2016	1,285,751		$	16.50		3.1	$	17.7



SARs — Class A ordinary shares	Number of shares		Weighted average base price			Weighted average remaining contractual term	Aggregate intrinsic value
						in years	in millions
Outstanding at January 1, 2016	7,693,152		$	34.89
Granted	2,641,914		$	37.73
Forfeited	(123,302	)	$	43.48
Exercised	(336,732	)	$	11.64
Outstanding at June 30, 2016	9,875,032		$	36.34
Impact of the LiLAC Distribution	616,160		$	(4.62	)
Outstanding at July 1, 2016	10,491,192		$	31.72
Granted	144,740		$	32.12
Forfeited	(199,840	)	$	37.27
Exercised	(131,027	)	$	19.66
Outstanding at December 31, 2016	10,305,065		$	31.77		4.5	$	26.6
Exercisable at December 31, 2016	5,284,047		$	28.26		3.3	$	26.4



SARs — Class C ordinary shares	Number of shares		Weighted average base price			Weighted average remaining contractual term	Aggregate intrinsic value
						in years	in millions
Outstanding at January 1, 2016	18,685,347		$	31.70
Granted	5,283,828		$	36.60
Forfeited	(256,622	)	$	41.60
Exercised	(995,103	)	$	11.66
Outstanding at June 30, 2016	22,717,450		$	33.61
Impact of the LiLAC Distribution	1,412,585		$	(4.42	)
Outstanding at July 1, 2016	24,130,035		$	29.19
Granted	289,480		$	31.22
Forfeited	(409,379	)	$	35.63
Exercised	(451,744	)	$	18.12
Outstanding at December 31, 2016	23,558,392		$	29.32		4.2	$	79.7
Exercisable at December 31, 2016	13,327,427		$	25.68		3.1	$	79.0



PSARs — Class A ordinary shares	Number of shares		Weighted average base price			Weighted average remaining contractual term	Aggregate intrinsic value
						in years	in millions
Outstanding at January 1, 2016	2,889,457		$	31.93
Forfeited	(657	)	$	31.87
Outstanding at June 30, 2016	2,888,800		$	31.93
Impact of the LiLAC Distribution	16,559		$	(4.17	)
Outstanding at July 1, 2016	2,905,359		$	27.76
Exercised	(27,846	)	$	27.71
Outstanding at December 31, 2016 (a)	2,877,513		$	27.76		3.4	$	8.2
Exercisable at December 31, 2016	2,877,513		$	27.76		3.4	$	8.2



PSARs — Class C ordinary shares	Number of shares		Weighted average base price			Weighted average remaining contractual term	Aggregate intrinsic value
						in years	in millions
Outstanding at January 1, 2016	8,629,481		$	30.52
Forfeited	(1,961	)	$	30.46
Outstanding at June 30, 2016	8,627,520		$	30.52
Impact of the LiLAC Distribution	51,613		$	(4.12	)
Outstanding at July 1, 2016	8,679,133		$	26.40
Exercised	(97,761	)	$	26.27
Outstanding at December 31, 2016 (a)	8,581,372		$	26.40		3.4	$	28.5
Exercisable at December 31, 2016	8,581,372		$	26.40		3.4	$	28.5



RSUs — Class A ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	564,976		$	44.06
Granted	268,427		$	37.72
Forfeited	(23,233	)	$	46.22
Released from restrictions	(101,374	)	$	41.30
Outstanding at June 30, 2016	708,796		$	41.98
Impact of the LiLAC Distribution	101,140		$	(5.73	)
Outstanding at July 1, 2016	809,936		$	36.25
Granted	39,198		$	32.11
Forfeited	(49,529	)	$	37.83
Released from restrictions	(130,545	)	$	35.00
Outstanding at December 31, 2016	669,060		$	36.13		3.0



RSUs — Class C ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	1,194,182		$	41.64
Granted	536,854		$	36.59
Forfeited	(50,385	)	$	44.29
Released from restrictions	(236,244	)	$	38.06
Outstanding at June 30, 2016	1,444,407		$	40.26
Impact of the LiLAC Distribution	215,866		$	(5.38	)
Outstanding at July 1, 2016	1,660,273		$	34.88
Granted	78,396		$	31.21
Forfeited	(102,806	)	$	36.22
Released from restrictions	(285,730	)	$	35.01
Outstanding at December 31, 2016	1,350,133		$	34.54		3.0



