The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.
| 2013 | 2012 | 2011 | ||||||||||
|
Expected volatility |
49.2 | % | 50.2 | % | 50.4 | % | ||||||
|
Weighted-average volatility |
49.2 | % | 50.2 | % | 50.4 | % | ||||||
|
Expected dividends |
6.0 | % | 6.0 | % | 6.0 | % | ||||||
|
Expected term (in years) |
6.0 | 6.0 | 6.0 | |||||||||
|
Risk-free rate |
0.9 | % | 1.1 | % | 2.4 | % | ||||||
|
Weighted-average fair value of options granted during the year |
$ | 4.88 | $ | 5.01 | $ | 6.16 | ||||||