Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 25, 2024

Calculation of Net Income Per Common Share

The following table summarizes the calculation of net income per share for the years ended May 25, 2024, May 27, 2023 and May 28, 2022 (in thousands, except per share amounts):


	For the Years Ended
	May 25, 2024		May 27, 2023		May 28, 2022

Net income	$	21,034	$	54,359	$	67,175
Weighted-average shares outstanding:
Basic weighted-average shares	33,445		33,407		32,953
Effect of dilutive shares:
Weighted-average shares — Basic	33,445		33,407		32,953
Potentially dilutive stock options	48		359		369
Potentially dilutive employee stock purchase plan	14		8		-
Potentially dilutive restricted stock awards	56		64		44
Potentially dilutive restricted stock units	179		233		185
Potentially dilutive performance stock units	153		114		5
Diluted weighted-average shares outstanding	33,895		34,185		33,556
Net income per common share:
Basic	$	0.63	$	1.63	$	2.04
Dilutive	$	0.62	$	1.59	$	2.00
Anti-dilutive shares not included above	2,152		704		1,759

Summary of the Activity in Allowance for Credit Loss

The following table summarizes the activity in the allowance for credit losses (in thousands):


	Beginning Balance		Charged to Operations		Currency Rate Changes		Other		(Write-offs)/ Recoveries		Ending Balance
Years Ended:
May 28, 2022	$	2,032	$	557	$	(14)	$	(39)	$	(415)	$	2,121
May 27, 2023	$	2,121	$	1,440	$	1	$	-	$	(279)	$	3,283
May 25, 2024	$	3,283	$	137	$	5	$	2	$	(672)	$	2,755

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the following estimated useful lives:


Building			30 years
Furniture and fixtures			5 to 10 years
Leasehold improvements			Lesser of useful life of asset or term of lease
Computer, equipment and software			3 to 5 years