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Note 12 - Stock Ownership Plans | 12 Months Ended
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Sep. 26, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 12 STOCK OWNERSHIP PLANS Total non-cash stock compensation expense is $854,000, $1,042,000 and $1,638,000, in 2021, 2020 and 2019, respectively. At September 26, 2021, we have reserved 368,095 shares of Common Stock for issuance to employees under an incentive and non-statutory stock option and restricted stock plan approved by stockholders of which 332,360 shares are available for granting of non-qualified stock options or issuance of restricted Common Stock. Stock Options Options are granted at a price equal to the fair market value on the date of the grant and are exercisable, upon vesting, over a ten-year period. A summary of stock option activity is as follows:
(Thousands of Shares) |  | 2021 |  |  | 2020 |  |  | 2019 |
Under option, beginning of year |  |  | 41 |  |  |  | 81 |  |  |  | 110 |
Exercised |  |  | (2 | ) |  |  | — |  |  |  | (9 | )
Canceled |  |  | (3 | ) |  |  | (40 | ) |  |  | (20 | )
Under option, end of year |  |  | 36 |  |  |  | 41 |  |  |  | 81 |
Exercisable, end of year |  |  | 36 |  |  |  | 41 |  |  |  | 81 |
Weighted average prices of stock options are as follows:
(Dollars) |  | 2021 |  |  | 2020 |  |  | 2019 |
Exercised |  | 11.3 |  |  | — |  |  | 20.6 |
Cancelled |  | 11.3 |  |  | 25.3 |  |  | 20.8 |
Under option, end of year |  | 11.4 |  |  | 11.4 |  |  | 18.2 |
Prior period results have been adjusted to reflect the Reverse Stock Split. A summary of stock options outstanding at September 26, 2021 is as follows:
(Dollars) |  |  | Options Outstanding |  |  | Options Exercisable |
Range of |  |  | Number Outstanding (Thousands) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Number Exercisable (Thousands) |  |  | Weighted Average Exercise Price |
11 - 12 |  |  | 36 |  |  | 0.7 |  |  | 11.4 |  |  | 36 |  |  | 11.4 |
There is no unrecognized compensation expense for unvested stock options at September 26, 2021. The stock options outstanding have $402,000 in aggregate intrinsic value at September 26, 2021 Restricted Common Stock A summary of restricted Common Stock activity follows:
(Thousands of Shares) |  | 2021 |  |  | 2020 |  |  | 2019 |
Outstanding, beginning of year |  |  | 155 |  |  |  | 148 |  |  |  | 206 |
Granted |  |  | 46 |  |  |  | 72 |  |  |  | 79 |
Vested |  |  | (45 | ) |  |  | (61 | ) |  |  | (134 | )
Forfeited |  |  | (2 | ) |  |  | (4 | ) |  |  | (3 | )
Outstanding, end of year |  |  | 154 |  |  |  | 155 |  |  |  | 148 |
Weighted average grant date fair values of restricted Common Stock are as follows:
(Dollars) |  | 2021 |  |  | 2020 |  |  | 2019 |
Outstanding, beginning of year |  | 21.5 |  |  | 24.9 |  |  | 23.1 |
Granted |  | 11.2 |  |  | 16.2 |  |  | 21.8 |
Vested |  | 27.3 |  |  | 23.4 |  |  | 20.3 |
Forfeited |  | 16.1 |  |  | 24.4 |  |  | 21.3 |
Outstanding, end of year |  | 16.7 |  |  | 21.5 |  |  | 24.9 |
Prior period results have been adjusted to reflect the Reverse Stock Split. Total unrecognized compensation expense for unvested restricted Common Stock at September 26, 2021 is $901,000, which will be recognized over a weighted average period of 1.2 years. In December 2021, we expect to issue shares of 96,000 restricted Common Stock to employees. All restrictions with respect to these shares lapse in December 2024. Stock Purchase Plans We have 27,000 shares of Common Stock available for issuance pursuant to our Employee Stock Purchase Plan. We also have 870 shares of Common Stock available for issuance under our Supplemental Employee Stock Purchase Plan. There has been no activity under these plans in 2021, 2020, or 2019.

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