Expensed Charged to an expense account, fully reducing reported profit of that year, as is appropriate for expenditures for items with useful lives under one year. Expiration The time when the option contract ceases to exist (expires). Expiration cycle An expiration cycle relates to the dates on which options on a particular security expire. A given option will be placed in 1 of 3 cycles, the January cycle, the February cycle, or the March cycle. At any point in time, an option will have contracts with 4 expiration dates outstanding, 2 in near-term months and 2 in far-term months. .
