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Working with OEA on the SAB was like receiving valuation tutorials from well-renowned PhDs in a small group setting . I would now like to discuss the expected term assumption that is needed to use a closed-form option pricing model , such as the Black-Scholes-Merton model.5 When developing an estimate of expected term for input into a closed-form model , Statement 123R notes that there may be several different sources of information available , such as a company 's historical data , industry averages , or academic research.6 When the SAB was being developed , the staff understood that there were minimal sources of publicly available information that could assist companies in determining the period of time that an employee share option would remain outstanding . It was the best of times , it was the worst of times , it was the age of wisdom , it was the age of foolishness , it was the epoch of belief , it was the epoch of incredulity , it was the season of Light , it was the season of Darkness , it was the spring of hope , it was the winter of despair , we had everything before us , we had nothing before us , we were all going direct to Heaven , we were all going direct the other way - - in short , the period was so far like the present period , that some of its noisiest authorities insisted on its being received , for good or for evil , in the superlative degree of comparison only . In order to address the concern raised that publicly available information does not currently exist and historical data might not , in all cases , provide appropriate information , SAB 107 states that the staff will not object to the use of a “ simplified ” method for estimating expected term for “ plain vanilla ” options , as those options are described in the SAB . Planet PDF has been giving free eBooks ( like Tolstoy , Aesop , Dickens , etc. ) away for years , and a key part of the philosophy behind doing it was to share free books that actually enhanced the reading experience off and on a computer ( in particular , via the rich array of functionality PDF files can support ) . I would like to give you a few additional thoughts on these two measures of volatility based on questions we have received since the SAB was released . ) Another time I heard a class in the neighboring studio doing something to what was obviously Bach ; it took me some time to recognize it as the Erbarm dich mein ' aria from the St Matthew Passion . This is where I really do n't understand the philosophy behind them giving these books away free . In fact , the staff stated in SAB 107 that it will not object to a company exclusively relying on the implied volatility derived from a traded option with a remaining maturity of at least one year , assuming other criteria provided in the SAB are also met . Traditional shoemaking materials have to be thick and hard to provide enough support , but loud clomping pointe shoes undermine the illusion of effortless grace for which the ballerina always strives .