PSUs and PGUs — Class A ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	1,690,200		$	42.61
Granted	2,075,660		$	34.70
Performance adjustment (b)	17,499		$	39.33
Forfeited	(16,719	)	$	45.12
Released from restrictions	(696,341	)	$	39.51
Outstanding at June 30, 2016	3,070,299		$	37.93
Impact of the LiLAC Distribution	97,105		$	(4.47	)
Outstanding at July 1, 2016	3,167,404		$	33.46
Granted	96,604		$	32.10
Forfeited	(28,538	)	$	34.01
Released from restrictions	(254,883	)	$	34.78
Outstanding at December 31, 2016	2,980,587		$	33.30		2.2



PGUs — Class B ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	666,667		$	42.43
Released from restriction	(333,333	)	$	42.43
Outstanding at June 30, 2016	333,334		$	42.43
Impact of the LiLAC Distribution	—		$	(4.71	)
Outstanding at July 1, 2016	333,334		$	37.72
Outstanding at December 31, 2016	333,334		$	37.72		0.2



PSUs — Class C ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	2,158,351		$	41.30
Granted	4,151,320		$	33.63
Performance adjustment (b)	35,000		$	38.08
Forfeited	(33,508	)	$	43.47
Released from restrictions	(837,276	)	$	35.58
Outstanding at June 30, 2016	5,473,887		$	36.32
Impact of the LiLAC Distribution	204,111		$	(4.30	)
Outstanding at July 1, 2016	5,677,998		$	32.02
Granted	193,208		$	31.15
Forfeited	(57,370	)	$	33.15
Released from restrictions	(511,385	)	$	34.04
Outstanding at December 31, 2016	5,302,451		$	31.78		2.4

LiLAC Shares



Options — Class A ordinary shares	Number of shares		Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
					in years	in millions
Outstanding at January 1, 2016	21,233		$	24.29
Granted	3,995		$	37.16
Forfeited	(238	)	$	43.84
Exercised	(1,312	)	$	9.56
Outstanding at June 30, 2016	23,678		$	27.08
Impact of the LiLAC Distribution	59,140		$	1.71
Outstanding at July 1, 2016	82,818		$	28.79
Outstanding at December 31, 2016	82,818		$	28.79	3.6	$	0.3
Exercisable at December 31, 2016	57,331		$	23.13	2.7	$	0.3



Options — Class C ordinary shares	Number of shares		Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
					in years	in millions
Outstanding at January 1, 2016	57,742		$	22.42
Granted	7,990		$	38.67
Forfeited	(474	)	$	43.91
Exercised	(4,439	)	$	9.86
Outstanding at June 30, 2016	60,819		$	25.30
Impact of the LiLAC Distribution	151,783		$	1.27
Outstanding at July 1, 2016	212,602		$	26.57
Outstanding at December 31, 2016	212,602		$	26.57	3.3	$	0.8
Exercisable at December 31, 2016	161,637		$	21.78	2.6	$	0.8



SARs — Class A ordinary shares	Number of shares		Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
					in years	in millions
Outstanding at January 1, 2016	233,192		$	31.07
Granted	71,990		$	37.53
Forfeited	(1,963	)	$	39.57
Exercised	(6,852	)	$	7.84
Outstanding at June 30, 2016	296,367		$	33.12
Impact of the LiLAC Distribution	719,933		$	2.36
Outstanding at July 1, 2016	1,016,300		$	35.48
Granted	502,892		$	34.76
Forfeited	(30,893	)	$	35.44
Exercised	(1,898	)	$	12.78
Outstanding at December 31, 2016	1,486,401		$	35.27	5.0	$	0.7
Exercisable at December 31, 2016	571,960		$	31.03	3.1	$	0.7



SARs — Class C ordinary shares	Number of shares		Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
					in years	in millions
Outstanding at January 1, 2016	579,273		$	29.73
Granted	143,980		$	40.61
Forfeited	(4,173	)	$	39.81
Exercised	(19,413	)	$	8.01
Outstanding at June 30, 2016	699,667		$	32.51
Impact of the LiLAC Distribution	1,709,612		$	1.53
Outstanding at July 1, 2016	2,409,279		$	34.04
Granted	1,005,784		$	35.14
Forfeited	(61,972	)	$	35.86
Exercised	(49,705	)	$	13.49
Outstanding at December 31, 2016	3,303,386		$	34.65	4.7	$	1.4
Exercisable at December 31, 2016	1,456,876		$	29.94	2.9	$	1.4



