8. Shareholders’ Equity (Deficit):

Dividends

On January 29, 2020, the Company’s Board of Directors approved the payment of a $0.25 per share quarterly cash dividend to shareholders of record at the close of business on February 12, 2020, which was paid on March 2, 2020.

Repurchase of Common Stock

In December 2019, the Company’s Board of Directors authorized the repurchase of up to 300,000 shares of our common stock for a price of $163.00 per share through a tender offer (the “2020 Tender Offer”). The 2020 Tender Offer began on the date of the announcement, December 17, 2019 and expired on January 16, 2020. Upon expiration, the Company purchased 300,000 shares for a total purchase price of approximately $49.0 million, including fees and expenses related to the Tender Offer. The 2020 Tender Offer was financed in part by net borrowings of $19.2 million under the Line of Credit. (See Note 9 – “Debt”).

Under a previous Board of Directors’ authorization, as of March 28, 2020, the Company has the ability to repurchase an additional 130,604 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 and Stock-Based Compensation

Stock option activity under the Company’s option plans as of March 28, 2020 was as follows:


				Weighted Average
				Remaining
	Number of	Weighted Average		Contractual Life
	Shares	Exercise Price		(years)		Intrinsic Value
Outstanding, December 28, 2019	479,558	$	101.78	5.79	$	45,283,200
Exercised	(2,895)		50.40
Forfeited	(23,000)		148.16
Outstanding, March 28, 2020	453,663	$	99.76	5.42	$	16,967,200
Exercisable, March 28, 2020	341,838	$	83.42	4.46	$	16,657,100

No options were granted during the three months ended March 28, 2020 or the three months ended March 30, 2019. All unexercised options at March 28, 2020 have an exercise price equal to the fair market value on the date of the grant.

Compensation expense of $140,300 and $498,800 relating to the vested portion of the fair value of stock options granted was expensed to “Selling, General and Administrative Expenses” in the first three months of 2020 and 2019, respectively. As of March 28, 2020, the Company had $2.9 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 2.4 years.