pre_text: part ii item 5 . market for registrant's common equity , related stockholder matters and issuer purchases of equity securities market information our common stock is traded on the nasdaq national market under the symbol "vrtx." the following table sets forth for the periods indicated the high and low sale prices per share of our common stock as reported by nasdaq : as of march 14 , 2006 , there were 1312 holders of record of our common stock ( approximately 20200 beneficial holders ) . dividends we have never declared or paid any cash dividends on our common stock , and we currently expect that future earnings , if any , will be retained for use in our business . issuer repurchases of equity securities we did not repurchase any equity securities of the company during the quarter ended december 31 , 2005 . unregistered sales of equity securities in december 2005 , we issued an additional 781000 shares of our common stock in connection with exchanges with certain existing holders of 2011 notes . the exchanges were exempt from registration under the securities act of 1933 , as amended , under section 3 ( a ) ( 9 ) thereof , as exchanges by the company of securities with its existing holders exclusively in transactions in which no commission or other remuneration was paid. .
post_text: .
table: Year Ended December 31, 2004: High Low
table: First quarter $12.20 $8.82
table: Second quarter 10.00 8.00
table: Third quarter 11.19 8.06
table: Fourth quarter 12.05 9.79
table: Year Ended December 31, 2005:
table: First quarter $11.99 $9.20
table: Second quarter 17.06 8.61
table: Third quarter 22.68 15.33
table: Fourth quarter 29.24 20.31
question: Analyse this data from a financial earnings document. what was the average quarterly highs in 2004