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Stock-based Compensation and Stockholders’ Equity (Tables) | 12 Months Ended
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May 28, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Option Weighted Average Assumptions | As of May 28, 2023, May 29, 2022 and May 30, 2021, the fair value of stock option grants were estimated using the following weighted average assumptions:
| Year Ended
| May 28, 2023 |  | May 29, 2022 |  | May 30, 2021
Weighted-average grant date fair value | $3.38 |  | $2.62 |  | $2.37
Assumptions: |  |  |  |  |
Expected life (in years) | 3.50 |  | 2.80 |  | 3.36
Risk-free interest rate | 3.14 | % |  | 0.45 | % |  | 0.23 | %
Volatility | 39 | % |  | 33 | % |  | 33 | %
Dividend yield | — | % |  | — | % |  | — | %
Schedule of Share-based Compensation Activity | A summary of the activity under the Company’s stock option plans as of May 28, 2023 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 31, 2020 | 1,716,358 |  |  | $ | 12.15 |  |  |  |  |  |  |
Options granted | 682,600 |  |  | $ | 9.66 |  |  |  |  |  |  |
Options forfeited | (127,714) |  |  | $ | 9.93 |  |  |  |  |  |  |
Options expired | (437,227) |  |  | $ | 13.42 |  |  |  |  |  |  |
Options outstanding at May 30, 2021 | 1,834,017 |  |  | $ | 11.07 |  |  |  |  |  |  |
Options granted | 803,000 |  |  | $ | 11.79 |  |  |  |  |  |  |
Options exercised | (161,415) |  |  | $ | 9.69 |  |  | $ | 304,211 |  |  |  |  |
Options forfeited | (205,746) |  |  | $ | 10.96 |  |  |  |  |  |  |
Options expired | (322,170) |  |  | $ | 13.31 |  |  |  |  |  |  |
Options outstanding at May 29, 2022 | 1,947,686 |  |  | $ | 11.13 |  |  |  |  |  |  |
Options granted | 743,050 |  |  | $ | 10.51 |  |  |  |  |  |  |
Options exercised | (15,474) |  |  | $ | 9.57 |  |  | $ | 12,069 |  |  |  |  |
Options forfeited | (61,900) |  |  | $ | 10.69 |  |  |  |  |  |  |
Options expired | (239,037) |  |  | $ | 12.08 |  |  |  |  |  |  |
Options outstanding at May 28, 2023 | 2,374,325 |  |  | $ | 10.88 |  |  |  |  | 3.94 |  | $ | — |
Options exercisable at May 28, 2023 | 1,470,091 |  |  | $ | 11.01 |  |  |  |  | 2.64 |  | $ | — |
A summary of the Company’s restricted stock unit award activity as of May 28, 2023 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/awards outstanding at May 31, 2020 | 469,548 |  |  | $ | 11.24 |
Granted | 188,225 |  |  | $ | 10.13 |
Vested | (146,197) |  |  | $ | 11.69 |
Forfeited | (31,180) |  |  | $ | 10.60 |
Restricted stock units/awards outstanding at May 30, 2021 | 480,396 |  |  | $ | 10.71 |
Granted | 105,858 |  |  | $ | 11.98 |
Vested | (228,568) |  |  | $ | 11.41 |
Forfeited | (63,087) |  |  | $ | 10.70 |
Restricted stock units/awards outstanding at May 29, 2022 | 294,599 |  |  | $ | 10.55 |
Granted | 336,186 |  |  | $ | 9.59 |
Vested | (214,494) |  |  | $ | 10.79 |
Forfeited | (79,500) |  |  | $ | 9.43 |
Restricted stock units/awards outstanding at May 28, 2023 | 336,791 |  |  | $ | 9.70 |
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 28, 2023 |  | May 29, 2022 |  | May 30, 2021
Continuing operations: |  |  |  |  |
Cost of sales | $ | 404 |  |  | $ | 314 |  |  | $ | 348 |
Research and development | 193 |  |  | 202 |  |  | 223 |
Selling, general and administrative | 3,015 |  |  | 2,126 |  |  | 2,734 |
Discontinued Operations | — |  |  | (34) |  |  | 55 |
Total stock-based compensation | $ | 3,612 |  |  | $ | 2,608 |  |  | $ | 3,360 |

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