Savings Plan, Employee Stock Ownership Plan and Retirement Plan

12 Months Ended

May 31, 2012

Savings Plan, Employee Stock Ownership Plan and Retirement Plan [Abstract]

Savings Plan, Employee Stock Ownership Plan and Retirement Plan

Note 13: Savings Plan, Employee Stock Ownership Plan and Retirement Plan

We maintain a Savings Plan (“401(k)”) and a frozen Employee Stock Ownership Plan (“ESOP”). Employees become eligible to participate in the 401(k) after 90 days of employment. We have the option to match contributions of participants at a rate we determine each year. For participants with three or more years of service, we also may elect to make additional discretionary matching contributions in excess of the rate elected for participants with less than three years of service.

The Board of Directors determines the amount to be contributed annually to the 401(k) in cash, provided that such contributions shall not exceed the amount deductible for federal income tax purposes. Cash contributions to the 401(k) of $728, $483 and $259 were made for fiscal 2012, 2011 and 2010, respectively.

The ESOP was established in 1975 and was frozen in 1994, at which time all participants became fully vested. Contributions to the ESOP were invested primarily in our common stock. The ESOP held 18,913 shares of our common stock and cash of $147 at May 31, 2012.

We have a Supplemental Executive Retirement Plan (“SERP”) that provides for automatic deferral of contributions in excess of the maximum amount permitted under the 401(k) plan for our executives who choose to participate. The SERP is a non-qualified deferred compensation program, and we have an unfunded contractual obligation under this plan. We have the option to match contributions of participants at a rate we determine each year. Cash contributions to the SERP were $30, $14 and $5 for fiscal 2012, 2011 and 2010, respectively. As of May 31, 2012 and 2011, we had $2,370 and $2,671, respectively, of obligations for this plan included in accrued expenses. We have investments in money market and stock funds, as directed by the participants, of $2,370 and $2,671 as of May 31, 2012 and 2011, respectively, included in other assets.