Shareholders' Equity (Deficit):

3 Months Ended

Mar. 30, 2024

Shareholders' Equity (Deficit):

Shareholders' Equity (Deficit):

8. Shareholders’ Equity (Deficit):

Dividends

On January 31, 2024, 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 February 14, 2024, which was paid on March 1, 2024.

Repurchase of Common Stock

During the first three months of 2024, the Company did not repurchase any shares of its common stock. Under the Board of Directors’ authorization, as of March 30, 2024, 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 March 30, 2024 was as follows:

				Weighted Average
				Remaining
	Number of	Weighted Average		Contractual Life
	Shares	Exercise Price		(years)		Intrinsic Value
Outstanding, December 30, 2023	341,892	$	180.73	5.98	$	81,017,600
Exercised	(453)		154.53
Outstanding, March 30, 2024	341,439	$	180.77	5.73	$	61,928,500
Exercisable, March 30, 2024	234,286	$	154.70	4.67	$	48,498,036

No options were granted during the first three months ended March 30, 2024.

The fair value of options granted under the Option Plans during the first three months of 2023 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
	April 1, 2023
Risk free interest rate		4.13	%
Expected life (years)		6
Expected volatility		28.43	%
Dividend yield		3.25	%
Option fair value	$	69.41

All unexercised options at March 30, 2024 have an exercise price equal to the fair market value on the date of the grant.

Compensation expense of $485,900 and $475,900 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 2024 and 2023, respectively. As of March 30, 2024, 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 2.0 years.