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Note L - Stock Options

12 Months Ended

Sep. 26, 2015

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 340,546 shares remain unissued as of September 26, 2015. 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 2015, 2014 and 2013 employees purchased 13,648, 15,650 and 19,804 shares at average purchase prices of $86.01, $70.40 and $52.61, respectively. ESPP expense of $328,000, $329,000 and $363,000 was recognized for fiscal years 2015, 2014 and 2013, respectively.

A summary of the status of our stock option plans as of fiscal years 2015, 2014 and 2013 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 30, 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
Granted			114,488				100.94				55,152				106.96
Exercised			(70,792	)			47.30				(6,590	)			51.14
Canceled			(6,989	)			84.13				-				-


Balance, September 26, 2015			332,352			$	77.04				297,941			$	63.34
Exercisable Options
September 26, 2015			140,263			$	55.34				164,657			$	41.57

The weighted-average fair value of incentive options granted during fiscal years ended September 26, 2015, September 27, 2014 and September 28, 2013 was $15.27, $15.24 and $13.76, respectively. The weighted-average fair value of non-qualified stock options granted during the fiscal years ended September 26, 2015, September 27, 2014 and September 28, 2013 was $21.90, $17.34 and $28.30, respectively. The total intrinsic value of stock options exercised was $4.8 million, $3.4 million and $2.7 million in fiscal years 2015, 2014 and 2013, respectively.

The total cash received from these option exercises was $3.1 million, $1.5 million and $2.6 million in fiscal years 2015, 2014 and 2013, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $874,000, $1.0 million and $666,000 in fiscal years 2015, 2014 and 2013, respectively.

The following table summarizes information about incentive stock options outstanding as of September 26, 2015:

				Options Outstanding												Options Exercisable
				Number				Weighted-								Number
				Outstanding				Average				Weighted-				Exercisable				Weighted-
				at				Remaining				Average				at				Average
Range of				September 26,				Contractual				Exercise				September 26,				Exercise
Exercise Prices				2015				Life				Price				2015				Price
$44.16	-	$57.99			141,363				1.5			$	55.35				140,263			$	55.34
$79.45	-	$117.65			190,989				3.9			$	93.10				-				-

Total options					332,352												140,263

The following table summarizes information about nonqualified stock options outstanding as of September 26, 2015:

				Options Outstanding												Options Exercisable
				Number				Weighted-								Number
				Outstanding				Average				Weighted-				Exercisable				Weighted-
				at				Remaining				Average				at				Average
Range of				September 26,				Contractual				Exercise				September 26,				Exercise
Exercise Prices				2015				Life				Price				2015				Price
$29.78	-	$41.75			100,000				2.2			$	34.32				100,000			$	34.32
$47.59	-	$57.99			84,657				3.8			$	53.86				64,657				52.79
$80.79	-	$117.85			113,284				6.6			$	96.04				-				-
Total options					297,941												164,657