THE HERSHEY COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) (amounts in thousands, except share data or if otherwise indicated) The weighted-average fair value of options granted was $21.31, $15.25 and $15.58 per share in 2020, 2019 and 2018, respectively. The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions: The total intrinsic value of options exercised was $32,121, $115,786 and $38,382 in 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $2,138 of total unrecognized compensation expense related to non-vested stock option awards granted under the EICP, which we expect to recognize over a weighted-average period of 1.3 years. The following table summarizes information about stock options outstanding as of December 31, 2020: Table of Contents The Hershey Company | 2020 Form 10-K | Page 87 Options Outstanding Options Exercisable Range of Exercise Prices Number  Outstanding as  of 12/31/20 Weighted-  Average  Remaining  Contractual  Life in Years  Weighted-  Average  Exercise Price Number  Exercisable as of 12/31/20 Weighted-  Average  Exercise Price  $34.89 - $96.65 451,518  3.5 $83.35 447,523  $83.24 $96.66 - $105.91 699,982  6.1 $101.70 409,235  $102.90 $105.92 - $157.32 688,311  4.5 $108.44 549,305  $107.13 $34.89 - $157.32 1,839,811  4.9 $99.72 1,406,063  $98.29 For the years ended December 31, 2020 2019 2018 Dividend yields 2.1  % 2.7  % 2.4  % Expected volatility 17.5  % 17.0  % 16.6  % Risk-free interest rates 1.3  % 2.5  % 2.8  % Expected term in years 6.7 6.5 6.6 Stock Options Shares Weighted-Average Exercise Price (per share) Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at beginning of the period 2,420,461  $97.80 5.7 years Granted 15,260  $157.32 Exercised (553,131) $92.70 Forfeited (42,779) $102.44 Outstanding as of December 31, 2020 1,839,811  $99.72 4.9 years $ 96,873 Options exercisable as of December 31, 2020 1,406,063  $98.29 4.2 years $ 75,977  A summary of activity relating to grants of stock options for the year ended December 31, 2020 is as follows:  • "Dividend yields" means the sum of dividends declared for the four most recent quarterly periods, divided by the average price of our Common Stock for the comparable periods; • "Expected volatility" means the historical volatility of our Common Stock over the expected term of each grant; • "Risk-free interest rates" means the U.S. Treasury yield curve rate in effect at the time of grant for periods within the contractual life of the stock option; and • "Expected term" means the period of time that stock options granted are expected to be outstanding based on historical data.