Notes to Consolidated Financial Statements  (continued) (a) Stock Options  The following table is a summary of the balance and activity for the Plans related to stock options for the periods presented:  The expense recorded related to options granted during fiscal 2013  was determined using the Black-Scholes option pricing model and  the provisions of Staff Accounting Bulletin (SAB) 107 and 110, which  allow the use of a simplified method to estimate the expected term  of “plain vanilla” options. The assumptions used in the option  pricing model during fiscal 2013 were: (a) dividend yield of 0%; (b)  historical volatility of 65%; (c) risk-free interest rates of 1.3%; and (d)  an expected life of 6.25 years. The grant date fair value of options  granted in 2013 was approximately $0.7 million.  The expense recorded related to options granted during fiscal  2012 was immaterial. The assumptions used in the option pricing  model during fiscal 2011 were: (a) dividend yield of 0%; (b) historical  volatility of 65%; (c) risk-free interest rates ranging from 1.2% to 2.5%;  and (d) an expected life of 6.25 years. The grant date fair value of  options granted in 2011 was approximately $1.2 million. The total  intrinsic value of options exercised in fiscal 2013 and fiscal 2011 was  approximately $0.4 million and $0.1 million, respectively. No options  were exercised in 2012. The Company generally issues new shares to  satisfy option exercises.  Shares available for future option, non-vested stock and restricted  stock grants were 471,327 and 608,864 at the end of 2013 and 2012,  respectively.  Number of Shares Weighted Average  Exercise Price Weighted  Average Remaining  Contractual Term Aggregate  Intrinsic Value  (in thousands) Outstanding, January 1, 2011 1,125,223 $ 8.73  Granted 305,727  6.22  Exercised 55,501  5.13  Forfeited 164,633  7.04  Outstanding, December 31, 2011 1,210,816  8.49  Granted 228  8.32  Exercised - -  Forfeited 55,805  7.79  Outstanding, December 29, 2012 1,155,239  8.53  Granted 195,512  6.56  Exercised 204,658  5.60  Forfeited 39,931  8.20  Canceled or expired 41,150  9.10  Outstanding, December 28, 2013 1,065,012  $ 8.72  5.9  $ 1,339  Options Exercisable As Of: December 28, 2013 678,794  $ 10.00  4.7  $ 938  46  BUILD-A-BEAR WORKSHOP, INC.  2013 FORM 10-K