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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Jun. 26, 2020
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 26, 2020June 28, 2019
Restricted Stock UnitsNumber of Non-vested UnitsWgtd. Avg. Grant Date Fair ValueNumber of Non-vested UnitsWgtd. Avg. Grant Date Fair Value
Outstanding, beginning of period153,186  $5.36  170,492  $3.96  
Granted50,556  9.19  63,011  7.09  
Vested(17,015) 3.58  (12,258) 4.64  
Forfeited—  —  —  —  
Outstanding, end of period186,727  $6.56  221,245  $4.81  
For non-vested shares   
Expense not yet recognized (000s)$818   $573  
Weighted average remaining years for vesting2.02.4
For shares vested
Aggregate fair value on vesting dates (000s)$86  $—  
  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions during the nine months ended June 26, 2020 and June 28, 2019 follows:
 Nine Months Ended
Valuation of OptionsJune 26,
2020		June 28,
2019
Assumptions for Black-Scholes:
Risk-free interest rate0.49 %2.35 %
Expected term in years5.55.5
Volatility40 %37 %
Expected annual dividendsnonenone
 
Value of options granted:
Number of options granted37,500  20,000  
Weighted average fair value per share$2.65  $2.33  
Fair value of options granted (000s)$99  $47  
  
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 26, 2020June 28, 2019
Stock OptionsNumber
of Options		Wgtd. Avg.
Exercise
Price		Number
of Options		Wgtd. Avg.
Exercise
Price
Outstanding, beginning of period743,145  $4.54  737,145  $4.33  
Granted37,500  5.26  20,000  6.12  
Exercised(30,500) 5.29  (34,000) 4.46  
Forfeited(15,000) 3.92  (24,250) 3.70  
Expired(5,000) 6.91  (5,750) 4.06  
Outstanding, end of period730,145  $4.54  693,145  $4.40  
For options expected to vest  
Number expected to vest721,416  $4.53  685,354  $4.39  
Weighted average remaining contractual term, in years3.13.4
Intrinsic value (000s)$3,442   $1,306  
For exercisable options  
Number exercisable538,645  $4.15  533,645  $4.18  
Weighted average remaining contractual term, in years1.72.7 
Intrinsic value (000s)$2,761   $1,132  
For non-exercisable options  
Expense not yet recognized (000s)$345  $232  
Weighted average years to be recognized2.93.1 
For options exercised
Intrinsic value (000s)$93   $77  
  
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 26, 2020June 28, 2019
Restricted (Non-vested) StockNumber of Non-vested SharesWgtd. Avg. Grant Date Fair ValueNumber of Non-vested SharesWgtd. Avg. Grant Date Fair Value
Outstanding, beginning of period82,707  $5.25  103,233  $4.08  
Granted24,850  5.03  32,385  7.09  
Vested(44,482) 4.80  (49,511) 4.08  
Forfeited(13,250) 6.09  (1,400) 4.13  
Outstanding, end of period49,825  $5.32  84,707  $5.23  
For non-vested shares  
Expense not yet recognized (000s)$255   $365  
Weighted average remaining years for vesting1.72.2
For shares vested  
Aggregate fair value on vesting dates (000s) $317   $333  
  
Fair Value Option, Disclosures 99 47