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Note 7 - Derivative Financial Instruments | 12 Months Ended
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May. 31, 2015
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative Financial Instruments In May 2010, the Company entered into a five-year interest rate swap agreement under the credit agreement with Wells Fargo which terminated in May 2015. The interest rate swap was designated as a cash flow hedge of future interest payments of LIBOR and had a notional amount of $20 million. As a result of the interest rate swap transaction, the Company fixed for a five-year period the interest rate at 4.24% subject to market based interest rate risk on $20 million of borrowings under the credit agreement with Wells Fargo. The Company’s obligations under the interest rate swap transaction as to the scheduled payments were guaranteed and secured on the same basis as its obligations under the credit agreement with Wells Fargo at the time the agreement was consummated. Upon entering into the new Term Loan with BMO Harris in May 2012, the Company used the proceeds from that loan to pay off the Wells Fargo credit facility. The swap with Wells Fargo was not terminated upon the extinguishment of the debt with Wells Fargo. The fair value of the swap arrangement as of May 31, 2015 and May 25, 2014 was zero and $44,000, respectively, and is included in other accrued liabilities in the accompanying Consolidated Balance Sheets.

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