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Shareholders' Equity (Deficit):

9 Months Ended

Sep. 25, 2021

Shareholders' Equity (Deficit):

Shareholders' Equity (Deficit):

7. Shareholders’ Equity (Deficit):

Dividends

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.

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.

On July 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 August 11, 2021, which was paid on September 1, 2021

Repurchase of Common Stock

In the first nine months of 2021, the Company repurchased 147,819 shares of its common stock. Under the Board of Directors’ authorization, as of September 25, 2021, the Company has the ability to repurchase an additional 382,785 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 September 25, 2021 was as follows:


							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		(15,329)			84.76
Forfeited		(2,700)			151.06
Outstanding, September 25, 2021		409,459		$	120.54		5.29		$	39,222,800
Exercisable, September 25, 2021		287,729		$	99.03		3.93		$	33,749,500

The fair value of options granted under the Option Plans during the first nine 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:


		Nine Months Ended
		September 25, 2021			September 26, 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

All unexercised options at September 25, 2021 have an exercise price equal to the fair market value on the date of the grant.

Compensation expense of $1,074,200 and $929,900 relating to the vested portion of the fair value of stock options granted was expensed to “Selling, General and Administrative Expenses” in the first nine months of 2021 and 2020, respectively. As of September 25, 2021, the Company had $2.8 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 2.5 years.