part ii item 5 .market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our class a common stock on the new york stock exchange ( nyse ) for the years 2004 and 2003. .
[['2004', 'high', 'low'], ['quarter ended march 31', '$ 13.12', '$ 9.89'], ['quarter ended june 30', '16.00', '11.13'], ['quarter ended september 30', '15.85', '13.10'], ['quarter ended december 31', '18.75', '15.19'], ['2003', 'high', 'low'], ['quarter ended march 31', '$ 5.94', '$ 3.55'], ['quarter ended june 30', '9.90', '5.41'], ['quarter ended september 30', '11.74', '8.73'], ['quarter ended december 31', '12.00', '9.59']]
on march 18 , 2005 , the closing price of our class a common stock was $ 18.79 per share as reported on the as of march 18 , 2005 , we had 230604932 outstanding shares of class a common stock and 743 registered holders .in february 2004 , all outstanding shares of our class b common stock were converted into shares of our class a common stock on a one-for-one basis pursuant to the occurrence of the 201cdodge conversion event 201d as defined in our charter .our charter prohibits the future issuance of shares of class b common stock .also in february 2004 , all outstanding shares of class c common stock were converted into shares of class a common stock on a one-for-one basis .our charter permits the issuance of shares of class c common stock in the future .the information under 201csecurities authorized for issuance under equity compensation plans 201d from the definitive proxy statement is hereby incorporated by reference into item 12 of this annual report .dividends we have never paid a dividend on any class of common stock .we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .the indentures governing our 93 20448% ( 20448 % ) senior notes due 2009 , our 7.50% ( 7.50 % ) senior notes due 2012 , and our 7.125% ( 7.125 % ) senior notes due 2012 prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .our borrower subsidiaries are generally prohibited under the terms of the credit facility , subject to certain exceptions , from making to us any direct or indirect distribution , dividend or other payment on account of their limited liability company interests , partnership interests , capital stock or other equity interests , except that , if no default exists or would be created thereby under the credit facility , our borrower subsidiaries may pay cash dividends or make other distributions to us in accordance with the credit facility within certain specified amounts and , in addition , may pay cash dividends or make other distributions to us in respect of our outstanding indebtedness and permitted future indebtedness .the indentures governing the 12.25% ( 12.25 % ) senior subordinated discount notes due 2008 and the 7.25% ( 7.25 % ) senior subordinated notes due 2011 of american towers , inc .( ati ) , our principal operating subsidiary , prohibit ati and certain of our other subsidiaries that have guaranteed those notes ( sister guarantors ) from paying dividends and making other payments or distributions to us unless certain .

Question: what is the growth rate in the price of shares from the lowest value during the quarter ended december 31 , 2004 and the closing price on march 18 , 2005?
Answer: 23.7%