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10-Q - 10-Q - WINMARK CORPa11-13916_110q.htm
EX-32.2 - EX-32.2 - WINMARK CORPa11-13916_1ex32d2.htm
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EX-31.2 - EX-31.2 - WINMARK CORPa11-13916_1ex31d2.htm
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EX-31.1 - EX-31.1 - WINMARK CORPa11-13916_1ex31d1.htm
v2.3.0.11
Shareholders' Equity:
6 Months Ended
Jun. 25, 2011
Shareholders' Equity:  
Shareholders' Equity:

9.     Shareholders’ Equity:

 

Repurchase of Common Stock

 

In the first six months of 2011, the Company repurchased 94,099 shares for an aggregate purchase price of $3,313,500 or $35.21 per share.  These repurchase transactions reduced the dollar amount of common stock on the balance sheet to zero, with the remainder recorded to retained earnings.  Since inception of stock repurchase activities in November 1995 through June 25, 2011, the Company has repurchased 4,498,733 shares of its stock at an average price of $15.12 per share. Under the board of directors’ authorization, as of June 25, 2011, the Company has the ability to repurchase an additional 501,267 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

 

The Company had authorized up to 750,000 shares of common stock be reserved for granting either nonqualified or incentive stock options to officers and key employees under the Company’s 2001 Stock Option Plan (the “2001 Plan”).  The 2001 Plan expired on February 20, 2011.  The Company has authorized up to 250,000 shares of common stock to be reserved for granting either nonqualified or incentive stock option to officers and key employees under the Company’s 2010 Stock Option Plan (the “2010 Plan”).

 

The Company also sponsors a Stock Option Plan for Nonemployee Directors (the “Nonemployee Directors Plan”) and has reserved a total of 300,000 shares for issuance to directors of the Company who are not employees.

 

Stock option activity under the 2001 Plan, 2010 Plan and Nonemployee Directors Plan as of June 25, 2011 was as follows:

 

 

 

Number of
Shares

 

Weighted
Average
Exercise Price

 

Weighted Average
Remaining
Contractual Life
(years)

 

Intrinsic Value

 

Outstanding at December 25, 2010

 

644,220

 

$

20.45

 

6.82

 

$

7,571,000

 

Granted

 

46,500

 

37.76

 

 

 

 

 

Exercised

 

(42,149

)

17.30

 

 

 

 

 

Outstanding at June 25, 2011

 

648,571

 

$

21.90

 

6.70

 

$

11,415,400

 

Exercisable at June 25, 2011

 

370,903

 

$

18.68

 

5.44

 

$

7,444,500

 

 

All unexercised options at June 25, 2011 have an exercise price equal to the fair market value on the date of the grant.

 

As of June 25, 2011, the Company had $1,766,900 of total unrecognized compensation expense related to stock options that is expected to be recognized over the remaining weighted average period of approximately 2.1 years.