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Note L - Stock Options | 12 Months Ended
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Sep. 27, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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 504,000 shares remain unissued as of September 27, 2014. 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 2014, 2013 and 2012 employees purchased 15,650, 19,804 and 20,318 shares at average purchase prices of $70.40, $52.61 and $44.11, respectively. ESPP expense of $329,000, $363,000 and $256,000 was recognized for fiscal years 2014, 2013 and 2012, respectively. A summary of the status of our stock option plans as of fiscal years 2014, 2013 and 2012 and the changes during the years ended on those dates is represented below:
|  | Incentive Stock Options |  |  | Nonqualified Stock Options |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  | Stock |  |  | Average |  |  | Stock |  |  | Average |
|  | Options |  |  | Exercise |  |  | Options |  |  | Exercise |
|  | Outstanding |  |  | Price |  |  | Outstanding |  |  | Price |
Balance, September 25, 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 |
Canceled |  |  | (14,300 | ) |  |  | 41.13 |  |  |  | - |  |  |  | - |
Balance, September 29, 2012 |  |  | 355,680 |  |  |  | 47.16 |  |  |  | 211,247 |  |  |  | 41.36 |
Granted |  |  | 1,600 |  |  |  | 63.13 |  |  |  | 20,000 |  |  |  | 80.79 |
Exercised |  |  | (84,628 | ) |  |  | 34.58 |  |  |  | - |  |  |  | - |
Canceled |  |  | (12,800 | ) |  |  | 51.01 |  |  |  | - |  |  |  | - |
Balance, September 28, 2013 |  |  | 259,852 |  |  |  | 51.17 |  |  |  | 231,247 |  |  |  | 44.77 |
Granted |  |  | 83,440 |  |  |  | 82.07 |  |  |  | 38,132 |  |  |  | 88.26 |
Exercised |  |  | (39,097 | ) |  |  | 42.42 |  |  |  | (20,000 | ) |  |  | 20.43 |
Canceled |  |  | (8,550 | ) |  |  | 58.68 |  |  |  | - |  |  |  | - |
Balance, September 27, 2014 |  |  | 295,645 |  |  | $ | 60.83 |  |  |  | 249,379 |  |  | $ | 53.38 |
Exercisable Options September 27, 2014 |  |  | 105,145 |  |  | $ | 47.22 |  |  |  | 145,315 |  |  | $ | 39.08 |
The weighted-average fair value of incentive options granted during fiscal years ended September 27, 2014, September 28, 2013 and September 29, 2012 was $15.24, $13.76 and $13.43, respectively. The weighted-average fair value of non-qualified stock options granted during the fiscal years ended September 27, 2014, September 28, 2013 and September 29, 2012 was $17.34, $28.30 and $16.32, respectively. The total intrinsic value of stock options exercised was $3.4 million, $2.7 million and $3.2 million in fiscal years 2014, 2013 and 2012, respectively. The total cash received from these option exercises was $1.5 million, $2.6 million and $2.4 million in fiscal years 2014, 2013 and 2012, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $1.0 million, $666,000 and $1.0 million in fiscal years 2014, 2013 and 2012, respectively. The following table summarizes information about incentive stock options outstanding at September 27, 2014:
|  | Options Outstanding |  |  | Options Exercisable |
|  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  |  |  |
|  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Exercisable |  |  | Weighted- |
|  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Average |
Range of |  | September 27, |  |  | Contractual |  |  | Exercise |  |  | September 27, |  |  | Exercise |
Exercise Prices |  | 2014 |  |  | Life (in years) |  |  | Price |  |  | 2014 |  |  | Price |
$36.71 | - | $51.14 |  |  | 105,145 |  |  |  | 1.4 |  |  | $ | 47.22 |  |  |  | 105,145 |  |  | $ | 47.22 |
$57.15 | - | $82.74 |  |  | 186,903 |  |  |  | 3.4 |  |  | $ | 67.90 |  |  |  | - |  |  |  | - |
$89.37 | - | $93.17 |  |  | 3,597 |  |  |  | 4.5 |  |  | $ | 91.48 |  |  |  | - |  |  |  | - |
Total options |  |  | 295,645 |  |  |  |  |  |  |  |  |  |  |  | 105,145 |  |  |  |  |
The following table summarizes information about nonqualified stock options outstanding at September 27, 2014:
|  | Options Outstanding |  |  | Options Exercisable |
|  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  |  |  |
|  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Exercisable |  |  | Weighted- |
|  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Average |
Range of |  | September 27, |  |  | Contractual |  |  | Exercise |  |  | September 27, |  |  | Exercise |
Exercise Prices |  | 2014 |  |  | Life (in years) |  |  | Price |  |  | 2014 |  |  | Price |
$29.78 | - | $41.75 |  |  | 100,000 |  |  |  | 3.2 |  |  | $ | 34.32 |  |  |  | 100,000 |  |  | $ | 34.32 |
$47.59 | - | $57.99 |  |  | 91,247 |  |  |  | 4.6 |  |  | $ | 53.67 |  |  |  | 45,315 |  |  |  | 49.57 |
$80.79 | - | $94.24 |  |  | 58,132 |  |  |  | 7.8 |  |  | $ | 85.69 |  |  |  | - |  |  |  | - |
Total options |  |  | 249,379 |  |  |  |  |  |  |  |  |  |  |  | 145,315 |  |  |  |  |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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