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Note I - Income Taxes
 12 Months Ended
Sep. 29, 2012
Income Tax Disclosure [Text Block]
NOTE I – INCOME TAXES

Income tax expense (benefit) is as follows:

   
Fiscal year ended
 
   
September 29,
2012
   
September 24,
2011
   
September 25,
2010
 
   
(in thousands)
 
Current
                 
U.S. Federal
  $ 21,573     $ 17,065     $ 21,020  
Foreign
    1,408       950       970  
State
    5,416       4,871       4,484  
      28,397       22,886       26,474  
                         
Deferred
                       
U.S. Federal
  $ 3,124     $ 3,988     $ 2,692  
Foreign
    (14 )     409       (48 )
State
    661       1,720       570  
      3,771       6,117       3,214  
    $ 32,168     $ 29,003     $ 29,688  

The provisions for income taxes differ from the amounts computed by applying the statutory federal income tax rate of approximately 35% to earnings before income taxes for the following reasons:

 
 
Fiscal year ended
 
   
September 29,
2012
   
September 24,
2011
   
September 25,
2010
 
 
  (in thousands)  
                   
Income taxes at statutory rates
  $ 30,200     $ 29,423     $ 27,334  
Increase (decrease) in taxes resulting from:
                       
State income taxes, net of federal income tax benefit
    3,777       3,279       3,403  
Domestic production activities deduction
    (1,553 )     (1,500 )     (850 )
Gain on bargain purchase
    -       (2,303 )     -  
Other, net
    (256 )     104       (199 )
    $ 32,168     $ 29,003     $ 29,688  

Deferred tax assets and liabilities consist of the following:

   
September 29,
2012
   
September 24,
2011
 
 
 
(in thousands)
 
Deferred tax assets
           
Vacation accrual
  $ 1,422     $ 1,390  
Insurance accrual
    2,722       2,591  
Deferred income
    13       34  
Allowances
    2,130       2,074  
Inventory capitalization
    709       653  
Share-based compensation
    794       1,301  
Unclaimed Property
    -       632  
Other, net
    11       19  
      7,801       8,694  
Deferred tax liabilities
               
Amortization of goodwill and other intangible assets
    19,030       17,418  
Depreciation of property and equipment
    29,360       28,090  
Other, net
    24       28  
      48,414       45,536  
    $ 40,613     $ 36,842