Shareholders' Equity (Deficit):

6 Months Ended

Jul. 01, 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.

Repurchase of Common Stock

In the first six months of 2023, the Company didn’t repurchase any shares of its common stock. Under the Board of Directors’ authorization, as of July 1, 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 July 1, 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	(25,363)		117.29
Forfeited	(3,752)		204.26
Outstanding, July 1, 2023	352,053	$	176.20	6.29	$	55,016,100
Exercisable, July 1, 2023	217,208	$	141.65	4.83	$	41,447,400

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

	Six Months Ended
	July 1, 2023			June 25, 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 July 1, 2023 have an exercise price equal to the fair market value on the date of the grant.

Compensation expense of $942,000 and $771,400 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 2023 and 2022, respectively. As of July 1, 2023, the Company had $5.1 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.