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Note K - Stock Options | 12 Months Ended
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Sep. 25, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | NOTE K – 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 174,000 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 2021, 2020 and 2019 employees purchased 11,988, 12,292 and 12,492 shares at average purchase prices of $116.03, $121.62, and $121.37, respectively. ESPP expense of $573,000, $390,000, and $390,000 was recognized for fiscal years 2021, 2020 and 2019, respectively. A summary of the status of our stock option plans as of fiscal years 2021, 2020 and 2019 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 29, 2018 |  |  | 433,556 |  |  | $ | 120.90 |  |  |  | 332,269 |  |  | $ | 105.66 |
Granted |  |  | 118,934 |  |  |  | 163.14 |  |  |  | 66,236 |  |  |  | 171.78 |
Exercised |  |  | (100,018 | ) |  |  | 102.01 |  |  |  | (35,763 | ) |  |  | 101.03 |
Canceled |  |  | (18,320 | ) |  |  | 127.88 |  |  |  | - |  |  |  | - |
Balance, September 28, 2019 |  |  | 434,152 |  |  |  | 136.53 |  |  |  | 362,742 |  |  |  | 118.19 |
Granted |  |  | 124,414 |  |  |  | 126.33 |  |  |  | 37,074 |  |  |  | 125.83 |
Exercised |  |  | (51,350 | ) |  |  | 109.73 |  |  |  | (24,182 | ) |  |  | 53.43 |
Canceled |  |  | (36,796 | ) |  |  | 138.34 |  |  |  | (29,192 | ) |  |  | 135.79 |
Balance, September 26, 2020 |  |  | 470,420 |  |  |  | 136.62 |  |  |  | 346,442 |  |  |  | 122.04 |
Granted |  |  | 111,862 |  |  |  | 165.53 |  |  |  | 43,970 |  |  |  | 160.14 |
Exercised |  |  | (102,976 | ) |  |  | 120.83 |  |  |  | (55,453 | ) |  |  | 120.92 |
Canceled |  |  | (31,684 | ) |  |  | 143.74 |  |  |  | (41,222 | ) |  |  | 95.95 |
Balance, September 25, 2021 |  |  | 447,622 |  |  | $ | 146.98 |  |  |  | 293,737 |  |  | $ | 132.29 |
Exercisable Options September 25, 2021 |  |  | 123,552 |  |  | $ | 136.24 |  |  |  | 144,327 |  |  | $ | 108.19 |
The weighted-average fair value of incentive stock options granted during fiscal years ended September 25, 2021, September 26, 2020 and September 28, 2019 was $31.20, $14.43 and $26.29, respectively. The weighted-average fair value of non-qualified stock options granted during the fiscal years ended September 25, 2021, September 26, 2020 and September 28, 2019 was $29.76, $14.32 and $33.11, respectively. The total intrinsic value of stock options exercised was $6.0 million, $5.7 million and $9.4 million in fiscal years 2021, 2020 and 2019, respectively. The total cash received from these option exercises was $18.7 million, $6.4 million and $12.7 million in fiscal years 2021, 2020 and 2019, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $1.2 million, $1.1 million and $1.8 million in fiscal years 2021, 2020 and 2019, respectively.
The following table summarizes information about incentive stock options outstanding as of September 25, 2021:
|  | Options Outstanding |  |  | Options Exercisable |
|  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  |  |  |
|  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Exercisable |  |  | Weighted- |
|  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Average |
Range of |  | September 25, |  |  | Contractual |  |  | Exercise |  |  | September 25, |  |  | Exercise |
Exercise Prices |  | 2021 |  |  | Life |  |  | Price |  |  | 2021 |  |  | Price |
$125.83 | - | $158.97 |  |  | 237,596 |  |  |  | 2.3 |  |  | $ | 131.41 |  |  |  | 123,052 |  |  | $ | 136.13 |
$163.29 | - | $192.13 |  |  | 210,026 |  |  |  | 3.7 |  |  | $ | 164.59 |  |  |  | 500 |  |  |  | 163.29 |
Total options |  |  | 447,622 |  |  |  |  |  |  |  |  |  |  |  | 123,552 |  |  |  | 136.24 |
The following table summarizes information about nonqualified stock options outstanding as of September 25, 2021:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  |  |  |
|  |  |  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Exercisable |  |  | Weighted- |
|  |  |  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Average |
Range of |  | September 25, |  |  | Contractual |  |  | Exercise |  |  | September 25, |  |  | Exercise |
Exercise Prices |  | 2021 |  |  | Life |  |  | Price |  |  | 2021 |  |  | Price |
$57.33 | - | $94.24 |  |  | 60,000 |  |  |  | 2.0 |  |  | $ | 77.45 |  |  |  | 60,000 |  |  | $ | 77.45 |
$117.85 | - | $131.30 |  |  | 98,137 |  |  |  | 2.4 |  |  | $ | 126.11 |  |  |  | 62,681 |  |  |  | 126.27 |
$141.01 | - | $191.40 |  |  | 135,600 |  |  |  | 3.1 |  |  | $ | 161.03 |  |  |  | 21,646 |  |  |  | 141.01 |
Total options |  |  | 293,737 |  |  |  |  |  |  |  |  |  |  |  | 144,327 |  |  |  | 108.19 |

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