In its 10-Q dated November 2, 2007, Dell, Inc., had outstanding employee stock options representing over 272 million shares of its stock. Dell accountants estimated the value of these options using the Black-Scholes-Merton formula and the following assumptions:

S = current stock price = $30.05

K = option strike price = $32.16

r = risk-free interest rate = .043

( = stock volatility = .29

T = time to expiration = 3.5 years

What was the estimated value of these employee stock options per share of stock? Note: Dell pays no dividends.