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STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS | 6 Months Ended
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Mar. 31, 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 allow for issuance of stock 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 stock 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 451,211 shares of the Company’s Class A common stock available for future grant to non-employee directors and key executives at March 31, 2023. Share awards previously made under the Company's 2012 Non-Employee Director Stock Ownership Plan and its 2010 Long-Term Stock Incentive Plan, which no longer allow for additional share grants, also remain outstanding. Non-vested Stock All shares of non-vested restricted stock awarded by the Company have been granted in the form of shares of Class A common stock at their fair market value on the date of grant and vest within one year from the date of grant for stock granted to directors and four years from the date of grant for stock granted to officers and employees. 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 Class A 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 Class A shares traded. A summary of non-vested stock activity for the six months ended March 31, 2023 related to the Company’s stock ownership plans is as follows:
| Shares | Weighted Average Grant Price
Non-vested stock at September 30, 2022 | 58,136 |  | $ | 73.37 |
Non-vested stock grants | 27,259 |  | 59.18 |
Restricted stock vested | (14,790) |  | 76.07 |
Non-vested stock at March 31, 2023 | 70,605 |  | 67.32 |
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 the six month periods ended March 31, 2023 and April 1, 2022, respectively. Stock compensation expense, net of forfeitures, related to non-vested stock was $489 and $266 for the three month periods ended March 31, 2023 and April 1, 2022, respectively, and $945 and $561 for the six month periods ended March 31, 2023 and April 1, 2022, respectively. Unrecognized compensation cost related to non-vested stock as of March 31, 2023 was $3,249, which amount will be amortized to expense through December 2026 or adjusted for changes in future estimated or actual forfeitures. The fair value of restricted stock vested during the six month periods ended March 31, 2023 and April 1, 2022 was $1,029 and $1,053, respectively. Restricted Stock Units All restricted stock units (RSUs) awarded by the Company have been granted in the form of units payable in shares of Class A common stock upon vesting. The units are valued at the fair market value of a share of Class A common stock on the date of grant and vest within one year from the date of grant for RSUs granted to directors, subject to satisfaction of applicable performance criteria, and three years from the date of grant for RSUs granted to employees. The fair value at the 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 Class A 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 Class A shares traded. A summary of RSU activity for the six months ended March 31, 2023 follows:
| Number of RSUs | Weighted Average Grant Price
RSUs at September 30, 2022 | 65,994 |  | $ | 82.58 |
RSUs granted | 36,484 |  | 56.54 |
RSUs vested | (26,742) |  | 64.51 |
RSUs at March 31, 2023 | 75,736 |  | 76.42 |
Stock compensation expense, net of forfeitures, related to RSUs was $449 and $597 for the three month periods ended March 31, 2023 and April 1, 2022, respectively, and $925 and $1,325 for the six month periods ended March 31, 2023 and April 1, 2022, respectively. Unrecognized compensation cost related to non-vested RSUs as of March 31, 2023 was $2,202, which amount will be amortized to expense through September 2025 or adjusted for changes in future estimated or actual forfeitures. 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 for this purpose were 5,324 and 2,799 during the six month periods ended March 31, 2023 and April 1, 2022, respectively. The fair value of restricted stock units recognized as a tax deduction during the six month periods ended March 31, 2023 and April 1, 2022 was $2,555 and $2,849, respectively. Compensation expense related to units earned by employees (as opposed to grants to outside directors) is based upon the attainment of certain Company 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% or more of target levels are achieved. The payouts for achievement at the 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 Class A common stock after the end of the three-year performance period. Employees’ Stock Purchase Plan The Company’s shareholders have adopted the Johnson Outdoors Inc. 2009 Employees’ Stock Purchase Plan, which was most recently amended on March 2, 2017, and which 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 on the date of purchase, whichever is lower. During the three month period ended March 31, 2023, the Company issued 0 shares of Class A common stock and recognized $33 of expense in connection with the Employees' Stock Purchase Plan. During the six month period ended March 31, 2023, the Company issued 0 shares of Class A common stock and recognized $54 of expense in connection with the Plan. During the three month period ended April 1, 2022, the Company issued 0 shares of Class A common stock and recognized $96 of expense in connection with the Plan. During the six month period ended April 1, 2022, the Company issued 0 shares of Class A common stock and recognized $199 of expense in connection with the Plan.

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