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Note J - Stock-based Compensation | 12 Months Ended
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Sep. 27, 2025
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | NOTE J – 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. 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 509,000 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 2025, 2024, and 2023 employees purchased 22,295, 18,243 and 17,231 shares at average purchase prices of $110.22, $140.15, and $121.53, respectively. ESPP expense of $0.4 million, $0.5 million, and $0.6 million was recognized for fiscal years 2025, 2024, and 2023, respectively. Stock Options A summary of the status of our stock option plans as of fiscal years 2025, 2024, and 2023 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 24, 2022 |  |  | 433,359 |  |  |  | 146.98 |  |  |  | 228,318 |  |  |  | 132.29 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (83,401 | ) |  |  | 140.30 |  |  |  | (11,294 | ) |  |  | 137.81 |
Canceled |  |  | (78,137 | ) |  |  | 143.96 |  |  |  | (5,646 | ) |  |  | 153.04 |
Balance, September 30, 2023 |  |  | 271,821 |  |  |  | 147.45 |  |  |  | 211,378 |  |  |  | 140.79 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (53,300 | ) |  |  | 144.24 |  |  |  | (50,247 | ) |  |  | 122.16 |
Canceled |  |  | (58,470 | ) |  |  | 158.50 |  |  |  | (15,158 | ) |  |  | 161.87 |
Balance, September 28, 2024 |  |  | 160,051 |  |  |  | 144.49 |  |  |  | 145,973 |  |  |  | 145.01 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (12,348 | ) |  |  | 145.39 |  |  |  | (5,720 | ) |  |  | 142.47 |
Canceled |  |  | (28,082 | ) |  |  | 137.25 |  |  |  | (21,597 | ) |  |  | 120.24 |
Balance, September 27, 2025 |  |  | 119,621 |  |  |  | 146.10 |  |  |  | 118,656 |  |  |  | 149.64 |
Exercisable Options September 27, 2025 |  |  | 119,621 |  |  |  | 146.10 |  |  |  | 118,656 |  |  |  | 149.64 |
There were no incentive stock option grants in fiscal years 2025, 2024 or 2023. There were no non-qualified stock options grants in fiscal years 2025, 2024 or 2023. The total intrinsic value of stock options exercised was $0.4 million, $3.4 million and $2.1 million in fiscal years 2025, 2024, and 2023, respectively. Exercisable options as of September 27, 2025 had no intrinsic value. The total cash received from these option exercises was $2.3 million, $13.2 million and $13.1 million in fiscal years 2025, 2024, and 2023, respectively; and the actual tax benefit realized from the tax deductions from these option exercises was $0.1 million, $0.6 million and $0.1 million in fiscal years 2025, 2024, and 2023, respectively. At September 27, 2025, the Company does not have any unrecognized compensation expense related to stock options to be recognized over the next fiscal year. The following table summarizes information about incentive stock options outstanding as of September 27, 2025:
|  |  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  | Weighted- |  |  |  |  |
|  |  |  |  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Outstanding |  |  | Average |  |  | Weighted- |
|  |  |  |  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Remaining |  |  | Average |
Range of |  |  | September 27, |  |  | Contractual |  |  | Exercise |  |  | September 27, |  |  | Contractual |  |  | Exercise |
Exercise Prices |  |  | 2025 |  |  | Life |  |  | Price |  |  | 2025 |  |  | Life |  |  | Price |
$132.38 | - | $165.56 |  |  |  | 119,621 |  |  | 1.3 |  |  | $ | 146.10 |  |  |  | 119,621 |  |  | 1.3 |  |  | $ | 146.10 |
Total options |  |  |  |  |  | 119,621 |  |  |  |  |  |  |  |  |  |  | 119,621 |  |  |  |  |  |  | 146.10 |
The following table summarizes information about nonqualified stock options outstanding as of September 27, 2025:
|  |  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Number |  |  | Weighted- |  |  |  |  |  |  | Number |  |  | Weighted- |  |  |  |  |
|  |  |  |  | Outstanding |  |  | Average |  |  | Weighted- |  |  | Outstanding |  |  | Average |  |  | Weighted- |
|  |  |  |  | at |  |  | Remaining |  |  | Average |  |  | at |  |  | Remaining |  |  | Average |
Range of |  |  | September 27, |  |  | Contractual |  |  | Exercise |  |  | September 27, |  |  | Contractual |  |  | Exercise |
Exercise Prices |  |  | 2025 |  |  | Life |  |  | Price |  |  | 2025 |  |  | Life |  |  | Price |
$119.44 | - | $132.38 |  |  |  | 48,030 |  |  | 1.5 |  |  | $ | 126.54 |  |  |  | 48,030 |  |  | 1.5 |  |  | $ | 126.54 |
$150.89 | - | $191.40 |  |  |  | 70,626 |  |  | 0.3 |  |  | $ | 165.35 |  |  |  | 70,626 |  |  | 0.3 |  |  | $ | 165.35 |
Total options |  |  |  |  |  | 118,656 |  |  |  |  |  |  |  |  |  |  | 118,656 |  |  |  |  |  |  | 149.64 |
Restricted Stock Units A summary of our service share units (“RSU”)’s as of fiscal years 2025, 2024, and 2023 and the changes during the years ended on those dates is represented below.
