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Note L - Stock Options | 12 Months Ended
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Sep. 29, 2018
Notes to Financial Statements |
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 are 624,000 shares reserved under the Plan for which options have not yet been issued. There are options that were issued under prior option plans that have since been replaced 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 2018, 2017 and 2016 employees purchased 12,763, 13,271 and 13,747 shares at average purchase prices of $119.39, $105.85 and $96.00, respectively. ESPP expense of $423,000, $363,000 and $305,000 was recognized for fiscal years 2018, 2017 and 2016, respectively. A summary of the status of our stock option plans as of fiscal years 2018, 2017 and 2016 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 27, 2015 |  |  | 332,352 |  |  | $ | 77.04 |  |  |  | 297,941 |  |  | $ | 63.34 |
Granted |  |  | 120,450 |  |  |  | 108.69 |  |  |  | 58,720 |  |  |  | 112.35 |
Exercised |  |  | (86,223 | ) |  |  | 53.67 |  |  |  | (44,777 | ) |  |  | 42.53 |
Canceled |  |  | (10,792 | ) |  |  | 97.07 |  |  |  | - |  |  |  | - |
Balance, September 24, 2016 |  |  | 355,787 |  |  |  | 92.81 |  |  |  | 311,884 |  |  |  | 75.56 |
Granted |  |  | 121,508 |  |  |  | 129.35 |  |  |  | 59,786 |  |  |  | 129.94 |
Exercised |  |  | (78,114 | ) |  |  | 65.49 |  |  |  | (60,156 | ) |  |  | 41.46 |
Canceled |  |  | (6,200 | ) |  |  | 100.93 |  |  |  | - |  |  |  | - |
Balance, September 30, 2017 |  |  | 392,981 |  |  |  | 109.41 |  |  |  | 311,514 |  |  |  | 92.58 |
Granted |  |  | 122,595 |  |  |  | 141.07 |  |  |  | 58,083 |  |  |  | 144.41 |
Excercised |  |  | (64,470 | ) |  |  | 90.75 |  |  |  | (37,328 | ) |  |  | 56.85 |
Canceled |  |  | (17,550 | ) |  |  | 115.21 |  |  |  | - |  |  |  | - |
Balance, September 29, 2018 |  |  | 433,556 |  |  | $ | 120.90 |  |  |  | 332,269 |  |  | $ | 105.66 |
Exercisable Options September 29, 2018 |  |  | 86,153 |  |  | $ | 97.32 |  |  |  | 155,680 |  |  | $ | 79.35 |
The weighted-average fair value of incentive stock options granted during fiscal years ended September 29, 2018, September 30, 2017 and September 24, 2016 was $23.68, $18.84 and $13.94, respectively. The weighted-average fair value of non-qualified stock options granted during the fiscal years ended September 29, 2018, September 30, 2017 and September 24, 2016 was $31.44, $24.82 and $19.95, respectively. The total intrinsic value of stock options exercised was $6.8 million, $10.1 million and $8.4 million in fiscal years 2018, 2017 and 2016, respectively. The total cash received from these option exercises was $7.4 million, $5.8 million and $5.3 million in fiscal years 2018, 2017 and 2016, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $1.7 million, $3.0 million and $1.6 million in fiscal years 2018, 2017 and 2016, respectively.
The following table summarizes information about incentive stock options outstanding as of September 29, 2018:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  |  |  |
|  |  |  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Exercisable |  |  | Weighted- |
|  |  |  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Average |
Range of |  | September 29, |  |  | Contractual |  |  | Exercise |  |  | September 29, |  |  | Exercise |
Exercise Prices |  | 2018 |  |  | Life |  |  | Price |  |  | 2018 |  |  | Price |
$81.67 | - | $113.15 |  |  | 198,303 |  |  |  | 1.8 |  |  | $ | 103.75 |  |  |  | 86,153 |  |  | $ | 97.32 |
$128.78 | - | $146.03 |  |  | 235,253 |  |  |  | 3.9 |  |  |  | 135.36 |  |  |  | - |  |  |  | - |
Total options |  |  | 433,556 |  |  |  | 3.0 |  |  |  | 120.90 |  |  |  | 86,153 |  |  |  | 97.32 |
The following table summarizes information about nonqualified stock options outstanding as of September 29, 2018:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  |  |  |
|  |  |  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Exercisable |  |  | Weighted- |
|  |  |  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Average |
Range of |  | September 29, |  |  | Contractual |  |  | Exercise |  |  | September 29, |  |  | Exercise |
Exercise Prices |  | 2018 |  |  | Life |  |  | Price |  |  | 2018 |  |  | Price |
$41.75 | - | $57.33 |  |  | 60,000 |  |  |  | 2.9 |  |  | $ | 48.89 |  |  |  | 60,000 |  |  | $ | 48.89 |
$80.79 | - | $119.44 |  |  | 154,400 |  |  |  | 4.3 |  |  |  | 103.73 |  |  |  | 95,680 |  |  |  | 98.45 |
$129.26 | - | $150.89 |  |  | 117,869 |  |  |  | 5.8 |  |  |  | 137.07 |  |  |  | - |  |  |  | - |
Total options |  |  | 332,269 |  |  |  | 4.6 |  |  |  | 105.66 |  |  |  | 155,680 |  |  |  | 79.35 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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