Suppose you hold LLL employee stock options representing options to buy 15,000 shares of LLL stock. You wish to hedge your position by buying put options with three-month expirations and a $24.84 strike price. LLL accountants estimated the value of these options using the Black-Scholes-Merton formula and the following assumptions:

S = current stock price = $23.06

K = option strike price = $25.49

r = risk-free interest rate = 0.052

= stock volatility = 0.24

T = time to expiration = 3.5 years

How many put option contracts are required? (Note that such a trade may not be permitted by the covenants of many ESO plans. Even if the trade were permitted, it could be considered unethical.)