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Shareholders' Equity:

9 Months Ended

Sep. 24, 2011

Shareholders' Equity:

Shareholders' Equity:

9. Shareholders’ Equity:

Repurchase of Common Stock

In the first nine months of 2011, the Company repurchased 99,494 shares for an aggregate purchase price of $3,527,200 or $35.45 per share.  These repurchase transactions reduced the dollar amount of common stock on the balance sheet to zero, with the remainder recorded to retained earnings.  Since inception of stock repurchase activities in November 1995 through September 24, 2011, the Company has repurchased 4,504,128 shares of its stock at an average price of $15.15 per share. Under the board of directors’ authorization, as of September 24, 2011, the Company has the ability to repurchase an additional 495,872 shares of its common stock.  Repurchases may be made from time to time at prevailing prices, subject to certain restrictions on volume, pricing and timing.

Stock Option Plans

The Company had authorized up to 750,000 shares of common stock be reserved for granting either nonqualified or incentive stock options to officers and key employees under the Company’s 2001 Stock Option Plan (the “2001 Plan”).  The 2001 Plan expired on February 20, 2011.  The Company has authorized up to 250,000 shares of common stock to be reserved for granting either nonqualified or incentive stock option to officers and key employees under the Company’s 2010 Stock Option Plan (the “2010 Plan”).

The Company also sponsors a Stock Option Plan for Nonemployee Directors (the “Nonemployee Directors Plan”) and has reserved a total of 300,000 shares for issuance to directors of the Company who are not employees.

Stock option activity under the 2001 Plan, 2010 Plan and Nonemployee Directors Plan as of September 24, 2011 was as follows:

		Number of Shares		Weighted Average Exercise Price			Weighted Average Remaining Contractual Life (years)		Intrinsic Value
Outstanding at December 25, 2010		644,220		$	20.45		6.82		$	7,571,000
Granted		46,500		37.76
Exercised		(53,044	)	15.86
Outstanding at September 24, 2011		637,676		$	22.10		6.53		$	16,542,700
Exercisable at September 24, 2011		371,254		$	18.87		5.35		$	10,552,600

All unexercised options at September 24, 2011 have an exercise price equal to the fair market value on the date of the grant.

As of September 24, 2011, the Company had $1,565,300 of total unrecognized compensation expense related to stock options that is expected to be recognized over the remaining weighted average period of approximately 2.2 years.

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The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Also includes disclosure of compensation-related costs for equity-based compensation which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details, and employee stock purchase plan details.

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