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 three 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 .
see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k .
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 those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc .
prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. .

2017
2016
Quarter
High
Low
Dividend
High
Low
Dividend
First
$30.69
$18.64
$0.06
$30.66
$18.42
$0.09
Second
28.65
21.76
0.06
34.50
26.34
0.09
Third
26.84
22.67
0.06
32.91
27.09
0.09
Fourth (Separation occurred on November 1, 2016)
27.85
22.74
0.06
32.10
16.75
0.09
Year
$30.69
$18.64
$0.24
$34.50
$16.75
$0.36

the number of holders of record of common stock was approximately 12271 as of february 16 , 2018. .

Question: Analyse this data from a financial earnings document. considering the reverse stock split , what was the percentual reduction of the common stock outstanding shares?
Choices:
0.69231
0.6
0
-1.30769
-0.69231
Correct choice index: 0