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Common Stock Plans
9 Months Ended
Jul. 06, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Common Stock Plans

17. Common Stock Plans

Employee Stock Options − During the forty weeks ended July 6, 2011, employees exercised 3,994 options under plans approved by our shareholders. Employees and non-employee directors forfeited 4,073 options during the fiscal quarter. Pre-tax stock-based compensation expense recorded during the forty weeks ended July 6, 2011 for the stock option plans totaled $184.

 

Restricted Shares − During the forty weeks ended July 6, 2011, 841 restricted shares were forfeited and 4,964 restricted shares vested. Pre-tax stock-based compensation expense recorded during the twenty-eight weeks ended July 6, 2011 for the plan totaled $51.

 

Our compensation philosophy, including the various equity plans, has changed to reflect present management’s view on the most effective method to create shareholder value. The new incentives, which are cash based, are designed to ensure alignment with the Company’s objective to maximize intrinsic business value on a per share basis. During the first quarter of fiscal year 2010, we resolved to suspend, indefinitely, all future option grants under the 2008 Employee Stock Option Plan. Then, we terminated the 2009 Employee Stock Purchase Plan, under which no shares had been granted to date; we placed an indefinite moratorium on the issuance of stock options and restricted stock; and we terminated the 2006 Employee Stock Purchase Plan.