Stock-Based Compensation And Stock Ownership Plans

3 Months Ended

Dec. 30, 2016

Stock-Based Compensation And Stock Ownership Plans [Abstract]

Stock-Based Compensation And Stock Ownership Plans

4Stock-Based Compensation and Stock Ownership Plans

The Company’s current stock ownership plans allow for issuance of stock options to acquire shares of Class A common stock by key executives and non-employee directors. Current plans also allow for issuance of shares of restricted stock, restricted stock units or stock appreciation rights in lieu of stock options.

Under the Company’s 2010 Long-Term Stock Incentive Plan and the 2012 Non-Employee Director Stock Ownership Plan (the only two plans where shares remain available for future equity incentive awards) there were a total of 560,244 shares of the Company’s Class A common stock available for future grant to key executives and non-employee directors at December30, 2016.

Non-vested Stock

All shares of non-vested stock awarded by the Company have been granted in the form of shares of Class A common stock at their fair market value on the date of grant and vest within two to five years after the grant date.  The fair value at date of grant is based on the number of shares granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s Class A shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock price on the last preceding date on which the Company’s Class A shares traded.

A summary of non-vested stock activity for the three months ended December 30, 2016 related to the Company’s stock ownership plans is as follows:

		Weighted Average
	Shares	Grant Price
Non-vested stock at September 30, 2016	162,472	$	24.49
Non-vested stock grants	8,846		43.12
Restricted stock vested	(76,250)		20.54
Non-vested stock at December 30, 2016	95,068		27.68

Non-vested stock grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of shares by tendering a portion of the vested shares back to the Company.  Shares tendered back to the Company were 17,832 and 19,973 during the three month periods ended December 30, 2016 and January  1, 2016, respectively.

Stock compensation expense, net of forfeitures, related to non-vested stock was $283 and $371 for the three month periods ended December 30, 2016 and January 1, 2016, respectively.  Unrecognized compensation cost related to non-vested stock as of December 30, 2016 was $1,390, which amount will be amortized to expense through November 2020 or adjusted for changes in future estimated or actual forfeitures. 

The fair value of restricted stock vested during the three month periods ended December 30, 2016 and January 1, 2016 was $3,219 and $2,349, respectively. 

Restricted Stock Units

All restricted stock units (RSUs) awarded by the Company have been granted in the form of shares of Class A common stock at their fair market value on the date of grant and vest within one or three years after the grant date.  The fair value at date of grant is based on the number of units granted and the average of the Company’s high and low Class A common stock trading price on the date of grant or, if the Company’s Class A shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock trading price on the last preceding date on which the Company’s Class A shares traded. 

A summary of RSU activity for the quarter ended December 30, 2016 follows:

		Weighted Average
	Number of RSUs	Grant Price
RSUs at September 30, 2016	46,411	$	23.62
RSUs granted	20,627		42.67
RSUs vested	(2,010)		22.39
RSUs at December 30, 2016	65,028		29.70

Stock compensation expense, net of forfeitures, related to restricted stock units was $221 for the three months ended December 30, 2016 and $130 for the three months ended January 1, 2016  Unrecognized compensation cost related to non-vested restricted stock units as of December 30, 2016 was $1,311, which amount will be amortized to expense through September 2019  or adjusted for changes in future estimated or actual forfeitures.

Employees’ Stock Purchase Plan

The Company’s shareholders have  adopted the Johnson Outdoors Inc. 2009 Employees’ Stock Purchase Plan, which provides for the issuance of shares of Class A common stock at a purchase price of not less than 85% of the fair market value of such shares on the date of grant or at the end of the offering period, whichever is lower.

During the three month periods ended December 30, 2016 and January 1, 2016, the Company issued no shares of Class A common stock in connection with the Employees’ Stock Purchase Plan.