Problem $16-17$ Employee Stock Options $($LO$4,$ CFA$2)$

In its $10Q$ dated February $4,2016,$ LLL$,$ Inc., had outstanding employee stock options representing over $282$ million shares of its stock.

LLL accountants estimated the value of these options using the Black$-$Scholes$-$Merton formula and the following assumptions:

$S=$ current stock price $=$$$23\mathrm{.}99$

$K=$ option strike price $=$$$26\mathrm{.}42$

$r=$ risk$-$free interest rate $=\mathrm{.}043$

$=$ stock volatility $=\mathrm{.}24$

$T=$ time to expiration $=3\mathrm{.}5$ years

What was the estimated value of these employee stock options per share of stock? $($Note: LLL pays no dividends.$)($Do not round

intermediate calculations. Round your answer to $2$ decimal places.$)$