part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every 3 shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for the fourth quarter of 2016 do not reflect any adjustment for the impact of the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to pre-separation prices from earlier periods. .

2016 high (1): first: 30.66
second: 34.5
third: 32.91
fourth ( separation occurred on november 1 2016 ): 32.1
year: 34.5
2016 low (1): first: 18.42
second: 26.34
third: 27.09
fourth ( separation occurred on november 1 2016 ): 16.75
year: 16.75
2016 dividend: first: 0.09
second: 0.09
third: 0.09
fourth ( separation occurred on november 1 2016 ): 0.09
year: 0.36
2016 high (2): first: 51.3
second: 42.87
third: 33.69
fourth ( separation occurred on november 1 2016 ): 33.54
year: 51.3
2016 low (2): first: 37.95
second: 33.45
third: 23.91
fourth ( separation occurred on november 1 2016 ): 23.43
year: 23.43
dividend: first: 0.09
second: 0.09
third: 0.09
fourth ( separation occurred on november 1 2016 ): 0.09
year: 0.36

the number of holders of record of common stock was approximately 12885 as of february 23 , 2017. .

Questions:
what was the high sales price in the second quarter of 2016?
what was the high price in the first quarter?
what is the ratio of the high prices, second quarter to first quarter?
what is that less 1?

Answers:
34.50
30.66
1.1252
12.52%