What happens to options when a co pays a dividend?

ex. PFE is going to pay a dividend the 1st week of feb. what happens to the feb 15 strick price options when the dividend is paid. The stock will adjust .32 down the next day, will anything happen to the options?
Update: i recently bought the march 15 calls . I paid .98 when the common was trading at 15.65. so i paid a .35 premium for time. are you saying i paid the .35 cents plus the .32 cents for the divvidend. so i really paid a .67 cent premium?
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