XML 25 R14.htm IDEA: XBRL DOCUMENT v3.25.1
Note 6 - Share-based Compensation
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 6            Share-Based Compensation

 

As of March 29, 2025, the Company has two stock-based employee compensation plans. Pre—tax share-based compensation expense was recognized as follows:

 

   

Three months ended

    

Six months ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  
   

2025

    

2024

    

2025

    

2024

  
   

(in thousands)

   

(in thousands)

 

Stock options

   $ 152     $ 431     $ 302     $ 862  

Stock purchase plan

     139       139       227       238  

Stock issued to outside directors

     35       47       78       101  

Service share units issued to employees

     1,000       605       1,595       1,126  

Performance share units issued to employees

     302       506       551       881  

Total share-based compensation

   $ 1,628     $ 1,728     $ 2,753     $ 3,208  
                                 

Tax benefits

   $ 374     $ 375     $ 700     $ 696  

 

Stock Options

 

The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model.

 

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.

 

The Company did not grant any stock options during the six months ended March 29, 2025, or during the six months ended March 30, 2024.

 

Restricted Stock Units and Performance Stock Units

 

During the six months ended March 29, 2025, the Company issued 13,557 service share units (“RSU”)’s. During the three and six months ended March 30, 2024, the Company issued 1,795 and 11,546 RSU’s, respectively. Each RSU entitles the awardee to one share of common stock upon vesting. The fair value of the RSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. No such RSU’s were issued in the three months ended March 29, 2025.

 

During the six months ended March 29, 2025, the Company issued 13,548 performance share units (“PSU”)’s. During the three and six months ended March 30, 2024, the Company issued 1,795 and 11,538 PSU’s, respectively. Each PSU may result in the issuance of up to two shares of common stock upon vesting, dependent upon the level of achievement of the applicable Performance Goal. The fair value of the PSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. Additionally, the Company applies a quarterly probability assessment in computing this non-cash compensation expense, and any change in estimate is reflected as a cumulative adjustment to expense in the quarter of the change. No such PSU’s were issued in the three months ended March 29, 2025.