STOCK OPTIONS

3 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

The Company has options outstanding under two stock option plans, the 2016 Stock Option Plan and the 2022 Stock Option Plan. Options granted under both plans are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted and expire 10 years after the date of grant.

During the 13-week periods ended December 30, 2023 and December 31, 2022, no options to purchase shares of common stock were issued by the Company.

The Company also maintains a Section 162(m) Cash Bonus Plan. Under the Company's Section 162(m) Cash Bonus Plan, compensation paid in excess of $1,000,000 to any employee who is the chief executive officer or one of the three highest paid executive officers on the last day of that tax year (other than the chief executive officer or the chief financial officer) is not tax deductible.

A summary of stock option activity is presented below:


	2024
	Shares	Weighted Average Exercise Price	Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of period	471,250	$19.57	5.2 years
Options:
Granted	—
Exercised	—
Canceled or expired	—
Outstanding and expected to vest, end of period	471,250	$19.57	5.0 years	$	308,000
Exercisable, end of period	310,125	$20.21	4.1 years	$	154,000
Shares available for future grant	477,500

Compensation cost charged to operations for the 13 weeks ended December 30, 2023 and December 31, 2022 for share-based compensation programs was approximately $77,000 and $79,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the consolidated condensed statements of income.

As of December 30, 2023, there was approximately $151,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a period of 3.2 years.