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Note 5
 3 Months Ended
Dec. 24, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note
5
At
December
24,
2016,
the Company has
three
stock-based employee compensation plans. Share-based compensation was recognized as follows:
 
   
Three months ended
  
   
December 24,
    
December 26,
  
   
2016
    
2015
  
   
(in thousands, except per share amounts)
  
                 
Stock Options
   $
(211
 )   $
(249
 )
Stock purchase plan
    
174
     
92
 
Restricted stock issued to an employee
    
1
     
1
 
Total share-based compensation
   $
(36
 )   $
(156
 )
                 
The above compensation is net of tax benefits
   $
783
    $
674
 
 
 
 
 
The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model with the following weighted average assumptions used for grants in fiscal
2017
first
three
months: expected volatility of
15.8%;
risk-free interest rate of
1.1%;
dividend rate of
1.3%
and expected lives of
5
years.
 
During the
2017
three
month period, the Company granted
300
stock options at a weighted-average grant date fair value of
$15.15.
          
 
The Company did not grant any stock options during the
2016
three
month period.
 
Expected volatility is based on the historical volatility of the price of our common shares over the past
51
months for
5
year options and
10
years for
10
year options. We use historical information to estimate expected life and forfeitures within the valuation model. The expected term of awards represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures.