FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 31, 2002, 2001 and 2000
F-26
The options outstanding at December 31, 2002, have exercise prices between $14.90 and $30.50 with a weighted
average remaining contractual life of 5 years.  Stock options have been adjusted retroactively for the effects of stock
dividends and splits.
The Company accounts for this plan under APB 25 under which no compensation cost has been recognized for
options granted.  The fair value of the options granted in 2002, 2001 and 2000, was estimated using the Black-
Scholes options pricing model with the following weighted-average assumptions:  risk-free interest rate of 4.75%,
5.23% and 6.33% respectively; expected dividend yield of 4.43%, 3.89% and 5.18% respectively; expected life of
6.0, 6.0 and 6.0 years, respectively; and expected volatility of 26.9%, 26.5% and 28.3%, respectively.