notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) assumptions can materially affect the estimate of fair value , and our results of operations could be materially impacted .there were no stock options granted during the years ended december 31 , 2015 and 2014 .the weighted-average grant-date fair value per option during the year ended december 31 , 2013 was $ 4.14 .the fair value of each option grant has been estimated with the following weighted-average assumptions. .
[['', 'year ended december 31 2013'], ['expected volatility1', '40.2% ( 40.2 % )'], ['expected term ( years ) 2', '6.9'], ['risk-free interest rate3', '1.3% ( 1.3 % )'], ['expected dividend yield4', '2.4% ( 2.4 % )']]
expected volatility 1 ...........................40.2% ( 40.2 % ) expected term ( years ) 2 ........................6.9 risk-free interest rate 3 .........................1.3% ( 1.3 % ) expected dividend yield 4 .......................2.4% ( 2.4 % ) 1 the expected volatility used to estimate the fair value of stock options awarded is based on a blend of : ( i ) historical volatility of our common stock for periods equal to the expected term of our stock options and ( ii ) implied volatility of tradable forward put and call options to purchase and sell shares of our common stock .2 the estimate of our expected term is based on the average of : ( i ) an assumption that all outstanding options are exercised upon achieving their full vesting date and ( ii ) an assumption that all outstanding options will be exercised at the midpoint between the current date ( i.e. , the date awards have ratably vested through ) and their full contractual term .in determining the estimate , we considered several factors , including the historical option exercise behavior of our employees and the terms and vesting periods of the options .3 the risk-free interest rate is determined using the implied yield currently available for zero-coupon u.s .government issuers with a remaining term equal to the expected term of the options .4 the expected dividend yield was calculated based on an annualized dividend of $ 0.30 per share in 2013 .stock-based compensation we grant other stock-based compensation awards such as stock-settled awards , cash-settled awards and performance- based awards ( settled in cash or shares ) to certain key employees .the number of shares or units received by an employee for performance-based awards depends on company performance against specific performance targets and could range from 0% ( 0 % ) to 300% ( 300 % ) of the target amount of shares originally granted .incentive awards are subject to certain restrictions and vesting requirements as determined by the compensation committee .the fair value of the shares on the grant date is amortized over the vesting period , which is generally three years .upon completion of the vesting period for cash-settled awards , the grantee is entitled to receive a payment in cash based on the fair market value of the corresponding number of shares of common stock .no monetary consideration is paid by a recipient for any incentive award .the fair value of cash-settled awards is adjusted each quarter based on our share price .the holders of stock-settled awards have absolute ownership interest in the underlying shares of common stock prior to vesting , which includes the right to vote and receive dividends .dividends declared on common stock are accrued during the vesting period and paid when the award vests .the holders of cash-settled and performance-based awards have no ownership interest in the underlying shares of common stock until the awards vest and the shares of common stock are issued. .

Question: what is the stock price based on the dividend yield at the time that dividends were declared?
Answer: 12.5