STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Jan. 01, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

during the three months ended January 1, 2021 follows. There were no options granted during the three months ended December 27, 2019.

	Three Months Ended
Valuation of Options	January 1, 2021
Assumptions for Black-Scholes:
Risk-free interest rate	0.41		%
Expected term in years	5.5
Volatility	40		%
Expected annual dividends	none
Value of options granted:
Number of options granted	40,000
Weighted average fair value per share	$	3.82
Fair value of options granted (000s)	$	153

Changes in Number of Options Outstanding with Other Related Data

A summary of stock option activity, together with other related data, follows:

	Three Months Ended
	January 1, 2021			December 27, 2019
Stock Options	Number of Options	Wgtd. Avg. Exercise Price		Number of Options	Wgtd. Avg. Exercise Price
Outstanding, beginning of period	670,145	$	4.67	743,145	$	4.54
Granted	40,000	9.65		—	—
Exercised	(14,000)	4.84		(24,000)	5.42
Forfeited	(7,000)	3.74		(10,000)	3.58
Expired	—	—		(5,000)	6.91
Outstanding, end of period	689,145	$	4.97	704,145	$	4.51
For options expected to vest
Number expected to vest	679,790	$	4.94	695,555	$	4.49
Weighted average remaining contractual term, in years	5.3			3.5
Intrinsic value (000s)		$	5,855		$	3,283
For exercisable options
Number exercisable	497,645	$	4.30	541,645	$	4.16
Weighted average remaining contractual term, in years	4.3			2.4
Intrinsic value (000s)		$	4,601		$	2,738
For non-exercisable options
Expense not yet recognized (000s)		$	449		$	304
Weighted average years to be recognized	3.0			3.0
For options exercised
Intrinsic value (000s)		$	82		$	64

Changes in Number of Restricted Non-vested Stock Outstanding with Other Related Data

A summary of restricted stock activity, together with related data, follows: 

	Three Months Ended
	January 1, 2021			December 27, 2019
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	49,825	$	5.32	82,707	$	5.25
Granted	8,582	8.68		—	—
Vested	—	—		(10,000)	3.60
Forfeited	—	—		—	—
Outstanding, end of period	58,407	$	5.82	72,707	$	5.48
For non-vested shares
Expense not yet recognized (000s)		$	260		$	295
Weighted average remaining years for vesting	1.9			1.9
For shares vested
Aggregate fair value on vesting dates (000s)		$	—		$	66

Schedule of Restricted Stock Units Award Activity

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:

	Three Months Ended
	January 1, 2021			December 27, 2019
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	186,727	$	6.56	153,186	$	5.36
Granted	67,597	7.65		—	—
Vested	(88,392)	4.28		—	—
Forfeited	—	—		—	—
Outstanding, end of period	165,932	$	8.21	153,186	$	5.36
For non-vested shares
Expense not yet recognized (000s)		$	940		$	603
Weighted average remaining years for vesting	2.1			2.0
For shares vested
Aggregate fair value on vesting dates (000s)		$	1,074		$	—