Stock-Based Compensation And Stock Ownership Plans | 6 Months Ended |
Apr. 03, 2015 |
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, 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 (the only two plans where shares remain available for equity incentive awards) there were 659,774 shares of the Company’s Class A common stock available for future grant to key executives and non-employee directors at April 3, 2015. |
Stock Options |
All Company 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 six month periods ended April 3, 2015 or March 28, 2014. |
A summary of stock option activity for the six months ended April 3, 2015 related to the Company’s stock ownership plans 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 October 3, 2014 | 9,216 | $ | 17.07 | | | |
Exercised | - | | - | | | |
Cancelled | - | | - | | | |
Outstanding and exercisable at April 3, 2015 | 9,216 | | 17.07 | $ | 162 | 0.3 |
The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price of $34.66 as of April 3, 2015, 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 $0 and $78 for the six month periods ending April 3, 2015 and March 28, 2014, respectively. The fair value of the stock received upon exercise of such options at their date of exercise during the six month periods ended April 3, 2015 and March 28, 2014 was $0 and $96, 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 Class A 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 Class A shares traded. |
A summary of non-vested stock activity for the six months ended April 3, 2015 related to the Company’s stock ownership plans is as follows: |
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| | Weighted Average | | | |
| Shares | Grant Price | | | |
Non-vested stock at October 3, 2014 | 319,632 | $ | 17.10 | | | |
Non-vested stock grants | 38,222 | | 30.05 | | | |
Non-vested stock cancelled | - | | - | | | |
Restricted stock vested | -79,195 | | 11.22 | | | |
Non-vested stock at April 3, 2015 | 278,659 | | 20.55 | | | |
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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 16,915 and 24,719 during the six month periods ended April 3, 2015 and March 28, 2014, respectively. |
Stock compensation expense, net of forfeitures, related to non-vested stock was $436 and $391 for the three month periods ended April 3, 2015 and March 28, 2014, respectively, and $839 and $748 for the six month periods ended April 3, 2015 and March 28, 2014, respectively. Unrecognized compensation cost related to non-vested stock as of April 3, 2015 was $2,418, which amount will be amortized to expense through November 2018 or adjusted for changes in future estimated or actual forfeitures. |
The fair value of restricted stock vested during the six month periods ended April 3, 2015 and March 28, 2014 was $2,346 and $2,961, respectively. |
Restricted Stock Units |
All restricted 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 trading price on the date of grant or, if the Company’s Class A 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 Class A shares traded. There were 10,088 restricted stock units unvested and outstanding as of April 3, 2015 with a weighted average grant date fair value of $31.23. There were 8,040 restricted stock units unvested and outstanding as of March 28, 2014 with a weighted average grant date fair value of $21.77. |
The Company issued 7,336 restricted stock units at a weighted average grant price of $33.40 for the three and six month periods ended April 3, 2015 and 8,040 restricted stock units at a weighted average grant price of $21.77 for the three and six month periods ended March 28, 2014. |
Stock compensation expense, net of forfeitures, related to restricted stock units was $67 for the three months ended April 3, 2015 and $128 for the six month period ended April 3, 2015. Stock compensation expense, net of forfeitures, related to restricted stock units was $40 for the three months ended March 28, 2014 and $78 for the six month period ended March 28, 2014. Unrecognized compensation cost related to non-vested restricted stock units as of April 3, 2015 was $260, which amount will be amortized to expense through February 2016 or adjusted for changes in future estimated or actual forfeitures. |
The Company recognized an income tax benefit on stock-based compensation expense of $191 and $164 for the three month periods ended April 3, 2015 and March 28, 2014, respectively, and $367 and $314 for the six month periods ended April 3, 2015 and March 28, 2014, respectively. The Company recognized an income tax benefit on exercises of stock options and the vesting of non-vested restricted stock of $343 and $9 for the three month periods ended April 3, 2015 and March 28, 2014, respectively, and $861 and $9 for the six month periods ended April 3, 2015 and March 28, 2014, respectively. |
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 any of the three or six month periods ended April 3, 2015 and March 28, 2014. |
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