SECTION 7.3  Share-based payment Number Exercise price Executive  directors Key  management  personnel Other management  personnel Resigned  employees Total Fixed,  weighted  average Share options outstanding at 31 December 2011 302,112 105,893 456,439 295,066 1,159,510 347.08 Granted 131,500 - - - 131,500 444.60 Forfeited/expired - - -4,707 - -4,707 270.91 Exercised -13,008 -11,191 -71,545 -77,167 -172,911 260.10 Transferred - -17,946 -30,578 48,524 - 406.72 Share options outstanding at 31 December 2012 420,604 76,756 349,609 266,423 1,113,392 413.37 Granted 91,000 - - - 91,000 573.50 Forfeited/expired - - -2,550 - -2,550 305.22 Exercised -12,388 -19,648 -145,129 -89,063 -266,228 363.20 Transferred - - -7,417 7,417 - 342.73 Share options outstanding at 31 December 2013 499,216 57,108 194,513 184,777 935,614 443.93 Exercisable at 31 December 2012 199,104 68,369 193,902 340,030 801,405 395.94 Exercised options as % of share capital 0.01% 0.01% 0.05% 0.05% 0.12% Exercisable at 31 December 2013 216,716 55,908 185,280 194,010 651,914 414.17 Exercised options as % of share capital 0.01% 0.01% 0.10% 0.06% 0.18% 2013 2012 Grant date Expiry date Programme Exercise  price Expected  volatility Risk-free interest rate Expected  dividend  yield Expected life  of options,  years Fair value at  measure ment  date Options  outstanding Options  outstanding 01.03.2005 01.03.2013 Grant 2005 232.71 27% 3.1% 1.7% 5.5 74.27 - 40,739 01.03.2006 01.03.2014 Grant 2006 306.89 19% 3.3% 1.3% 5.5 89.37 31,589 89,670 01.03.2007 01.03.2015 Grant 2007 472.11 19% 3.9% 1.0% 5.5 136.67 104,493 151,257 01.03.2008 01.03.2016 Grant 2008 457.82 22% 3.6% 1.1% 5.5 141.72 117,303 159,138 01.06.2008 01.06.2016 Special grant 531.80 23% 4.3% 0.9% 5.5 181.08 142,462 161,044 01.09.2008 01.09.2016 Special grant 448.18 27% 4.3% 1.3% 5.5 128.83 40,000 40,000 01.03.2009 01.03.2017 Grant 2009 203.50 52% 3.0% 1.7% 5.5 88.41 124,328 159,555 01.03.2010 01.03.2018 Grant 2010 417.34 30% 3.1% 0.8% 8.0 174.52 91,739 119,289 01.03.2011 01.03.2019 Grant 2011 566.78 25% 2.9% 0.9% 8.0 180.50 61,200 61,200 01.03.2012 01.03.2020 Grant 2012 444.60 34% 0.9% 1.2% 8.0 146.67 131,500 131,500 01.05.2013 01.05.2021 Grant 2013 573.50 27% 1.5% 1.0% 8.0 167.98 91,000 - Outstanding share options under the share option programme 935,614 1,113,392 ASSUMPTIONS The average share price at the exercise date for share options was DKK 583 (2012: DKK 493). At 31 December 2013, the exercise price for outstanding share options was in the range DKK 203.50 to DKK 573.50 (2012: DKK 203.50 to DKK 566.78). The average remaining contractual life was 3.8 years (2012: 3.8 years). Consolidated financial statements SECTION 7: STAFF COSTS AND REMUNERATION 121 Carlsberg Group Annual Report 2013 7.3.1  Share option programme 7.3  SIGNIFICANT ACCOUNTING  ESTIMATES AND JUDGEMENTS For share options and PSUs granted  or measured after 1 January 2010, the  volatility is based on presently observed  data on Bloomberg’s Options Valuation  Function, while prior to 2010 it was based  on the historical volatility in the price of  Carlsberg A/S’s class B shares over the  previous two years. The risk-free interest rate is the interest  rate on Danish government bonds of the  relevant maturity, while the dividend yield  is calculated as the expected dividend  at the grant date of DKK 5.50 per share  (2012: DKK 5.50 per share) divided by the  share price. The fair value at 31 December  is calculated applying an expected dividend  of DKK 8.00 per share. For share options granted or measured  after 1 January 2010, the expected life is  based on exercise at the end of the exercise  period, while prior to 2010 it was based on  exercise in the middle of the exercise period.