Shareholders' Equity (Deficit):

3 Months Ended

Mar. 27, 2021

Shareholders' Equity (Deficit):

Shareholders' Equity (Deficit):

8. 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.

Repurchase of Common Stock

In the first three months of 2021, the Company repurchased 58,255 shares of its common stock. Under the Board of Directors’ authorization, as of March 27, 2021, the Company has the ability to repurchase an additional 72,349 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 March 27, 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	10,000		182.21
Exercised	(2,950)		91.10
Outstanding, March 27, 2021	400,538	$	115.08	5.47	$	28,425,900
Exercisable, March 27, 2021	278,583	$	94.89	4.14	$	25,395,100

No options were granted during the three months ended March 28, 2020. The fair value of options granted under the Option Plans during the first three months of 2021 were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results:

	Three Months Ended
	March 27, 2021
Risk free interest rate		0.64	%
Expected life (years)		6
Expected volatility		25.05	%
Dividend yield		2.77	%
Option fair value	$	30.02

All unexercised options at March 27, 2021 have an exercise price equal to the fair market value on the date of the grant.

Compensation expense of $385,200 and $140,300 relating to the vested portion of the fair value of stock options granted was expensed to “Selling, General and Administrative Expenses” in the first three months of 2021 and 2020, respectively. As of March 27, 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.