diff --git a/jquery.flot.js b/jquery.flot.js
index 6ee9b9d..491b57e 100644
--- a/jquery.flot.js
+++ b/jquery.flot.js
@@ -1480,7 +1480,7 @@ Licensed under the MIT license.
             // inside the canvas and isn't clipped off
 
             var minMargin = options.grid.minBorderMargin,
-                margins = { x: 0, y: 0 }, i, axis;
+                axis, i;
 
             // check stuff from the plot (FIXME: this should just read
             // a value from the series, otherwise it's impossible to
@@ -1491,21 +1491,37 @@ Licensed under the MIT license.
                     minMargin = Math.max(minMargin, 2 * (series[i].points.radius + series[i].points.lineWidth/2));
             }
 
-            margins.x = margins.y = Math.ceil(minMargin);
+            var margins = {
+                left: minMargin,
+                right: minMargin,
+                top: minMargin,
+                bottom: minMargin
+            };
 
             // check axis labels, note we don't check the actual
             // labels but instead use the overall width/height to not
             // jump as much around with replots
             $.each(allAxes(), function (_, axis) {
-                var dir = axis.direction;
-                if (axis.reserveSpace)
-                    margins[dir] = Math.ceil(Math.max(margins[dir], (dir == "x" ? axis.labelWidth : axis.labelHeight) / 2));
+                var lastTick = axis.ticks[axis.ticks.length - 1];
+                if (axis.reserveSpace && lastTick) {
+                    if (axis.direction === "x") {
+                        margins.left = Math.max(margins.left, axis.labelWidth / 2);
+                        if (lastTick.v <= axis.max) {
+                            margins.right = Math.max(margins.right, axis.labelWidth / 2);
+                        }
+                    } else {
+                        margins.bottom = Math.max(margins.bottom, axis.labelHeight / 2);
+                        if (lastTick.v <= axis.max) {
+                            margins.top = Math.max(margins.top, axis.labelHeight / 2);
+                        }
+                    }
+                }
             });
 
-            plotOffset.left = Math.max(margins.x, plotOffset.left);
-            plotOffset.right = Math.max(margins.x, plotOffset.right);
-            plotOffset.top = Math.max(margins.y, plotOffset.top);
-            plotOffset.bottom = Math.max(margins.y, plotOffset.bottom);
+            plotOffset.left = Math.ceil(Math.max(margins.left, plotOffset.left));
+            plotOffset.right = Math.ceil(Math.max(margins.right, plotOffset.right));
+            plotOffset.top = Math.ceil(Math.max(margins.top, plotOffset.top));
+            plotOffset.bottom = Math.ceil(Math.max(margins.bottom, plotOffset.bottom));
         }
 
         function setupGrid() {