visa inc .
notes to consolidated financial statements 2014 ( continued ) september 30 , 2013 ( 4 ) participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents , such as the company 2019s restricted stock awards , restricted stock units and earned performance-based shares .
note 16 2014share-based compensation the company 2019s 2007 equity incentive compensation plan , or the eip , authorizes the compensation committee of the board of directors to grant non-qualified stock options ( 201coptions 201d ) , restricted stock awards ( 201crsas 201d ) , restricted stock units ( 201crsus 201d ) and performance-based shares to its employees and non- employee directors , for up to 59 million shares of class a common stock .
shares available for award may be either authorized and unissued or previously issued shares subsequently acquired by the company .
the eip will continue to be in effect until all of the common stock available under the eip is delivered and all restrictions on those shares have lapsed , unless the eip is terminated earlier by the company 2019s board of directors .
no awards may be granted under the plan on or after 10 years from its effective date .
share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only , and on a graded-vesting basis for awards with service , performance and market conditions .
the company 2019s estimated forfeiture rate is based on an evaluation of historical , actual and trended forfeiture data .
for fiscal 2013 , 2012 , and 2011 , the company recorded share-based compensation cost of $ 179 million , $ 147 million and $ 154 million , respectively , in personnel on its consolidated statements of operations .
the amount of capitalized share-based compensation cost was immaterial during fiscal 2013 , 2012 and 2011 .
options options issued under the eip expire 10 years from the date of grant and vest ratably over three years from the date of grant , subject to earlier vesting in full under certain conditions .
during fiscal 2013 , 2012 and 2011 , the fair value of each stock option was estimated on the date of grant using a black-scholes option pricing model with the following weighted-average assumptions: .

2013
2012
2011
Expected term (in years)<sup>(1)</sup>
6.08
6.02
5.16
Risk-free rate of return<sup>(2)</sup>
0.8%
1.2%
1.2%
Expected volatility<sup>(3)</sup>
29.3%
34.9%
33.4%
Expected dividend yield<sup>(4)</sup>
0.9%
0.9%
0.8%
Fair value per option granted
$39.03
$29.65
$27.50

( 1 ) based on a set of peer companies that management believes is generally comparable to visa .
( 2 ) based upon the zero coupon u.s .
treasury bond rate over the expected term of the awards .
( 3 ) based on the average of the company 2019s implied and historical volatility .
as the company 2019s publicly-traded stock history is relatively short , historical volatility relies in part on the historical volatility of a group of peer companies that management believes is generally comparable to visa .
the relative weighting between visa historical volatility and the historical volatility of the peer companies is based on the percentage of years visa stock price information has been available since its initial public offering compared to the expected term .
the expected volatilities ranged from 27% ( 27 % ) to 29% ( 29 % ) in fiscal 2013 .
( 4 ) based on the company 2019s annual dividend rate on the date of grant. .

Question: Analyse this data from a financial earnings document. what is the percentage change in fair value of option from 2012 to 2013?
Choices:
11.53
9.38
36.03
68.68
48.41
Correct choice index: 1