Table:
| NUMBER OF ESP SHARES | 2019 | 2018 |
| --- | --- | --- |
| Unvested contributions, January 1 | 1,120,426 | 1,039,030 |
| Contributions (1) | 623,705 | 671,911 |
| Dividends credited | 57,083 | 56,926 |
| Vested | (523,359) | (501,089) |
| Forfeited | (153,657) | (146,352) |
| Unvested contributions, December 31 | 1,124,198 | 1,120,426 |
Paragraphs:
DESCRIPTION OF THE PLANS
ESP
The ESP is designed to encourage employees of BCE and its participating subsidiaries to own shares of BCE. Each year, employees can choose to have a certain percentage of their eligible annual earnings withheld through regular payroll deductions for the purchase of BCE common shares. In some cases, the employer also will contribute a percentage of the employee’s eligible annual earnings to the plan, up to a specified maximum. Dividends are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares.
The ESP allows employees to contribute up to 12% of their annual earnings with a maximum employer contribution of 2%.
Employer contributions to the ESP and related dividends are subject to employees holding their shares for a two-year vesting period.
The trustee of the ESP buys BCE common shares for the participants on the open market, by private purchase or from treasury. BCE determines the method the trustee uses to buy the shares.
At December 31, 2019, 4,360,087 common shares were authorized for issuance from treasury under the ESP.
The following table summarizes the status of unvested employer contributions at December 31, 2019 and 2018.
(1) The weighted average fair value of the shares contributed was $60 in 2019 and $55 in 2018.
Question:
What is the percentage of unvested contributions on December 31 2019 out of the common shares authorized for issuance from treasury under the ESP?
Answer: 1124198/4360087 = 25.78