STOCK OPTIONS

3 Months Ended

Dec. 31, 2011

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 six years after the date of grant. No options have been granted under the 2010 Plan and no options were granted during the 13 weeks ended December 31, 2011.

A summary of stock option activity is presented below:

	Shares		Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
Outstanding, October 1, 2011		396,600	$	22.88		5.50 Years
Options:
Granted		—
Exercised		—
Canceled or expired		—
Outstanding, December 31, 2011		396,600	$	22.82		5.25 Years	$	202,642
Exercisable at December 31, 2011		396,600	$	22.82		5.25 Years	$	202,642

Compensation cost charged to operations for the 13-week periods ended December 31, 2011 and January 1, 2011 was $0 and $78,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Condensed Statements of Operations.

As of October 1, 2011, all compensation cost related to stock options has been recognized.