Stock-Based Compensation And Stock Ownership Plans | 3 Months Ended |
Dec. 27, 2013 |
Stock-Based Compensation And Stock Ownership Plans [Abstract] | ' |
Stock-Based Compensation And Stock Ownership Plans | ' |
4Stock-Based Compensation and Stock Ownership Plans |
The Company’s current stock ownership plans allow for issuance of stock options to acquire shares of Class A common stock by key executives and non-employee directors. Current plans also allow for issuance of shares of restricted stock, units or stock appreciation rights in lieu of stock options. |
Under the Company’s 2010 Long-Term Stock Incentive Plan and the 2012 Non-Employee Director Stock Ownership Plan there were 716,124 shares of the Company’s Class A common stock available for grant to key executives and non-employee directors at December 27, 2013. |
Stock Options |
All stock options have been granted at a price not less than fair market value at the date of grant and all outstanding options are currently exercisable. Stock options generally have a term of 10 years. |
All of the Company’s stock options outstanding are fully vested, with no further compensation expense to be recorded. There were no grants of stock options during either of the three month periods ended December 27, 2013 or December 28, 2012. |
A summary of stock option activity for the three months ended December 27, 2013 is shown below: |
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| Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (Years) |
Outstanding and exercisable at September 27, 2013 | 15,066 | $ | 18.16 | | | |
Exercised | -1,950 | | 19.88 | | | |
Outstanding and exercisable at December 27, 2013 | 13,116 | | 17.91 | $ | 129 | 1.2 |
The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price of $27.77 as of December 27, 2013, which would have been received by the option holders had those option holders exercised their stock options as of that date. |
The Company received cash proceeds from stock option exercises totaling $38 and $86 for the three month periods ending December 27, 2013 and December 28, 2012, respectively. The fair value of the stock received upon exercise of such options at their date of exercise during the three month periods ended December 27, 2013 and December 28, 2012 was $52 and $171, respectively. |
Non-vested Stock |
All shares of non-vested stock awarded by the Company have been granted at their fair market value on the date of grant and vest either immediately or within five years after the grant date. The fair value at date of grant is based on the number of shares granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock price on the last preceding date on which the Company’s shares traded. |
A summary of non-vested stock activity for the three months ended December 27, 2013 related to the Company’s stock ownership plans is as follows: |
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| | Weighted Average | | | |
| Shares | Grant Price | | | |
Non-vested stock at September 27, 2013 | 386,409 | $ | 13.78 | | | |
Non-vested stock grants | 47,934 | | 27.70 | | | |
Restricted stock vested | -114,711 | | 10.32 | | | |
Non-vested stock at December 27, 2013 | 319,632 | | 17.10 | | | |
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Non-vested stock grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of shares by tendering a portion of the vested shares back to the Company. Shares tendered back to the Company were 24,719 and 43,464 during the three month periods ended December 27, 2013 and December 28, 2012, respectively. |
Stock compensation expense, net of forfeitures, related to non-vested stock was $357 and $355 for the three month periods ended December 27, 2013 and December 28, 2012, respectively. Unrecognized compensation cost related to non-vested stock as of December 27, 2013 was $3,274, which amount will be amortized to expense through November 2017 or adjusted for changes in future estimated or actual forfeitures. |
The fair value of restricted stock vested during the three month periods ended December 27, 2013 and December 28, 2012 was $2,961 and $3,628, respectively. |
Restricted Stock Units |
All stock units awarded by the Company have been granted at their fair market value on the date of grant and vest within one year after the grant date. The fair value at date of grant is based on the number of units granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock trading price on the last preceding date on which the Company’s shares traded. There were 6,600 restricted stock units unvested and outstanding as of December 27, 2013. |
Stock compensation expense, net of forfeitures, related to stock units was $38 for the three month period ended December 27, 2013. There was no stock compensation expense related to the issuance of stock units during the three month period ended December 28, 2012. Unrecognized compensation cost related to non-vested stock units as of December 27, 2013 was $25, which amount will be amortized to expense through February 2014 or adjusted for changes in future estimated or actual forfeitures. |
The Company recognized an income tax benefit on stock-based compensation expense of $150 and $135 for the three month periods ended December 27, 2013 and December 28, 2012, respectively. |
The Company recognized no income tax benefit (expense) on exercises of stock options and vesting of non-vested stock for either of the three month periods ended December 27, 2013 and December 28, 2012. |
Employees’ Stock Purchase Plan |
The Company’s shareholders have adopted the Johnson Outdoors Inc. 2009 Employees’ Stock Purchase Plan which provides for the issuance of shares of Class A common stock at a purchase price of not less than 85% of the fair market value of such shares on the date of grant or at the end of the offering period, whichever is lower. |
The Company did not issue any shares under the Employees’ Stock Purchase Plan during the three month periods ended December 27, 2013 and December 28, 2012. |
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