Note 12 - Stock Ownership Plans

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

12   STOCK OWNERSHIP PLANS

Total non-cash stock compensation expense is $854,000, $1,042,000 and $1,638,000, in 2021, 2020 and 2019, respectively.

At September 26, 2021, we have reserved 368,095 shares of Common Stock for issuance to employees under an incentive and non-statutory stock option and restricted stock plan approved by stockholders of which 332,360 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)	2021			2020			2019
Under option, beginning of year		41			81			110
Exercised		(2	)		—			(9	)
Canceled		(3	)		(40	)		(20	)
Under option, end of year		36			41			81
Exercisable, end of year		36			41			81

Weighted average prices of stock options are as follows:

(Dollars)	2021	2020	2019
Exercised	11.3	—	20.6
Cancelled	11.3	25.3	20.8
Under option, end of year	11.4	11.4	18.2

Prior period results have been adjusted to reflect the Reverse Stock Split.

A summary of stock options outstanding at  September 26, 2021 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
11 - 12	36	0.7	11.4	36	11.4

There is no unrecognized compensation expense for unvested stock options at September 26, 2021.

The stock options outstanding have $402,000 in aggregate intrinsic value at  September 26, 2021

Restricted Common Stock

A summary of restricted Common Stock activity follows:

(Thousands of Shares)	2021			2020			2019
Outstanding, beginning of year		155			148			206
Granted		46			72			79
Vested		(45	)		(61	)		(134	)
Forfeited		(2	)		(4	)		(3	)
Outstanding, end of year		154			155			148

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

(Dollars)	2021	2020	2019
Outstanding, beginning of year	21.5	24.9	23.1
Granted	11.2	16.2	21.8
Vested	27.3	23.4	20.3
Forfeited	16.1	24.4	21.3
Outstanding, end of year	16.7	21.5	24.9

Prior period results have been adjusted to reflect the Reverse Stock Split.

Total unrecognized compensation expense for unvested restricted Common Stock at  September 26, 2021 is $901,000, which will be recognized over a weighted average period of 1.2 years.

In December 2021, we expect to issue shares of 96,000 restricted Common Stock to employees. All restrictions with respect to these shares lapse in December 2024.

Stock Purchase Plans

We have 27,000 shares of Common Stock available for issuance pursuant to our Employee Stock Purchase Plan. We also have 870 shares of Common Stock available for issuance under our Supplemental Employee Stock Purchase Plan. There has been no activity under these plans in 2021, 2020, or 2019.