

10	STOCK OWNERSHIP PLANS

Total non-cash stock compensation expense is $1,287,000, $1,974,000 and $3,013,000, in 2011, 2010 and 2009, respectively.

At September 25, 2011 we have reserved 5,039,716 shares of Common Stock for issuance to employees under an incentive and nonstatutory stock option and restricted stock plan approved by stockholders. At September 25, 2011, 3,227,375 shares are available for granting of non-qualified stock options or issuance of restricted Common Stock.

Stock Options

Options are granted at a price equal to the fair market value on the date of the grant and are exercisable, upon vesting, over a ten year period.

A summary of stock option activity is as follows:



(Thousands of Shares)	2011		2010		2009

Under option, beginning of year	940		1,009		263
Granted	1,105		—		783
Exercised	(15	)	—		—
Canceled	(218	)	(69	)	(37	)
Under option, end of year	1,812		940		1,009

Exercisable, end of year	552		423		191

Weighted average prices of stock options are as follows:



(Dollars)	2011	2010	2009

Granted	2.57	—	2.07
Under option, end of year	5.07	8.77	9.40

The following assumptions were used to estimate the fair value of 2011 and 2009 option awards:



	2011	2009

Volatility (Percent)	111	105
Risk-free interest rate (Percent)	1.01	2.45
Expected term (Years)	4.7	4.7
Estimated fair value (Dollars)	2.00	1.57

A summary of stock options outstanding at September 25, 2011 is as follows:



(Dollars)	Options Outstanding			Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price	Number Exercisable	Weighted Average Exercise Price

1 - 25	1,660,600	8.6	2.37	399,900	2.07
25 - 30	68,510	5.2	28.72	68,510	28.72
30 - 35	20,066	1.2	32.51	20,066	32.51
35 - 40	34,760	3.1	38.62	34,760	38.62
40 - 45	14,024	2.1	43.27	14,024	43.27
45 - 50	14,381	3.2	47.64	14,381	47.64
	1,812,341	8.2	5.07	551,641	11.03

Total unrecognized compensation expense for unvested stock options at September 25, 2011 is $1,756,000, which will be recognized over a weighted average period of 1.7 years.

Options outstanding and exercisable at September 25, 2011 have no intrinsic value.

Restricted Common Stock

A summary of restricted Common Stock activity follows:



(Thousands of Shares)	2011		2010		2009

Outstanding, beginning of year	299		453		746
Vested	(297	)	(143	)	(114	)
Forfeited	(2	)	(11	)	(179	)
Outstanding, end of year	—		299		453

Weighted average grant date fair values of restricted Common Stock are as follows:



(Dollars)	2011	2010	2009

Outstanding, beginning of year	15.02	19.35	21.60
Vested	15.02	28.73	39.53
Forfeited	15.02	15.02	15.94
Outstanding, end of year	—	15.02	19.35

The fair value of restricted Common Stock vested in 2011, 2010 and 2009, is $723,000, $554,000 and $171,000, respectively.

Stock Purchase Plans

We have 270,000 shares of Common Stock available for issuance pursuant to our Employee Stock Purchase Plan. We also have 8,700 shares of Common Stock available for issuance under our Supplemental Employee Stock Purchase Plan.