Fiscal Years Ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Dividend yield(1) | 2.8 | % | 2.9 | % | 2.3 | % | ||||||
Volatility(2) | 16.2 | % | 17.6 | % | 17.1 | % | ||||||
Risk-free interest rate(3) | 0.6 | % | 1.3 | % | 1.8 | % | ||||||
Expected life in years(4) | 3.0 | 3.0 | 3.1 | |||||||||
Weighted-average fair value of options granted | $ | 10.57 | $ | 9.61 | $ | 12.53 | ||||||
(1) | Expected dividend yield is based on the anticipated dividends over the vesting period. |
(2) | Expected volatility is based on historical volatility of the Company's stock. |
(3) | Risk-free interest rate is based on the U.S. Treasury yield curve at the time of the grant. |
(4) | Expected life in years is based on historical exercise and expiration activity of grants with similar vesting periods. |