A ratio less than 1 indicates that more titles ceased operations than were newly established. It is translated into an absolute decrease of the supply of titles related to a given ownership. For example, a ratio of 0.5 indicates that newly established titles are half of the number of titles that ceased operations.
A ratio of 1 indicates that, for a reference year, the newly established titles were the same in number as those that ceased operations.
A ratio above 1 indicates an absolute increase in the supply of titles.