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Stock-based Compensation and Stockholders’ Equity (Tables) | 12 Months Ended
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May 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock Option Weighted Average Assumptions | As of May 31, 2020, May 26, 2019, and May 27, 2018, the fair value of stock option grants was estimated using the following weighted average assumptions:
| Year Ended |  |  |  |
| May 31, 2020 |  | May 26, 2019 |  | May 27, 2018
Options granted | 435,000 |  |  | 368,264 |  |  | 498,000 |
Weighted-average exercise price | $10.42 |  | $11.85 |  | $12.93
Weighted-average grant date fair value | $2.55 |  | $2.80 |  | $2.90
Assumptions: |  |  |  |  |
Expected life (in years) | 3.50 |  | 3.50 |  | 3.50
Risk-free interest rate | 1.01 | % |  | 2.47 | % |  | 1.73 | %
Volatility | 31 | % |  | 27 | % |  | 27 | %
Dividend yield | — | % |  | — | % |  | — | %
Schedule of Share-based Compensation Activity | A summary of the activity under the Company’s stock option plans as of May 31, 2020 and changes during the fiscal year then ended is presented below:
| Options Outstanding |  | Weighted-Average Exercise Price Per Share |  | Total Intrinsic Value of Options Exercised |  | Weighted-Average Remaining Contractual Term in Years |  | Aggregate Intrinsic Value
Options outstanding at May 28, 2017 | 1,571,542 |  |  | $ | 13.20 |  |  |  |  |  |  |
Options granted | 498,000 |  |  | $ | 12.93 |  |  |  |  |  |  |
Options exercised | (29,333) |  |  | $ | 7.36 |  |  | $ | 177,921 |  |  |  |  |
Options forfeited and canceled | (23,334) |  |  | $ | 12.55 |  |  |  |  |  |  |
Options expired | (61,540) |  |  | $ | 14.23 |  |  |  |  |  |  |
Options outstanding at May 27, 2018 | 1,955,335 |  |  | $ | 13.20 |  |  |  |  |  |  |
Options granted | 368,264 |  |  | $ | 11.85 |  |  |  |  |  |  |
Options exercised | (116,834) |  |  | $ | 11.82 |  |  | $ | 265,911 |  |  |  |  |
Options forfeited and canceled | (71,669) |  |  | $ | 13.75 |  |  |  |  |  |  |
Options expired | (135,000) |  |  | $ | 14.18 |  |  |  |  |  |  |
Options outstanding at May 26, 2019 | 2,000,096 |  |  | $ | 12.94 |  |  |  |  |  |  |
Options granted | 435,000 |  |  | $ | 10.42 |  |  |  |  |  |  |
Options exercised | (163,333) |  |  | $ | 11.16 |  |  | $ | 169,066 |  |  |  |  |
Options forfeited and canceled | (55,806) |  |  | $ | 13.08 |  |  |  |  |  |  |
Options expired | (499,599) |  |  | $ | 14.04 |  |  |  |  |  |  |
Options outstanding at May 31, 2020 | 1,716,358 |  |  | $ | 12.15 |  |  |  |  | 3.75 |  | $ | 416,090 |
Options exercisable at May 31, 2020 | 1,113,441 |  |  | $ | 13.05 |  |  |  |  | 2.30 |  | $ | 70,567 |
A summary of the Company’s restricted stock unit award activity as of May 31, 2020 and changes during the fiscal year then ended is presented below:
| Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value Per Share
Restricted stock units outstanding at May 28, 2017 | 509,355 |  |  | $ | 13.53 |
Granted | 200,288 |  |  | $ | 13.12 |
Vested | (270,656) |  |  | $ | 14.06 |
Forfeited | (30,950) |  |  | $ | 11.75 |
Restricted stock units outstanding at May 27, 2018 | 408,037 |  |  | $ | 12.99 |
Granted | 333,486 |  |  | $ | 13.15 |
Vested | (237,946) |  |  | $ | 13.27 |
Forfeited | (75,150) |  |  | $ | 13.92 |
Restricted stock units outstanding at May 26, 2019 | 428,427 |  |  | $ | 12.80 |
Granted | 296,527 |  |  | $ | 9.79 |
Vested | (124,045) |  |  | $ | 11.82 |
Forfeited | (131,361) |  |  | $ | 12.49 |
Restricted stock units outstanding at May 31, 2020 | 469,548 |  |  | $ | 11.24 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes the stock-based compensation by statement of operations line item:
| Year Ended |  |  |  |
(in thousands) | May 31, 2020 |  | May 26, 2019 |  | May 27, 2018
Cost of sales | $ | 162 |  |  | $ | 449 |  |  | $ | 535 |
Research and development | 158 |  |  | 114 |  |  | 131 |
Selling, general and administrative | 2,099 |  |  | 2,997 |  |  | 3,737 |
Total stock-based compensation | $ | 2,419 |  |  | $ | 3,560 |  |  | $ | 4,403 |

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