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STOCK OPTIONS
 3 Months Ended
Dec. 28, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10. 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. 0 options were issued during the 13-week period ended December 28, 2013.


A summary of stock option activity is presented below:


    2014  
    Shares     Weighted
Average
Exercise
Price 		    Weighted
Average
Contractual
Term 		    Aggregate
Intrinsic
Value 		 
                         
Outstanding, beginning of period     623,100     $ 19.56       5.50 Years          
                                 
Options:                                
Granted     —                          
Exercised     (3,000 )   $ 12.83                  
Canceled or expired     —                          
                                 
Outstanding and expected to vest, end of year     620,100     $ 19.73       5.25 Years     $ 3,545,220  
                                 
Exercisable, end of year     501,450     $ 20.95       4.50 Years     $ 2,587,715  

Compensation cost charged to operations for both 13-week periods ended December 28, 2013 and December 29, 2012 was $80,000. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Condensed Statements of Income.


As of December 28, 2013, there was approximately $142,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a period of approximately six months.