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Note L - Stock Options
 12 Months Ended
Sep. 29, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
NOTE L – STOCK OPTIONS

We have a Stock Option Plan (the “Plan”).  Pursuant to the Plan, stock options may be granted to officers and our key employees which qualify as incentive stock options as well as stock options which are nonqualified.  The exercise price of incentive stock options is at least the fair market value of the common stock on the date of grant.  The exercise price for nonqualified options is determined by a committee of the Board of Directors. The options are generally exercisable after three years and expire no later than ten years from date of grant.  There were 800,000 shares reserved under the Plan; options for 636,000 shares remain unissued as of September 29, 2012.  There are options that were issued under an option plan that has since expired that are still outstanding.

We have an Employee Stock Purchase Plan (“ESPP”) whereby employees purchase stock by making contributions through payroll deductions for six month periods.  The purchase price of the stock is 85% of the lower of the market price of the stock at the beginning of the six-month period or the end of the six-month period.  In fiscal years 2012, 2011 and 2010 employees purchased 20,318, 19,708 and 22,143 shares at average purchase prices of $44.11, $39.04 and $32.70, respectively.  ESPP expense of $256,000, $203,000 and $184,000 was recognized for fiscal years 2012, 2011 and 2010, respectively.

A summary of the status of our stock option plans as of fiscal years 2012, 2011 and 2010 and the changes during the years ended on those dates is represented below:

   
Incentive Stock Options
   
Nonqualified Stock Options
 
   
Stock
Options
Outstanding
   
Weighted-
Average
Exercise
Price
   
Stock
Options
Outstanding
   
Weighted-
Average
Exercise
Price
 
                         
Balance, September 27, 2009
    428,944     $ 26.45       306,354     $ 19.55  
Granted
    101,330       36.77       20,000       41.75  
Exercised
    (92,760 )     16.40       (72,354 )     10.12  
Cancelled
    (19,505 )     33.47       (10,000 )     38.81  
                                 
Balance, September 25, 2010
    418,009       30.86       244,000       23.38  
Granted
    101,200       50.93       45,315       49.57  
Exercised
    (186,039 )     23.52       (62,000 )     10.30  
Cancelled
    (10,050 )     36.77       -       -  
                                 
Balance, September 24, 2011
    323,120       41.18       227,315       32.17  
Granted
    118,210       57.87       45,932       57.70  
Exercised
    (71,350 )     39.03       (62,000 )     19.77  
Cancelled
    (14,300 )     41.13       -       -  
                                 
Balance, September 29, 2012
    355,680     $ 47.16       211,247     $ 41.36  
Exercisable Options September 29, 2012
    47,686               100,000          

The weighted-average fair value of incentive options granted during fiscal years ended September 29, 2012, September 24, 2011 and September 25, 2010 was $13.43, $12.52 and $9.12, respectively. The weighted-average fair value of non-qualified stock options granted during the fiscal years ended September 29, 2012, September 24, 2011 and September 25, 2010, was $16.32, $14.95 and $17.33, respectively. The total intrinsic value of stock options exercised was $3.2 million, $7.0 million and $5.1 million in fiscal years 2012, 2011 and 2010, respectively.

The total cash received from these option exercises was $2.4 million, $3.4 million and $1.2 million in fiscal years 2012, 2011 and 2010, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $1.0 million, $1.4 million and $1.3 million in fiscal years 2012, 2011 and 2010, respectively.

The following table summarizes information about incentive stock options outstanding at September 29, 2012:

       
Options Outstanding
   
Options Exercisable
 
Range of Exercise Prices  
Number Outstanding at
September 29, 2012
 
Weighted-Average Remaining Contractual Life
(years)
 
Weighted-Average Exercise Price
   
Number Exercisable at September 29, 2012
   
Weighted-Average Exercise Price
 
$27.45 -
$38.70
    139,120  
 1.5
  $ 35.42       47,686     $ 32.90  
$44.16 -
$58.90
    216,560  
 4.4
  $ 54.71       -     $ -  
          355,680                 47,686          

The following table summarizes information about nonqualified stock options outstanding at September 29, 2012:

       
Options Outstanding
   
Options Exercisable
 
Range of Exercise Prices  
Number Outstanding at
 September 29, 2012
 
Weighted-Average Remaining Contractual Life
(years)
 
Weighted-Average Exercise Price
   
Number Exercisable at September 29, 2012
   
Weighted-Average Exercise Price
 
$20.43 -
$29.78
    40,000  
 2.6
  $ 25.10       40,000     $ 25.10  
$31.10 -
$41.75
    80,000  
 5.7
  $ 35.46       60,000     $ 33.36  
$47.59 -
$57.99
    91,247  
 6.6
  $ 53.67       -     $ -  
          211,247                 100,000