VOCERA COMMUNICATIONS, INC. | 2013 | FY | 3


The fair value of the stock options granted to non-employees was calculated using the Black-Scholes option-pricing model with the following assumptions:
  
 
As of December 31,
 
 
 
2012
 
2011
Expected Term (in years)
 
 
8.67
 
8.83 - 10.0
Volatility
 
 
46.7%
 
45.0% - 54.0%
Risk-free interest rate
 
 
1.77%
 
1.63% - 3.41%
Dividend yield
 
 
0.0%
 
0.0%

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