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Shareholders' Equity (Deficit):

6 Months Ended

Jun. 25, 2022

Shareholders' Equity (Deficit):

Shareholders' Equity (Deficit):

8. Shareholders’ Equity (Deficit):

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Dividends

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On January 26, 2022, 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 February 9, 2022, which was paid on March 1, 2022.

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On April 13, 2022, the Company’s Board of Directors approved the payment of a $0.70 per share quarterly cash dividend to shareholders of record at the close of business on May 11, 2022, which was paid on June 1, 2022.

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Repurchase of Common Stock

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In the first six months of 2022, the Company repurchased 220,280 shares of its common stock. Under the Board of Directors’ authorization, as of June 25, 2022, the Company has the ability to repurchase an additional 84,485 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 25, 2022 was as follows:

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​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted Average		​	​
​	​	​	​	​	​	​	Remaining	​	​	​
​	​	Number of	​	Weighted Average		​	Contractual Life	​	​	​
​		Shares		Exercise Price			(years)			Intrinsic Value
Outstanding, December 25, 2021		355,621	​	$	146.03	​	6.32	​	$	39,320,600
Granted		34,940	​	​	198.42	​	​	​	​	​
Exercised		(22,280)	​	​	114.62	​	​	​	​	​
Forfeited		(6,501)	​	​	183.28	​	​	​	​	​
Outstanding, June 25, 2022		361,780	​	$	152.35	​	6.26	​	$	20,285,200
Exercisable, June 25, 2022		220,496	​	$	119.50	​	4.59	​	$	18,323,800

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The fair value of options granted under the Option Plans during the first six months of 2022 and 2021 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 25, 2022		​	June 26, 2021		​
Risk free interest rate		​	2.70	%	​	0.90	%
Expected life (years)		​	6	​	​	6	​
Expected volatility		​	27.47	%	​	25.07	%
Dividend yield		​	4.61	%	​	2.74	%
Option fair value	​	$	33.38	​	$	32.70	​	​

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All unexercised options at June 25, 2022 have an exercise price equal to the fair market value on the date of the grant.

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Compensation expense of $771,400 and $698,100 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 2022 and 2021, respectively. As of June 25, 2022, the Company had $4.2 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 2.9 years.

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- References

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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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