XML 44 R29.htm IDEA: XBRL DOCUMENT v3.19.2
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Jun. 28, 2019
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
Restricted Stock Units

Holders of IEC restricted stock units do not have voting and dividend rights as of the date of grant, and, until vested, the unit may be forfeited and cannot be sold or otherwise transferred.  At the end of the vesting period, which is typically three years, holders will receive shares of the Company's common stock and have all the rights and privileges of any other common stockholder of the Company.  The fair value of a restricted stock unit is the market value of the underlying shares of the Company's stock on the date of grant and that value is recognized as stock compensation expense over the vesting period.

A summary of restricted stock unit activity, together with related data, follows:
 
 
Nine Months Ended
 
 
June 28, 2019
 
June 29, 2018
Restricted Stock Units
 
Number of Non-vested Units
 
Wgtd. Avg. Grant Date Fair Value
 
Number of Non-vested Units
 
Wgtd. Avg. Grant Date Fair Value
Outstanding, beginning of period
 
170,492

 
$
3.96

 
267,999

 
$
4.03

Granted
 
63,011

 
7.09

 
102,864

 
4.28

Vested
 
(12,258
)
 
4.64

 
—

 
—

Forfeited
 
—

 
—

 
(151,341
)
 
4.08

Outstanding, end of period
 
221,245

 
$
4.81

 
219,522

 
$
4.11

 
 
 
 
 
 
 
 
 
For non-vested shares
 
 

 
 
 
 

 
 

Expense not yet recognized (000s)
 
 
 
$
573

 
 

 
$
371

Weighted average remaining years for vesting
 
2.4

 
 
 
2.5

 
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
Assumptions used in the Black-Scholes model and the estimated value of options granted during the nine months ended June 28, 2019 and June 29, 2018 follows in the table below.
 
 
Nine Months Ended
Valuation of Options
 
June 28,
2019
 
June 29,
2018
Assumptions for Black-Scholes:
 
 
 
 
Risk-free interest rate
 
2.35
%
 
2.31
%
Expected term in years
 
5.5

 
5.5

Volatility
 
37
%
 
38
%
Expected annual dividends
 
none

 
none

 
 
 
 
 
Value of options granted:
 
 
 
 
Number of options granted
 
20,000

 
20,000

Weighted average fair value per share
 
$
2.33

 
$
1.53

Fair value of options granted (000s)
 
$
47

 
$
31
Changes in Number of Options Outstanding with Other Related Data
A summary of stock option activity, together with other related data, follows:
 
 
Nine Months Ended
 
 
June 28, 2019
 
June 29, 2018
Stock Options
 
Number
of Options
 
Wgtd. Avg.
Exercise
Price
 
Number
of Options
 
Wgtd. Avg.
Exercise
Price
Outstanding, beginning of period
 
737,145

 
$
4.33

 
743,045

 
$
4.27

Granted
 
20,000

 
6.12

 
20,000

 
4.00

Exercised
 
(34,000
)
 
4.46

 
(1,400
)
 
4.08

Forfeited
 
(24,250
)
 
3.70

 
(90,000
)
 
4.75

Expired
 
(5,750
)
 
4.06

 
(10,500
)
 
5.24

Outstanding, end of period
 
693,145

 
$
4.40

 
661,145

 
$
4.18

 
 
 
 
 
 
 
 
 
For options expected to vest
 
 
 
 
 
 

 
 

Number expected to vest
 
685,354

 
$
4.39

 
653,922

 
$
4.18

Weighted average remaining contractual term, in years
 
3.4

 
 
 
3.7

 


Intrinsic value (000s)
 
 
 
$
1,306

 
 

 
$
1,009

 
 
 
 
 
 
 
 
 
For exercisable options
 
 
 
 
 
 

 
 

Number exercisable
 
533,645

 
$
4.18

 
450,358

 
$
4.28

Weighted average remaining contractual term, in years
 
2.7

 
 
 
3.4

 
 

Intrinsic value (000s)
 
 
 
$
1,132

 
 

 
$
721

 
 
 
 
 
 
 
 
 
For non-exercisable options
 
 
 
 
 
 

 
 

Expense not yet recognized (000s)
 
 
 
$
232

 
 
 
$
205

Weighted average years to be recognized
 
3.1

 
 
 
1.5

 
 

 
 
 
 
 
 
 
 
 
For options exercised
 
 
 
 
 
 
 
 
Intrinsic value (000s)
 
 
 
$
77

 
 

 
$
2
Changes in Number of Restricted Non-vested Stock Outstanding with Other Related Data
A summary of restricted stock activity, together with related data, follows: 
 
 
Nine Months Ended
 
 
June 28, 2019
 
June 29, 2018
Restricted (Non-vested) Stock
 
Number of Non-vested Shares
 
Wgtd. Avg. Grant Date Fair Value
 
Number of Non-vested Shares
 
Wgtd. Avg. Grant Date Fair Value
Outstanding, beginning of period
 
103,233

 
$
4.08

 
109,695

 
$
4.01

Granted
 
32,385

 
7.09

 
44,878

 
4.29

Vested
 
(49,511
)
 
4.08

 
(39,300
)
 
4.10

Forfeited
 
(1,400
)
 
4.13

 
(9,490
)
 
4.20

Outstanding, end of period
 
84,707

 
$
5.23

 
105,783

 
$
4.09

 
 
 
 
 
 
 
 
 
For non-vested shares
 
 

 
 
 
 

 
 
Expense not yet recognized (000s)
 
 
 
$
365

 
 

 
$
353

Weighted average remaining years for vesting
 
2.2

 
 
 
1.9

 
 
 
 
 
 
 
 
 
 
 
For shares vested
 
 

 
 
 
 

 
 
Aggregate fair value on vesting dates (000s)
 
 

 
$
333

 
 

 
$
173