|  |  |  |  |  | Weighted- |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Average |  |  |  |  |  |  |  |  |
|  | Number of |  |  | Grant-Date |  |  | Weighted- |  |  |  |  |
|  | Restricted |  |  | Fair Value |  |  | Average Remaining |  |  | Aggregate |
|  | Stock Units |  |  | Per Share |  |  | Contractual Life |  |  | Intrinsic Value |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (in thousands) |
Nonvested at September 24, 2022 |  |  | 9,200 |  |  |  | 154.85 |  |  |  | 2.1 |  |  |  |  |
Granted |  |  | 21,864 |  |  |  | 154.32 |  |  |  |  |  |  |  |  |
Vested |  |  | (3,165 | ) |  |  | 154.94 |  |  |  |  |  |  |  |  |
Canceled |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Nonvested at September 30, 2023 |  |  | 27,899 |  |  |  | 154.46 |  |  |  | 2.2 |  |  |  |  |
Granted |  |  | 25,957 |  |  |  | 166.10 |  |  |  |  |  |  |  |  |
Vested |  |  | (6,390 | ) |  |  | 155.26 |  |  |  |  |  |  |  |  |
Canceled |  |  | (2,270 | ) |  |  | 158.14 |  |  |  |  |  |  |  |  |
Nonvested at September 28, 2024 |  |  | 45,196 |  |  |  | 157.32 |  |  |  | 1.9 |  |  |  |  |
Granted |  |  | 34,868 |  |  |  | 139.97 |  |  |  |  |  |  |  |  |
Vested |  |  | (12,748 | ) |  |  | 161.92 |  |  |  |  |  |  |  |  |
Canceled |  |  | (4,118 | ) |  |  | 158.57 |  |  |  |  |  |  |  |  |
Nonvested at September 27, 2025 |  |  | 63,198 |  |  |  | 150.33 |  |  |  | 1.8 |  |  |  | 6,042 |
As of September 27, 2025, the Company has unrecognized compensation expense of approximately $4.3 million related to the RSU’s. Performance Share Units A summary of our performance share units (“PSU”)’s as of fiscal years 2025, 2024, and 2023 and the changes during the years ended on those dates is represented below. The shares are represented at the target award amounts based upon the respective performance share agreements. Actual shares that will vest depend on the level of attainment of the performance-based criteria.
|  |  |  |  |  | Weighted- |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Average |  |  |  |  |  |  |  |  |
|  | Number of |  |  | Grant-Date |  |  | Weighted- |  |  |  |  |
|  | Performance |  |  | Fair Value |  |  | Average Remaining |  |  | Aggregate |
|  | Share Units |  |  | Per Share |  |  | Contractual Life |  |  | Intrinsic Value |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (in thousands) |
Nonvested at September 24, 2022 |  |  | 8,868 |  |  |  | 155.01 |  |  |  | 2.1 |  |  |  |  |
Granted |  |  | 21,260 |  |  |  | 155.29 |  |  |  |  |  |  |  |  |
Vested |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Canceled |  |  | (8,868 | ) |  |  | - |  |  |  |  |  |  |  |  |
Nonvested at September 30, 2023 |  |  | 21,260 |  |  |  | 155.29 |  |  |  | 2.2 |  |  |  |  |
Granted |  |  | 14,476 |  |  |  | 167.44 |  |  |  |  |  |  |  |  |
Vested |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Canceled (1) |  |  | (4,752 | ) |  |  | 163.28 |  |  |  |  |  |  |  |  |
Nonvested at September 28, 2024 |  |  | 30,984 |  |  |  | 160.47 |  |  |  | 1.6 |  |  |  |  |
Granted |  |  | 17,500 |  |  |  | 157.01 |  |  |  |  |  |  |  |  |
Vested |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Canceled (1) |  |  | (12,827 | ) |  |  | 159.41 |  |  |  |  |  |  |  |  |
Nonvested at September 27, 2025 |  |  | 35,657 |  |  |  | 159.17 |  |  |  | 1.1 |  |  |  | 3,409 |
(1) Includes adjustments for performance achievement.
As of September 27, 2025, the Company has unrecognized compensation expense of approximately $1.6 million related to the PSU’s.

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