Stock-Based Compensation

6 Months Ended

Mar. 28, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

We compensate our officers, directors and employees with stock-based compensation under the 2017 Stock Incentive Plan (the 2017 Plan) approved by our shareholders and administered under the supervision of our Board of Directors. During the second quarter of fiscal year 2020, we registered an additional 500 shares of common stock for issuance under the 2017 Plan. As of March 28, 2020, a total of 570 shares were available for issuance under the 2017 Plan.

We make an annual stock grant under the 2017 Plan of stock options, restricted stock units and performance restricted stock units, as well as stock grants throughout the fiscal year. For fiscal years 2020, 2019 and 2018, the annual stock grant occurred in December 2019, December 2018 and April 2018, respectively.

Stock Options

During the six months ended March 28, 2020, 274 stock options were granted at a weighted average fair value of $9.31. During the six months ended March 30, 2019, 231 stock options were granted at a weighted average fair value of $9.91.

Restricted Stock Units and Performance Restricted Stock Units

We award restricted stock units to directors and key employees and performance restricted stock units to key employees. During the six months ended March 28, 2020, we granted 133 restricted stock units and 53 performance restricted stock units to directors, officers and employees. During the six months ended March 30, 2019, we granted 124 restricted stock units and 40 performance restricted stock units. The fair value of the restricted stock units and performance restricted stock units granted during the six months ended March 28, 2020 and March 30, 2019 was $43.54 and $46.45, respectively, representing the market value of our shares as of the date of grant less the present value of estimated foregone dividends over the vesting period.

Employee Stock Purchase Plan

Our U.S. employees are eligible to participate in the 2012 Employee Stock Purchase Plan (2012 ESPP) approved by our shareholders. During the six months ended March 28, 2020 and March 30, 2019, we issued 14 and 16 shares, respectively, under the 2012 ESPP at a weighted average price per share of $40.83 and $34.11, respectively. As of March 28, 2020, 567 shares were available for issuance under the 2012 ESPP.