visa inc .notes to consolidated financial statements 2014 ( continued ) september 30 , 2013 in july 2013 , the company 2019s board of directors authorized a $ 1.5 billion share repurchase program to be in effect through july 2014 .as of september 30 , 2013 , the program had remaining authorized funds of $ 251 million .all share repurchase programs authorized prior to july 2013 have been completed .in october 2013 , the company 2019s board of directors authorized a new $ 5.0 billion share repurchase program .under the terms of the retrospective responsibility plan , when the company makes a deposit into the litigation escrow account , the shares of class b common stock are subject to dilution through an adjustment to the conversion rate of the shares of class b common stock to shares of class a common stock .these deposits have the same economic effect on earnings per share as repurchasing the company 2019s class a common stock , because they reduce the class b conversion rate and consequently the as-converted class a common stock share count .the following table presents as-converted class b common stock after deposits into the litigation escrow account in fiscal 2012 .there were no deposits into the litigation escrow account in fiscal 2013. .
[['( in millions except per share and conversion rate data )', 'fiscal 2012 july 2012', 'fiscal 2012 december 2011'], ['deposits under the retrospective responsibility plan', '$ 150', '$ 1565'], ['effective price per share ( 1 )', '$ 125.50', '$ 101.75'], ['reduction in equivalent number of shares of class a common stock', '1', '15'], ['conversion rate of class b common stock to class a common stock after deposits', '0.4206', '0.4254'], ['as-converted class b common stock after deposits', '103', '104']]
( 1 ) effective price per share calculated using the volume-weighted average price of the company 2019s class a common stock over a pricing period in accordance with the company 2019s current certificate of incorporation .class b common stock .the class b common stock is not convertible or transferable until the date on which all of the covered litigation has been finally resolved .this transfer restriction is subject to limited exceptions , including transfers to other holders of class b common stock .after termination of the restrictions , the class b common stock will be convertible into class a common stock if transferred to a person that was not a visa member ( as defined in the current certificate of incorporation ) or similar person or an affiliate of a visa member or similar person .upon such transfer , each share of class b common stock will automatically convert into a number of shares of class a common stock based upon the applicable conversion rate in effect at the time of such transfer .adjustment of the conversion rate occurs upon : ( i ) the completion of any follow-on offering of class a common stock completed to increase the size of the litigation escrow account ( or any cash deposit by the company in lieu thereof ) resulting in a further corresponding decrease in the conversion rate ; or ( ii ) the final resolution of the covered litigation and the release of funds remaining on deposit in the litigation escrow account to the company resulting in a corresponding increase in the conversion rate. .

Question: what is the percentage change in the effective price per share from december 2011 to july 2012?
Answer: 23.3%