text: 2003 
  
  Risk-free interest rate  3.2% 
  
  Dividend yield  0.0% 
  
  Volatility factor  39.1% 
  
  Expected life  7 years 
  
  The resulting estimated weighted average fair values of the options granted in 2003, 2002 and 2001 were $13.51, $7.25 and $7.06, respectively. 
  
  The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully 
  transferable. In addition, option valuation models require the input of highly subjective assumptions, including expected stock price volatility. All options 
  grants in 2003, 2002 and 2001 occurred prior to the declaration of dividends by the Company. 