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Shareholders' Equity: | 12 Months Ended
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Dec. 27, 2014
Shareholders' Equity: |
Shareholders' Equity: | 6.Shareholders’ Equity: Dividends In 2014, the Company declared and paid quarterly cash dividends totaling $0.23 per share ($1.2 million) and a $5.00 per share special cash dividend (the “2014 Special Dividend”). The 2014 Special Dividend totaled $25.8 million and was financed by a combination of cash on hand as well as net borrowings under the Line of Credit of $13.0 million. (See Note 7 — “Line of Credit”). In 2013, the Company declared and paid quarterly cash dividends totaling $0.19 per share ($0.96 million). In 2012, the Company declared and paid quarterly cash dividends totaling $0.15 per share ($0.75 million) and a $5.00 per share special cash dividend (the “2012 Special Dividend”). The 2012 Special Dividend totaled $25.4 million and was financed by a combination of cash on hand as well as net borrowings under the Line of Credit of $12.8 million. (See Note 7 — “Line of Credit”). Repurchase of Common Stock In 2014, the Company repurchased 166,030 shares for an aggregate purchase price of $11.6 million or $69.65 per share. In 2013, the Company repurchased 28,422 shares for an aggregate purchase price of $1.9 million or $65.26 per share. In 2012, the Company repurchased 134,720 shares for an aggregate purchase price of $7.2 million or $53.60 per share. Under the Board of Directors’ authorization, as of December 27, 2014 the Company has the ability to repurchase an additional 166,700 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. At the April 30, 2014 Annual Shareholders Meeting, the Company’s shareholders approved an increase in the shares of common stock available for granting either nonqualified or incentive stock options to officers and key employees under the Company’s 2010 Stock Option Plan (the “2010 Plan”) from 250,000 to 500,000. Grants under the 2001 Plan and 2010 Plan are made by the Compensation Committee of the Board of Directors at a price of not less than 100% of the fair market value on the date of grant. If an incentive stock option is granted to an individual who owns more than 10% of the voting rights of the Company’s common stock, the option exercise price may not be less than 110% of the fair market value on the date of grant. The term of the options may not exceed 10 years, except in the case of nonqualified stock options, whereby the terms are established by the Compensation Committee. Options may be exercisable in whole or in installments, as determined by the Compensation Committee. The Company also sponsors a Stock Option Plan for Nonemployee Directors (the “Nonemployee Directors Plan”), and at the April 30, 2014 Annual Shareholders Meeting, the Company’s shareholders approved an increase in the shares of common stock available for granting options to directors of the Company who are not employees from 300,000 to 350,000. Stock option activity under the 2001 Plan, 2010 Plan and Nonemployee Directors Plan (collectively, the “Option Plans”) as of December 27, 2014 was as follows:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Intrinsic Value |
Outstanding at December 31, 2011 |  | 668,614 |  | $ | 24.31 |  | 6.62 |  | $ | 22,101,800 |
Granted |  | 120,000 |  | 54.26 |  |  |  |  |
Exercised |  | (174,887 | ) | 19.77 |  |  |  |  |
Outstanding at December 29, 2012 |  | 613,727 |  | 31.46 |  | 7.06 |  | 16,010,000 |
Granted |  | 96,250 |  | 71.39 |  |  |  |  |
Exercised |  | (176,700 | ) | 18.82 |  |  |  |  |
Forfeited |  | (6,565 | ) | 42.20 |  |  |  |  |
Outstanding at December 28, 2013 |  | 526,712 |  | 42.87 |  | 7.33 |  | 26,446,700 |
Granted |  | 97,000 |  | 73.31 |  |  |  |  |
Exercised |  | (21,012 | ) | 19.89 |  |  |  |  |
Forfeited |  | (5,000 | ) | 56.85 |  |  |  |  |
Outstanding at December 27, 2014 |  | 597,700 |  | $ | 48.50 |  | 6.93 |  | $ | 20,973,700 |
Exercisable at December 27, 2014 |  | 350,122 |  | $ | 36.24 |  | 5.74 |  | $ | 16,580,000 |
The fair value of options granted under the Option Plans during 2014, 2013 and 2012 were estimated on the date of the grant using the Black-Scholes option pricing model with the following weighted average assumptions and results:
|  | Year Ended |
|  | December 27, 2014 |  | December 28, 2013 |  | December 29, 2012 |
Risk free interest rate |  | 1.75 | % | 1.60 | % | .88 | %
Expected life (years) |  | 6 |  | 6 |  | 6 |
Expected volatility |  | 33.2 | % | 32.9 | % | 31.9 | %
Dividend yield |  | 1.66 | % | 1.65 | % | 2.05 | %
Fair value per option granted |  | $ | 21.02 |  | $ | 20.36 |  | $ | 13.43 |
Options outstanding as of December 27, 2014 are exercisable as follows:
|  | Options Outstanding |  | Options Exercisable |
Range of Exercise Price |  | Number Outstanding |  | Weighted Average Remaining Contractual Life (Years) |  | Weighted Average Exercise Price |  | Number Exercisable |  | Weighted Average Exercise Price |
$ 12.75 - $ 18.40 |  | 52,261 |  | 4.01 |  | $ | 13.97 |  | 52,261 |  | $ | 13.97 |
20.32 - 31.19 |  | 107,689 |  | 4.31 |  | 25.28 |  | 107,689 |  | 25.28 |
32.92 - 51.17 |  | 132,000 |  | 6.60 |  | 40.77 |  | 98,309 |  | 38.71 |
53.34 - 82.72 |  | 305,750 |  | 8.50 |  | 65.92 |  | 91,863 |  | 59.10 |
|  | 597,700 |  | 6.93 |  | $ | 48.50 |  | 350,122 |  | $ | 36.24 |
The total intrinsic value of options exercised during 2014, 2013 and 2012 was $1.2 million, $8.7 million and $7.4 million, respectively. The total fair value of shares vested during 2014, 2013 and 2012 was $5.1 million, $3.9 million and $2.8 million, respectively. During 2014, 2013 and 2012, option holders surrendered 0, 1,207 and 31,351 shares, respectively, of previously owned common stock as payment for option shares exercised as provided for by the Option Plans. All unexercised options at December 27, 2014 have an exercise price equal to the fair market value on the date of the grant. Compensation expense of $1,417,200, $1,153,600 and $930,200 relating to the vested portion of the fair value of stock options granted was expensed to “Selling, General and Administrative Expenses” in 2014, 2013 and 2012, respectively. As of December 27, 2014, the Company had $3.8 million of total unrecognized compensation expense related to stock options that is expected to be recognized over the remaining weighted average vesting period of approximately 2.6 years.

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
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