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Shareholders' Equity (Deficit):

6 Months Ended

Jun. 26, 2021

Shareholders' Equity (Deficit):

Shareholders' Equity (Deficit):

7. Shareholders’ Equity (Deficit):

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Dividends

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On January 27, 2021, 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 10, 2021, which was paid on March 1, 2021.

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On April 14, 2021, the Company’s Board of Directors approved the payment of a $0.45 per share quarterly cash dividend to shareholders of record at the close of business on May 12, 2021, which was paid on June 1, 2021.

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Repurchase of Common Stock

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In the first six months of 2021, the Company repurchased 102,088 shares of its common stock. Under the Board of Directors’ authorization, as of June 26, 2021, the Company has the ability to repurchase an additional 28,516 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.

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Stock Option Plans and Stock-Based Compensation

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Stock option activity under the Company’s option plans as of June 26, 2021 was as follows:

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​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted Average		​	​
​	​	​	​	​	​	​	Remaining	​	​	​
​	​	Number of	​	Weighted Average		​	Contractual Life	​	​	​
​		Shares		Exercise Price			(years)			Intrinsic Value
Outstanding, December 26, 2020		393,488	​	$	113.19	​	5.61	​	$	27,864,900
Granted		34,000	​	​	191.82	​	​	​	​	​
Exercised		(14,079)	​	​	85.96	​	​	​	​	​
Forfeited		(2,700)	​	​	151.06	​	​	​	​	​
Outstanding, June 26, 2021		410,709	​	$	120.39	​	5.53	​	$	29,093,400
Exercisable, June 26, 2021		288,979	​	$	98.91	​	4.17	​	$	26,593,700

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The fair value of options granted under the Option Plans during the first six months of 2021 and 2020 were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results:

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​	​	​	​	​	​	​	​	​
​	​	Six Months Ended					​	​
​		June 26, 2021		​	June 27, 2020		​
Risk free interest rate		​	0.90	%	​	0.40	%
Expected life (years)		​	6	​	​	6	​
Expected volatility		​	25.07	%	​	25.03	%
Dividend yield		​	2.74	%	​	1.92	%
Option fair value	​	$	32.70	​	$	26.55	​	​

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All unexercised options at June 26, 2021 have an exercise price equal to the fair market value on the date of the grant.

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Compensation expense of $698,100 and $538,000 relating to the vested portion of the fair value of stock options granted was expensed to “Selling, General and Administrative Expenses” in the first six months of 2021 and 2020, respectively. As of June 26, 2021, the Company had $3.2 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 2.8 years.

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

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