Year Ended December 31
2015 2014 2013
Expected term (in years) 5.16 5.23 5.27
Expected volatility 39% 37% 40%
Expected dividend yield 1.51 - 1.85% 0.94 - 1.77% 0.94 - 1.33%
Risk-free interest rate 1.43 - 1.72% 1.57 - 1.86% 0.77 - 1.73%
Weighted average grant-date fair value per share $13.47 $19.26 $14.34