Note 12 - Equity Compensation

12 Months Ended

Oct. 01, 2016

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

12.

EQUITY COMPENSATION

In

January

2007,

the Board adopted the

2007

Equity Incentive Plan

(“2007

Plan”), which was approved by our shareholders in

February

2007.

The

2007

Plan authorizes the Board to grant stock - based compensation awards to our officers, directors and key employees for up to

250,000

shares of Company common stock. Awards

may

be in the form of restricted stock, non - restricted stock, restricted stock units, options or stock appreciation rights (SARs). Total awards under the

2007

Plan

may

not exceed

250,000

shares, of which no more than

75,000

shares

may

be in the form of restricted stock, non - restricted stock or restricted stock units. The per share exercise prices of options or SARs granted under the

2007

Plan must be no less than the fair market value of a share on the grant date. The terms and conditions of each award

may

be set by the Board or a committee of the Board. The

2007

Plan will expire on

December

31,

2016

unless terminated earlier in accordance with the

2007

Plan.

In

March

1997,

the Board adopted the

1997

Stock Option Plan

(“1997

Plan”). The

1997

Plan authorized the Board to grant options to our key officers and employees for up to

200,000

shares of our common stock. Options granted under the

1997

Plan were generally granted at the fair market value on the date of grant. These options become exercisable and vest at the greater of

1,000

shares per year or

20%

of the grant. Options expire

10

years from the date of grant for continuing employees, or

three

months after termination of employment for employees who leave the Company. The

1997

Plan expired by its terms on

October

20,

2007.

The expiration of the

1997

Plan does not affect options outstanding under the

1997

Plan, but no further options can be granted under the

1997

Plan.

Shown below is a summary of activity under the Company’s

two

stock option plans.

			Outstanding					Exercisable
						Weighted				Weighted
						Average				Average
	Shares		Number of			Ex. Price		Number of		Ex. Price
	Available		Shares			Per Share		Shares		Per Share
Balance at 9/28/13		190,500		119,405		$	11.30		107,605	$	10.90
Fiscal Year 2014
Granted
Exercised				(26,091	)
Forfeited
Expired Unexercised				(322	)
Balance at 9/27/14		190,500		92,992			11.53		89,592		11.40
Fiscal Year 2015
Granted
Exercised				(19,685	)
Forfeited
Balance at 10/3/15		190,500		73,307			12.16		73,307		12.16
Fiscal Year 2016
Granted
Exercised				(21,157	)
Forfeited
Balance at 10/1/16		190,500		52,150		$	13.18		52,150	$	13.18

Shown below is a summary of stock options outstanding and exercisable at fiscal year - end

2016.

			Outstanding						Exercisable
							Weighted
					Weighted		Average				Weighted
					Average		Remaining				Average
Ranges of Exercise			Number of		Ex. Price		Contract		Number of		Ex. Price
Prices			Shares		Per Share		Life (yrs)		Shares		Per Share
$9.34	-	$ 9.34		16,150	$	9.34		2.4		16,150	$	9.34
14.90	-	14.90		36,000		14.90		4.1		36,000		14.90
$9.34	-	$14.90		52,150	$	13.18		3.6		52,150	$	13.18