XML 18 R9.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Note 4 - Stock-Based Compensation | 9 Months Ended
--- | ---
Jun. 28, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (4) Stock-Based Compensation Under the Company’s equity incentive plans, employees and directors may be granted stock options, restricted stock, restricted stock units and performance awards. As of June 28, 2014, there were 480,000 shares available for future grants under the plans. Stock options. Under the Company’s equity incentive plans, employees and directors may be granted options to purchase shares of the Company’s common stock at the fair market value on the date of the grant. Options granted under these plans generally vest over three years and expire ten years from the date of the grant. Compensation expense and excess tax benefits associated with stock options for the three- and nine-month periods ended June 28, 2014 and June 29, 2013 are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | June 28, |  |  | June 29, |  |  | June 28, |  |  | June 29, |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Stock options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation expense |  | $ | 221 |  |  | $ | 148 |  |  | $ | 744 |  |  | $ | 634 |
Excess tax benefits |  |  | (31 | ) |  |  | (114 | ) |  |  | (222 | ) |  |  | (445 | )
As of June 28, 2014, the remaining unamortized compensation cost related to unvested stock option awards was $360,000, which is expected to be recognized over a weighted average period of 1.25 years. The fair value of each option grant is estimated on the date of grant using a Monte Carlo valuation model based upon assumptions that are evaluated and revised, as necessary, to reflect market conditions and actual historical experience. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is calculated based on the Company’s annual dividend as of the option grant date. The expected volatility is derived using a term structure based on historical volatility and the volatility implied by exchange-traded options on the Company’s common stock. The expected term for options is based on the results of a Monte Carlo simulation model, using the model’s estimated fair value as an input to the Black-Scholes-Merton model, and then solving for the expected term. The estimated fair value of stock options granted during the three- and nine-month periods ended June 28, 2014 and June 29, 2013 was $6.93 and $7.17, respectively, based on the following assumptions:
|  | Nine Months Ended |
|  | June 28, |  |  | June 29, |
|  | 2014 |  |  | 2013 |
Risk-free interest rate |  |  | 1.56 | % |  |  | 1.25 | %
Dividend yield |  |  | 0.62 | % |  |  | 0.74 | %
Expected volatility |  |  | 41.46 | % |  |  | 48.15 | %
Expected term (in years) |  |  | 4.94 |  |  |  | 6.47 |
The following table summarizes stock option activity for the nine-month period ended June 28, 2014:
| Options |  |  |  | Exercise Price Per Share |  | Contractual Term - Weighted |  | Aggregate Intrinsic
| Outstanding |  |  |  |  |  |  |  |  | Weighted |  | Average |  | Value
| (in thousands) |  |  | Range |  | Average |  | (in years) |  | (in thousands)
Outstanding at September 28, 2013 | 918 |  |  | $ | 5.43 | - | $ | 20.27 |  | $ | 12.65 |  |  |  |  |
Granted | 67 |  |  |  | 19.08 | - |  | 19.08 |  |  | 19.08 |  |  |  |  |
Exercised | (113 | ) |  |  | 5.43 | - |  | 13.06 |  |  | 10.10 |  |  |  | $ | 1,074
Outstanding at June 28, 2014 | 872 |  |  |  | 5.43 | - |  | 20.27 |  |  | 13.47 |  | 5.92 |  |  | 5,589
Vested and anticipated to vest in the future at June 28, 2014 | 870 |  |  |  |  |  |  |  |  |  | 13.47 |  | 5.91 |  |  | 5,580
Exercisable at June 28, 2014 | 581 |  |  |  |  |  |  |  |  |  | 12.70 |  | 4.55 |  |  | 4,180
Stock option exercises include “net exercises,” pursuant to which the optionee received shares of common stock equal to the intrinsic value of the options (fair market value of common stock on the date of exercise less exercise price) reduced by any applicable withholding taxes. Restricted stock units. Restricted stock units (“RSUs”) granted under the Company’s equity incentive plans are valued based upon the fair market value on the date of the grant and provide for a dividend equivalent payment which is included in compensation expense. The vesting period for RSUs is generally one to three years from the date of the grant. RSUs do not have voting rights. RSU compensation expense for the three- and nine-month periods ended June 28, 2014 and June 29, 2013 is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | June 28, |  |  | June 29, |  |  | June 28, |  |  | June 29, |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Restricted stock unit grants: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Units |  |  | - |  |  |  | - |  |  |  | 40 |  |  |  | 43 |
Market value |  | $ | - |  |  | $ | - |  |  | $ | 763 |  |  | $ | 703 |
Compensation expense |  |  | 328 |  |  |  | 213 |  |  |  | 1,033 |  |  |  | 820 |
As of June 28, 2014, the remaining unrecognized compensation cost related to unvested RSUs was $752,000, which is expected to be recognized over a weighted average vesting period of 1.36 years. The following table summarizes RSU activity during the nine-month period ended June 28, 2014:
|  |  |  |  |  | Weighted |
|  | Restricted |  |  | Average |
|  | Stock Units |  |  | Grant Date |
(Unit amounts in thousands) |  | Outstanding |  |  | Fair Value |
Balance, September 28, 2013 |  |  | 221 |  |  | $ | 13.20 |
Granted |  |  | 40 |  |  |  | 19.08 |
Released |  |  | (49 | ) |  |  | 13.63 |
Balance, June 28, 2014 |  |  | 212 |  |  | $ | 14.21 |

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration