On January 1, 2011, Svetlana Company granted to employees a share-basedpayment with cash and share alternative. The provisions include the right to a cash paymentequal to the value of 10,000 phantom shares or 15,000 ordinary shares with a par value ofP40. The grant is conditional upon the completion of three years' service. If the employees choose the share alternative, the shares must be held for three years after vesting date. At grant date, the share price is P60. At the end of 2011, 2012 and 2013, the share prices areP63, P65 and P72, respectively. Svetlana does not expect to pay dividends in the next three years. After taking into account the effect of post vesting transfer restrictions, Svetlana Company estimated that the grant date fair value of the share alternative is P46. On January 1, 2014, the employees selected the share alternative.

What is the share premium if the employee has chosen the share alternative on December 31, 2013?