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. .

Table:
 | 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 .
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40.2% ( 40.2 % ) expected term ( years ) 2 .
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6.9 risk-free interest rate 3 .
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1.3% ( 1.3 % ) expected dividend yield 4 .
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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
Calculation: divide(0.30, 2.4%)