XML 58 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 10 - Income Taxes (Tables)
12 Months Ended
Sep. 27, 2014
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

Year Ended

 
   

September 27,

   

September 28,

   

September 29,

 

(Dollars in thousands)

 

2014

   

2013

   

2012

 

Provision for income taxes:

                       

Current:

                       

Federal

  $ 8,196     $ 2,124     $ 20  

State

    330       257       62  
      8,526       2,381       82  

Deferred:

                       

Federal

    (323 )     3,571       781  

State

    364       310       54  
      41       3,881       835  
                         

Income taxes

  $ 8,567     $ 6,262     $ 917  
                         

Effective income tax rate

    34.0 %     34.8 %     33.6 %
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Year Ended

 

(Dollars in thousands)

 

September 27, 2014

   

September 28, 2013

   

September 29, 2012

 

Provision for income taxes at federal statutory rate

  $ 8,823       35.0 %   $ 6,299       35.0 %   $ 954       35.0 %

Qualified production activities deduction

    (755 )     (3.0 )     (165 )     (0.9 )     -       -  

Valuation allowance

    (183 )     (0.7 )     51       0.3       (48 )     (1.8 )

Net effect of life insurance policies

    (150 )     (0.6 )     (191 )     (1.1 )     (400 )     (14.7 )

State income taxes, net of federal tax benefit

    577       2.3       479       2.7       94       3.5  

Nondeductible stock option expense

    30       0.1       (51 )     (0.3 )     161       5.9  

Other, net

    225       0.9       (160 )     (0.9 )     156       5.7  

Provision for income taxes

  $ 8,567       34.0 %   $ 6,262       34.8 %   $ 917       33.6 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

September 27,

   

September 28,

 

(In thousands)

 

2014

   

2013

 

Deferred tax assets:

               

Defined benefit plans

  $ 3,419     $ 3,245  

Accrued expenses and asset reserves

    2,782       2,206  

Stock-based compensation

    1,804       1,560  

State net operating loss carryforwards and tax credits

    908       1,441  

Goodwill, amortizable for tax purposes

    870       986  

Valuation allowance

    (547 )     (730 )

Deferred tax assets

    9,236       8,708  
                 

Deferred tax liabilities:

               

Plant and equipment

    (12,654 )     (12,607 )

Prepaid insurance and other reserves

    (1,032 )     (650 )

Deferred tax liabilities

    (13,686 )     (13,257 )

Net deferred tax liability

  $ (4,450 )   $ (4,549 )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

(In thousands)

 

2013

 

Balance at beginning of year

  $ 76  

Increase in tax positions of prior years

    -  

Settlement of tax position in current year

    (76 )

Balance at end of year

  $ -