WEST PALM BEACH, Fla.—February 29, or "Leap Day," is added to the calendar every four years to compensate for the extra time it takes the earth to rotate the sun. The process takes 365 days and just under six hours, so every fourth year an extra day is added to the calendar to make up for that added time.
Leap Years are always divisible by four-2012, 2008, 2004-but years divisible by 100 do not contain a Leap day unless they are divisible by 400. The year 2000 contained a Leap Day, 1900 did not. The earth's exact rotation time is 365 days, five hours, 49 minutes and 16 seconds, so skipping a leap day makes up for that difference.
Not only do credit unions get an extra day to earn interest income during leap years, but several notable events are held on the same quadrennial cycle, including the summer Olympics, presidential elections and European soccer championships.
