XML 31 R18.htm IDEA: XBRL DOCUMENT v3.20.2
COMMON STOCK
 12 Months Ended
Oct. 02, 2020
Common Stock [Abstract]  
COMMON STOCK COMMON STOCK
The number of authorized and outstanding shares of each class of the Company’s common stock at the end of the respective years was as follows:
 20202019
Class A, $0.05 par value:
  
Authorized20,000,000 20,000,000 
Outstanding8,873,235 8,834,169 
Class B, $0.05 par value:
  
Authorized3,000,000 3,000,000 
Outstanding1,211,564 1,211,602 
Holders of Class A common stock are entitled to elect 25%, or the next highest whole number, of the members of the Company’s Board of Directors and holders of Class B common stock are entitled to elect the remaining directors. With respect to matters other than the election of directors or any matters for which class voting is required by law, holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to ten votes per share. If any dividends (other than dividends paid in shares of the Company’s stock) are paid by the Company on its common stock, a dividend would be paid on each share of Class A common stock equal to 110% of the amount paid on each share of Class B common stock. Each share of Class B common stock is convertible at any time into one share of Class A common stock. During 2020 and 2019 there were 38 and 84 shares of Class B common stock converted into Class A common stock, respectively.