XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Note K - Stock-based Compensation | 12 Months Ended
--- | ---
Sep. 24, 2022
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | NOTE K – STOCK-BASED COMPENSATION We have a Long-Term Incentive Plan (the “Plan”). Pursuant to the Plan, stock options, which qualify as incentive stock options as well as stock options which are nonqualified, restricted stock units, and performance awards may be granted to officers and our key employees. 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. The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model. Forfeitures are recognized as they occur. Each restricted stock unit granted will be the equivalent in value to one share of common stock, and grants will generally vest over three years, with thirty-three and one-third percent (33%) of the award vesting every 12 months from the date of the award. The fair value of the grant is determined based upon the closing price of the Company’s stock on the date of grant. Performance awards may include (i) specific dollar-value target awards, (ii) performance units, or (iii) performance shares. The vesting of performance based awards, if any, is dependent upon the achievement of certain performance targets. If the performance standards are not achieved, all unvested units will expire, and any accrued expense will be reversed. The fair value of the grant is determined based upon the closing price of the Company’s stock on the date of grant. There are approximately 91,000 shares reserved under the Plan for which options, restricted stock units, and performance awards 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 2022, 2021 and 2020 employees purchased 16,274, 11,988 and 12,292 shares at average purchase prices of $124.94, $116.03, and $121.62, respectively. ESPP expense of $0.3 million, $0.6 million, and $0.4 million was recognized for fiscal years 2022, 2021 and 2020, respectively. Stock Options A summary of the status of our stock option plans as of fiscal years 2022, 2021 and 2020 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 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 |
Granted |  |  | 103,405 |  |  |  | 132.38 |  |  |  | 11,545 |  |  |  | 132.38 |
Exercised |  |  | (67,782 | ) |  |  | 131.35 |  |  |  | (60,581 | ) |  |  | 107.17 |
Canceled |  |  | (49,886 | ) |  |  | 150.85 |  |  |  | (36,383 | ) |  |  | 140.40 |
Balance, September 24, 2022 |  |  | 433,359 |  |  |  | 145.48 |  |  |  | 208,318 |  |  |  | 138.19 |
Exercisable Options September 24, 2022 |  |  | 139,174 |  |  |  | 154.62 |  |  |  | 107,565 |  |  |  | 123.65 |
The weighted-average fair value of incentive stock options granted during fiscal years ended September 26, 2022, September 25, 2021 and September 26, 2020 was $23.36, $31.20 and $14.43, respectively. The weighted-average fair value of non-qualified stock options granted during the fiscal years ended September 24, 2022, September 25, 2021 and September 26, 2020 was $23.36, $29.76 and $14.32, respectively. The total intrinsic value of stock options exercised was $4.1 million, $6.0 million and $5.7 million in fiscal years 2022, 2021 and 2020, respectively. The total cash received from these option exercises was $14.1 million, $18.7 million and $6.4 million in fiscal years 2022, 2021 and 2020, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $0.7 million, $1.2 million and $1.1 million in fiscal years 2022, 2021 and 2020, respectively. At September 24, 2022, the Company has unrecognized compensation expense of approximately $5.2 million related to stock options to be recognized over the next three fiscal years. The following table summarizes information about incentive stock options outstanding as of September 24, 2022:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  |  |  |
|  |  |  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Outstanding |  |  | Weighted- |
|  |  |  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Average |
Range of |  | September 24, |  |  | Contractual |  |  | Exercise |  |  | September 24, |  |  | Exercise |
Exercise Prices |  | 2022 |  |  | Life |  |  | Price |  |  | 2022 |  |  | Price |
$125.83 | - | $158.97 |  |  | 253,675 |  |  |  | 3.0 |  |  | $ | 131.93 |  |  |  | 54,966 |  |  | $ | 141.30 |
$163.29 | - | $192.13 |  |  | 179,684 |  |  |  | 2.7 |  |  | $ | 164.61 |  |  |  | 84,208 |  |  | $ | 163.31 |
Total options |  |  |  |  | 433,359 |  |  |  |  |  |  |  |  |  |  |  | 139,174 |  |  |  | 154.62 |
The following table summarizes information about nonqualified stock options outstanding as of September 24, 2022:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  |  |  |
|  |  |  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Outstanding |  |  | Weighted- |
|  |  |  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Average |
Range of |  | September 24, |  |  | Contractual |  |  | Exercise |  |  | September 24, |  |  | Exercise |
Exercise Prices |  | 2022 |  |  | Life |  |  | Price |  |  | 2022 |  |  | Price |
$80.79 | - | $117.85 |  |  | 60,000 |  |  |  | 2.0 |  |  | $ | 97.63 |  |  |  | 60,000 |  |  | $ | 97.63 |
$117.85 | - | $153.65 |  |  | 82,544 |  |  |  | 2.8 |  |  | $ | 140.22 |  |  |  | 23,573 |  |  | $ | 149.39 |
$163.29 | - | $191.40 |  |  | 65,774 |  |  |  | 2.4 |  |  | $ | 172.64 |  |  |  | 23,992 |  |  | $ | 163.42 |
Total options |  |  |  |  | 208,318 |  |  |  |  |  |  |  |  |  |  |  | 107,565 |  |  |  | 123.65 |
Restricted Stock Units and Performance Awards The Company issued 9,200 service share units (“RSU”)’s in fiscal 2022 with a weighted average grant date fair value per share of $154.85. The weighted average remaining contractual life is approximately 2.1 years, and the aggregate intrinsic value is approximately $1.3 million. As of September 24, 2022, the Company has unrecognized compensation expense of approximately $0.6 million related to the RSU’s. No RSU’s vested, or were cancelled in fiscal 2022. No RSU’s were granted, vested, or cancelled in fiscal 2021 or fiscal 2020. The Company issued 8,868 performance share units (“PSU”)’s in fiscal 2022 with a weighted average grant date fair value per share of $155.01. The weighted average remaining contractual life is approximately 2.1 years, and the aggregate intrinsic value is approximately $1.2 million. As of September 24, 2022, the Company had no unrecognized compensation expense related to the PSU’s. No PSU’s vested, or were cancelled in fiscal 2022. No PSU’s were granted, vested, or cancelled in fiscal 2021 or fiscal 2020.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration