text: FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES 
  Notes to Consolidated Financial Statements 
  December 31, 2002, 2001 and 2000 
  
  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. 