STOCK OPTIONS

3 Months Ended

Dec. 29, 2018

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

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

8. STOCK OPTIONS

The Company has options outstanding under two stock option plans, the 2010 Stock Option Plan (the “2010 Plan”) and the 2016 Stock Option Plan (the “2016 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 ten years after the date of grant.

No options or performance-based awards were granted during the 13 week period ended December 29, 2018.

The Company also maintains a Section 162(m) Cash Bonus Plan. Under the 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) will meet certain “performance-based” requirements of Section 162(m) and the related IRS regulations in order for it to be tax deductible.

A summary of stock option activity is presented below:

	2019
	Shares			Weighted Average Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of period		378,750		$	18.46	4.8 Years
Options:
Granted		-
Exercised		(6,500	)	$	14.40
Canceled or expired		-
Outstanding and expected to vest, end of period		372,250		$	18.53	4.5 Years	$	763,600
Exercisable, end of period		359,750		$	18.42	4.4 Years	$	763,600
Shares available for future grant		475,000

Compensation cost charged to operations for the 13 weeks ended December 29, 2018 and December 30, 2017 for share-based compensation programs was approximately $12,000 and $0, respectively. The compensation cost recognized is classified as a general and administrative expense in the consolidated condensed statements of operations.

As of December 29, 2018, there was approximately $35,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a period of nine months.