Note 11 - Stock Ownership Plans

12 Months Ended

Sep. 27, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

11    STOCK OWNERSHIP PLANS

Total non-cash stock compensation expense is $1,042,000, $1,638,000 and $1,857,000, in 2020, 2019 and 2018, respectively.

At September 27, 2020, we have reserved 4,232,000 shares of Common Stock for issuance to employees under an incentive and nonstatutory stock option and restricted stock plan approved by stockholders of which 3,804,000 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)	2020			2019			2018
Under option, beginning of year		809			1,100			1,271
Exercised		—			(93	)		(131	)
Canceled		(396	)		(198	)		(40	)
Under option, end of year		413			809			1,100
Exercisable, end of year		413			809			1,100

Weighted average prices of stock options are as follows:

(Dollars)	2020	2019	2018
Exercised	—	2.06	1.42
Cancelled	2.53	2.08	2.49
Under option, end of year	1.14	1.82	1.88

A summary of stock options outstanding at  September 27, 2020 is as follows:

(Dollars)	Options Outstanding			Options Exercisable
Range of	Number Outstanding (Thousands)	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price	Number Exercisable (Thousands)	Weighted Average Exercise Price
1 - 2	412	1.7	1.14	412	1.14
2 - 3	—	—	—	—	—
	412	1.7	1.14	412	1.14

There is no unrecognized compensation expense for unvested stock options at September 27, 2020.

The stock options outstanding have no aggregate intrinsic value at  September 27, 2020.

Restricted Common Stock

A summary of restricted Common Stock activity follows:

(Thousands of Shares)	2020			2019			2018
Outstanding, beginning of year		1,477			2,059			2,478
Granted		720			788			587
Vested		(605	)		(1,337	)		(936	)
Forfeited		(42	)		(33	)		(70	)
Outstanding, end of year		1,550			1,477			2,059

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

(Dollars)	2020	2019	2018
Outstanding, beginning of year	2.49	2.31	2.69
Granted	1.62	2.18	2.33
Vested	2.34	2.03	3.31
Forfeited	2.44	2.13	2.85
Outstanding, end of year	2.15	2.49	2.31

Total unrecognized compensation expense for unvested restricted Common Stock at  September 27, 2020 is $1,241,000, which will be recognized over a weighted average period of 1.3 years.

In December 2020, we expect to issue shares of 600,000 restricted Common Stock to employees. All restrictions with respect to these shares lapse in December 2023.

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. There has been no activity under these plans in 2020, 2019 or 2018.