( 1 ) beginning in fiscal 2014 , assumption is based on the company 2019s historical option exercises and those of a set of peer companies that management believes is generally comparable to visa . the company 2019s data is weighted based on the number of years between the measurement date and visa 2019s initial public offering as a percentage of the options 2019 contractual term . the relative weighting placed on visa 2019s data and peer data in fiscal 2014 was approximately 58% ( 58 % ) and 42% ( 42 % ) , respectively . in fiscal 2013 and 2012 , assumption was fully based on peer companies 2019 data . ( 2 ) based upon the zero coupon u.s . treasury bond rate over the expected term of the awards . ( 3 ) based on the company 2019s implied and historical volatility . in fiscal 2013 and 2012 , historical volatility was a blend of visa 2019s historical volatility and those of comparable peer companies . the relative weighting between visa historical volatility and the historical volatility of the peer companies was based on the percentage of years visa stock price information is available since its initial public offering compared to the expected term . the expected volatilities ranged from 22% ( 22 % ) to 26% ( 26 % ) in fiscal ( 4 ) based on the company 2019s annual dividend rate on the date of grant. .
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 2014 , 2013 , and 2012 , the company recorded share-based compensation cost of $ 172 million , $ 179 million and $ 147 million , respectively , in personnel on its consolidated statements of operations . the amount of capitalized share-based compensation cost was immaterial during fiscal 2014 , 2013 and 2012 . options options issued under the eip expire 10 years from the date of grant and vest ratably over 3 years from the date of grant , subject to earlier vesting in full under certain conditions . during fiscal 2014 , 2013 and 2012 , 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: .
what is the total share-based compensation cost in the last three years?
the risk-free rate of return ( 2 ) of 2014 is 1.3% ( 1.3 % ) ; the risk-free rate of return ( 2 ) of 2013 is 0.8% ( 0.8 % ) ; the risk-free rate of return ( 2 ) of 2012 is 1.2% ( 1.2 % ) ; for fiscal 2014 , 2013 , and 2012 , the company recorded share-based compensation cost of $ 172 million , $ 179 million and $ 147 million , respectively , in personnel on its consolidated statements of operations .
2014 2013 2012
expected term ( in years ) ( 1 ) 4.80 6.08 6.02
risk-free rate of return ( 2 ) 1.3% ( 1.3 % ) 0.8% ( 0.8 % ) 1.2% ( 1.2 % )
expected volatility ( 3 ) 25.2% ( 25.2 % ) 29.3% ( 29.3 % ) 34.9% ( 34.9 % )
expected dividend yield ( 4 ) 0.8% ( 0.8 % ) 0.9% ( 0.9 % ) 0.9% ( 0.9 % )
fair value per option granted $ 44.11 $ 39.03 $ 29.65