PSARs — Class A ordinary shares	Number of shares		Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
					in years	in millions
Outstanding at January 1, 2016	140,127		$	30.08
Forfeited	(33	)	$	30.02
Outstanding at June 30, 2016	140,094		$	30.08
Impact of the LiLAC Distribution	346,640		$	2.38
Outstanding at July 1, 2016	486,734		$	32.46
Outstanding at December 31, 2016 (a)	486,734		$	32.46	3.5	$	—
Exercisable at December 31, 2016	486,734		$	32.46	3.5	$	—



PSARs — Class C ordinary shares	Number of shares		Weighted average base price		Weighted average remaining contractual term	Aggregate intrinsic value
					in years	in millions
Outstanding at January 1, 2016	418,492		$	30.30
Forfeited	(99	)	$	30.23
Outstanding at June 30, 2016	418,393		$	30.30
Impact of the LiLAC Distribution	1,035,238		$	2.01
Outstanding at July 1, 2016	1,453,631		$	32.31
Outstanding at December 31, 2016 (a)	1,453,631		$	32.31	3.5	$	—
Exercisable at December 31, 2016	1,453,631		$	32.31	3.5	$	—



RSUs — Class A ordinary shares	Number of shares		Weighted average grant-date fair value per share		Weighted average remaining contractual term
					in years
Outstanding at January 1, 2016	1,713		$	45.12
Granted	52,349		$	40.79
Released from restrictions	(301	)	$	48.09
Outstanding at June 30, 2016	53,761		$	40.89
Impact of the LiLAC Distribution	3,365		$	0.01
Outstanding at July 1, 2016	57,126		$	40.90
Granted	128,550		$	34.81
Forfeited	(15,356	)	$	38.05
Released from restrictions	(10,939	)	$	41.28
Outstanding at December 31, 2016	159,381		$	36.24	3.0



RSUs — Class C ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	3,428		$	43.97
Granted	128,186		$	42.79
Released from restrictions	(606	)	$	44.03
Outstanding at June 30, 2016	131,008		$	42.82
Impact of the LiLAC Distribution	6,938		$	(0.18	)
Outstanding at July 1, 2016	137,946		$	42.64
Granted	257,135		$	35.20
Forfeited	(34,375	)	$	39.64
Released from restrictions	(26,067	)	$	42.67
Outstanding at December 31, 2016	334,639		$	37.23		3.0



PSUs and PGUs — Class A ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	86,303		$	42.56
Granted	72,848		$	35.46
Performance adjustment (b)	870		$	39.33
Forfeited	(755	)	$	46.11
Released from restrictions	(34,413	)	$	39.57
Outstanding at June 30, 2016	124,853		$	39.20
Impact of the LiLAC Distribution	316,800		$	(3.51	)
Outstanding at July 1, 2016	441,653		$	35.69
Granted	7,108		$	30.67
Forfeited	(1,890	)	$	34.85
Released from restrictions	(55,893	)	$	35.94
Outstanding at December 31, 2016	390,978		$	35.57		2.0



PGUs — Class B ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	33,333		$	42.43
Released from restriction	(16,666	)	$	42.43
Outstanding at June 30, 2016	16,667		$	42.43
Impact of the LiLAC Distribution	41,589		$	(3.36	)
Outstanding at July 1, 2016	58,256		$	39.07
Outstanding at December 31, 2016	58,256		$	39.07		0.2



PSUs — Class C ordinary shares	Number of shares		Weighted average grant-date fair value per share			Weighted average remaining contractual term
						in years
Outstanding at January 1, 2016	111,215		$	41.36
Granted	145,696		$	37.70
Performance adjustment (b)	1,741		$	38.08
Forfeited	(1,518	)	$	44.44
Released from restrictions	(40,692	)	$	35.69
Outstanding at June 30, 2016	216,442		$	39.91
Impact of the LiLAC Distribution	563,081		$	(5.17	)
Outstanding at July 1, 2016	779,523		$	34.74
Granted	14,216		$	30.82
Forfeited	(3,782	)	$	34.53
Released from restrictions	(124,406	)	$	34.12
Outstanding at December 31, 2016	665,551		$	34.77		2.3