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Shareholders' Equity (Deficit):

9 Months Ended

Sep. 30, 2023

Shareholders' Equity (Deficit):

Shareholders' Equity (Deficit):

8. Shareholders’ Equity (Deficit):

Dividends

On January 25, 2023, 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 February 8, 2023, which was paid on March 1, 2023.

On April 19, 2023, the Company’s Board of Directors approved the payment of a $0.80 per share quarterly cash dividend to shareholders of record at the close of business on May 17, 2023, which was paid on June 1, 2023.

On July 19, 2023, the Company’s Board of Directors approved the payment of a $0.80 per share quarterly cash dividend to shareholders of record at the close of business on August 16, 2023, which was paid on September 1, 2023.

Repurchase of Common Stock

In the first nine months of 2023, the Company didn’t repurchase any shares of its common stock. Under the Board of Directors’ authorization, as of September 30, 2023, the Company has the ability to repurchase an additional 78,600 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 30, 2023 was as follows:


							Weighted Average
							Remaining
		Number of		Weighted Average			Contractual Life
		Shares		Exercise Price			(years)			Intrinsic Value
Outstanding, December 31, 2022		361,628		$	164.70		6.40		$	26,688,183
Granted		19,540			317.93
Exercised		(27,196)			115.98
Forfeited		(3,752)			204.26
Outstanding, September 30, 2023		350,220		$	176.61		6.06		$	68,825,900
Exercisable, September 30, 2023		215,375		$	142.02		4.60		$	49,774,400

The fair value of options granted under the Option Plans during the first nine months of 2023 and 2022 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 30, 2023			September 24, 2022
Risk free interest rate			3.86	%		2.70	%
Expected life (years)			6			6
Expected volatility			28.04	%		27.47	%
Dividend yield			3.00	%		4.61	%
Option fair value		$	76.01		$	33.38

All unexercised options at September 30, 2023 have an exercise price equal to the fair market value on the date of the grant.

Compensation expense of $1,451,000 and $1,203,800 relating to the vested portion of the fair value of stock options granted was expensed to “Selling, General and Administrative Expenses” in the first nine months of 2023 and 2022, respectively. As of September 30, 2023, the Company had $4.5 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.