Employee Stock Options (LO4, CFA2) In its 10Q dated February 4, 2012, LLL, Inc., had outstanding employee stock options representing over 272 million shares of its stock. LLL accountants estimated the value of these options using the Black-Scholes-Merton formula and the following assumptions:

S 5 current stock price 5 $20.72 K 5 option strike price 5 $23.15 r 5 risk-free interest rate 5 .043. 5 stock volatility 5 .29 T 5 time to expiration 5 3.5 years What was the estimated value of these employee stock options per share of stock? ( Note: LLL pays no dividends.)