STOCK OPTIONS

12 Months Ended

Sep. 28, 2013

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

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

12. 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.

During fiscal 2012, options to purchase 251,500 shares of common stock were granted and are exercisable as to 50% of the shares commencing on the first anniversary of the date of grant and as to an additional 50% commencing on the second anniversary of the date of grant. 0 options were granted during the fiscal year ended September 28, 2013.

The following table summarizes stock option activity under all plans:

	2013							2012
	Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding, beginning of year		648,100		$	19.56				396,600	$	22.82
Options:
Granted		—							251,500	$	14.40
Exercised		(9,300	)	$	13.11				—
Canceled or expired		(15,700	)	$	17.87				—
Outstanding and expected to vest, end of year (a)		623,100		$	19.69	$	3,264,802		648,100	$	19.56	$	1,415,116
Exercisable, end of year (a)		503,950		$	20.95	$	2,396,199		396,600	$	22.82	$	798,941
Weighted average remaining contractual life		5.5 Years							6.5 Years
Shares available for future grant		248,500							248,500

(a) Options become exercisable at various times and expire at various dates through 2022.

The following table summarizes information about stock options outstanding as of September 28, 2013 (shares in thousands):

		Options Outstanding						Options Exercisable
Range of Exercise Prices		Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining contractual life (in years)		Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining contractual life (in years)
$	12.04		158,300	$	12.04		5.6		158,300	$	12.04		5.6
$	14.40		238,300	$	14.40		8.7		119,150	$	14.40		8.7
$	29.60		136,500	$	29.60		1.2		136,500	$	29.60		1.2
$	32.15		90,000	$	32.15		3.2		90,000	$	32.15		3.2
			623,100	$	19.69		5.5		503,950	$	20.95		4.7

Compensation cost charged to operations for the fiscal years ended September 28, 2013 and September 29, 2012 for share-based compensation programs was approximately $317,000 and $108,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Statements of Income.

As of September 28, 2013, there was approximately $221,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a period of approximately one year.