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## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

summary of the combined status of the 2002 Plan and changes during the years ended December 31, 2004 and 2003 is presented below: 

<img src='content_image/118311.jpg'>

The weighted average fair value of each option granted is estimated on the date of grant using the Black Scholes Price Model with the following weighted average assumptions used for grants: expected volatility of 31.0%; risk-free interest rates ranging from 2.7% to 5.1%; annual dividend yield of 0.6%; and expected lives of five years for each grant. 

The following table summarizes the options outstanding and options exercisable as of December 31, 2004 that relate to the 2002 Plan: 

<img src='content_image/118310.jpg'>

