Stephen,
My bias is not to give extra credit at all. One reason, we don't get extra credit while at work, so I feel we set an artificial expectation of entitlement when supporting the EC premise. I will allow extra assignments to inhance their learning and give due recognition for that extra work, and even allow time in class to show it off or present the special presentation. But no points are given. I give a lot of quizzes. So my version of "some flexibity" in grading is to drop the lowest quiz score. Also, I'll add an optional essay question on an exam that can help demonstrate understanding of a more difficult concept. Other than that, if it's important to learn, it part of the grading system. This I feel is fair to all, and student legitimately receive the grade they earn.
Barry Westling