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Shareholders' Equity (Deficit):

9 Months Ended

Sep. 24, 2022

Shareholders' Equity (Deficit):

Shareholders' Equity (Deficit):

8. Shareholders’ Equity (Deficit):

Dividends

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.

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.

On July 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 August 10, 2022, which was paid on September 1, 2022.

Repurchase of Common Stock

In the first nine months of 2022, the Company repurchased 222,307 shares of its common stock. Under the Board of Directors’ authorization, as of September 24, 2022, the Company has the ability to repurchase an additional 82,458 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 24, 2022 was as follows:


							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		(26,333)			111.54
Forfeited		(6,501)			183.28
Outstanding, September 24, 2022		357,727		$	153.00		6.06		$	24,816,800
Exercisable, September 24, 2022		216,443		$	119.96		4.37		$	21,258,300

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


		Nine Months Ended
		September 24, 2022			September 25, 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

All unexercised options at September 24, 2022 have an exercise price equal to the fair market value on the date of the grant.

Compensation expense of $1,203,800 and $1,074,200 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 2022 and 2021, respectively. As of September 24, 2022, 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.