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STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS | 12 Months Ended
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Sep. 29, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS | STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS The Company’s current stock ownership plans provide for issuance of options to acquire shares of Class A common stock by key executives and non-employee directors. Current plans also allow for issuance of shares of restricted stock, restricted stock units or stock appreciation rights in lieu of options. Under the Company’s 2023 Non-Employee Director Stock Ownership Plan and the 2020 Long-Term Incentive Plan (the only plans where shares currently remain available for future equity incentive awards) there were a total of 468,066 shares of the Company’s Class A common stock available for grant to key executives and non-employee directors at September 29, 2023. Share awards previously made under the Company's 2010 Long-Term Stock Incentive Plan and 2012 Non-Employee Director Stock Ownership Plan, which no longer allow for additional share grants, also remain outstanding. The Company recognized additional tax expense of $95 for 2023 from the vesting of restricted stock and restricted stock units, and additional tax benefits of $98 and $581 for 2022 and 2021, respectively. These amounts were recorded as a component of income tax expense. The Company recognizes forfeitures of equity awards as incurred. Non-Vested Stock All shares of non-vested stock awarded by the Company have been granted at their fair market value on the date of grant and vest within five years after the grant date. The fair value at date of grant is based on the number of shares granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock price on the last preceding date on which the Company’s shares traded. A summary of non-vested stock activity for the two year period ended September 29, 2023 related to the Company’s stock ownership plans is as follows:
| Shares |  | Weighted Average Grant Price
Non-vested stock at October 1, 2021 | 37,591 |  |  | $ | 80.86 |
Non-vested stock grants | 33,911 |  |  | 72.40 |
Non-vested stock forfeited | (2,040) |  |  | 73.53 |
Restricted stock vested | (11,326) |  |  | 95.34 |
Non-vested stock at September 30, 2022 | 58,136 |  |  | 73.37 |
Non-vested stock grants | 28,528 |  |  | 59.25 |
Non-vested stock forfeited | (10,632) |  |  | 71.41 |
Restricted stock vested | (14,790) |  |  | 76.07 |
Non-vested stock September 29, 2023 | 61,242 |  |  | 66.48 |
Non-vested stock grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of shares by tendering a portion of the vested shares back to the Company. Shares tendered back to the Company were 2,289 and 1,778 during 2023 and 2022, respectively. The fair value of restricted stock vested during 2023, 2022 and 2021 was approximately $909, $1,002 and $1,950, respectively. Stock compensation expense, net of forfeitures, related to non-vested stock was $1,612, $1,252 and $1,179 during 2023, 2022 and 2021, respectively. The tax benefit recognized during 2023, 2022 and 2021 related to stock based compensation was $390, $295 and $287, respectively. Unrecognized compensation cost related to non-vested stock as of September 29, 2023 was $1,900, which amount will be amortized to expense through November 2025 or adjusted for changes in future estimated or actual forfeitures. Restricted Stock Units All restricted stock units awarded by the Company during fiscal 2023 and in prior years have been granted at their fair market value on the date of grant. The fair value at date of grant is based on the number of units granted and the average of the Company’s high and low Class A common stock trading price on the date of grant or, if the Company’s shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock trading price on the last preceding date on which the Company’s shares traded. The vesting period for RSUs is generally one year from the date of grant for RSUs granted to directors and three years from the date of the grant for RSUs granted to employees. A summary of RSU activity follows:
| Number of RSUs |  | Weighted Average Grant Price
RSUs at October 1, 2021 | 69,768 |  |  | $ | 73.60 |
RSUs granted | 19,758 |  |  | 101.22 |
RSUs forfeited | (1,340) |  |  | 71.42 |
RSUs vested | (22,192) |  |  | 74.62 |
RSUs at September 30, 2022 | 65,994 |  |  | 82.58 |
RSUs granted | 36,484 |  |  | 56.54 |
RSUs forfeited | (7,492) |  |  | 76.75 |
RSUs vested | (26,742) |  |  | 64.51 |
RSUs at September 29, 2023 | 68,244 |  |  | 76.38 |
RSU grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of units and issuance of unrestricted shares of Class A common stock by tendering a portion of such unrestricted shares back to the Company. Shares tendered back to the Company were 5,324 and 3,331 during 2023 and 2022, respectively. The fair value of restricted stock units vested during 2023, 2022 and 2021 was approximately $2,247, $3,240 and $3,353, respectively. Stock compensation expense, net of forfeitures, related to restricted stock units was $732, $2,522 and $2,895 for the years ended September 29, 2023, September 30, 2022 and October 1, 2021, respectively. The tax benefit recognized during 2023, 2022 and 2021 related to restricted stock unit based compensation was $462, $242 and $290, respectively. Unrecognized compensation cost related to non-vested restricted stock units as of September 29, 2023 was $131, which amount will be amortized to expense through September 2024 or adjusted for changes in future estimated or actual forfeitures. Compensation expense related to units earned by certain employees is based upon the attainment of certain financial goals related to cumulative net sales and cumulative operating profit over a three-year performance period. Awards are only paid if at least 80% of the target levels are met and maximum payouts are made if 120% of more of target levels are achieved. The payouts for achievement at the minimum threshold levels of performance are equal to 50% of the target award amount. The payouts for achievement at maximum levels of performance are equal to 150% of the target award amount. To the extent earned, awards are issued in shares of Company common stock after the end of the three year performance period. Employee Stock Purchase Plan The 2009 Employees’ Stock Purchase Plan (the “Purchase Plan”) provides for the issuance of shares of Class A common stock at a purchase price of not less than 85% of the fair market value of such shares on the date of grant or at the end of the offering period, whichever is lower. The Company issued 5,401, 5,112 and 0 shares of Class A common stock under the Purchase Plan during the years 2023, 2022 and 2021, respectively, and recognized expense of $102, $355 and $86 in 2023, 2022 and 2021, respectively.

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