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STOCK OPTIONS | 12 Months Ended
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Sep. 29, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
11. | STOCK OPTIONS
| The Company has options outstanding under two stock option plans, the 2004 Stock Option Plan (the “2004 Plan) and the 2010 Stock Option Plan (the “2010 Plan”), which was approved by shareholders in the second quarter of 2010. Effective with this approval the Company terminated the 2004 Plan. This action terminated the 400 authorized but unissued options under the 2004 Plan, but it did not affect any of the options previously issued under the 2004 Plan. Options granted under the 2004 Plan are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant.
| The 2010 Stock Option Plan is the Company’s only equity compensation plan currently in effect. Under the 2010 Stock Option Plan, 500,000 options were authorized for future grant. Options granted under the 2010 Plan are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant.
| During fiscal 2012, options to purchase 251,500 shares of common stock were granted and are exercisable as to 50% of the shares commencing on the first anniversary of the date of grant and as to an additional 50% commencing on the second anniversary of the date of grant.
The following table summarizes stock option activity under all plans:
|  | 2012 |  | 2011 |
|  | Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |
Outstanding, beginning of year |  |  | 396,600 |  | $ | 22.82 |  |  |  |  |  | 421,064 |  | $ | 22.88 |  |  |  |
Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | 251,500 |  | $ | 14.40 |  |  |  |  |  | - |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  |  |  |  |  |  | (3,964 | ) | $ | 12.04 |  |  |  |
Canceled or expired |  |  | - |  |  |  |  |  |  |  |  | (20,500 | ) | $ | 26.13 |  |  |  |
Outstanding and expected to vest, end of year (a) |  |  | 648,100 |  | $ | 19.56 |  | $ | 1,415,116 |  |  | 396,600 |  | $ | 22.82 |  | $ | 202,642 |
Exercisable, end of year (a) |  |  | 396,600 |  | $ | 22.82 |  | $ | 798,941 |  |  | 396,600 |  | $ | 22.82 |  | $ | 202,642 |
Weighted average remaining contractual life |  |  | 6.5 Years |  |  |  |  |  |  |  |  | 5.5 Years |  |  |  |  |  |  |
Shares available for future grant |  |  | 248,500 |  |  |  |  |  |  |  |  | 500,000 |  |  |  |  |  |  |
| (a) | Options become exercisable at various times and expire at various dates through 2022.
| The following table summarizes information about stock options outstanding as of September 29, 2012 (shares in thousands):
|  | Options Outstanding |  | Options Exercisable |
Range of Exercise Prices |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining contractual life (in years) |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining contractual life (in years) |
$12.04 |  |  | 166,100 |  | $ | 12.04 |  |  | 6.6 |  |  | 166,100 |  | $ | 12.04 |  |  | 6.6 |
$14.40 |  |  | 251,500 |  | $ | 14.40 |  |  | 9.7 |  |  | - |  |  |  |  |  |  |
$29.60 |  |  | 140,500 |  | $ | 29.60 |  |  | 2.2 |  |  | 140,500 |  | $ | 29.60 |  |  | 2.2 |
$32.15 |  |  | 90,000 |  | $ | 32.15 |  |  | 4.2 |  |  | 90,000 |  | $ | 32.15 |  |  | 4.2 |
|  |  | 648,100 |  | $ | 19.56 |  |  | 6.5 |  |  | 396,600 |  | $ | 22.82 |  |  | 4.5 |
| Compensation cost charged to operations for the fiscal years ended 2012 and 2011 for share-based compensation programs was approximately $108,000 and $190,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Statements of Income.
| As of September 29, 2012, there was approximately $538,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a period of approximately two years.

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- 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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: 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 + Details
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