Subsequent Events

12 Months Ended

May 29, 2012

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On July 5, 2012, the sum of $3,118,000 was returned to the Company's treasury from the third party intermediary who had been holding the funds in connection with an anticipated qualifying like kind exchange in order to defer taxable gains pursuant to Section 1031 of the Internal Revenue Code (see Restricted Cash in NOTE A – ACCOUNTING POLICIES). The funds were returned because a suitable like kind exchange could not be identified. The remainder of the restricted cash in the consolidated balance sheet at May 29, 2012 is expected to be returned to the Company's treasury in August 2012.

On July 25, 2012, the Board of Directors declared a special one-time dividend of $9.50 per share payable September 14, 2012 to shareholders of record at the close of business on August 31, 2012. The total amount of the special dividend payment will be approximately $46.9 million based on the present number of shares outstanding.

Also on July 25, 2012, the Board of Directors authorized the Company to purchase, on the open market and in privately negotiated transactions, up to 450,000 shares of its common stock representing approximately 9 percent of the Company's total outstanding shares. The authorization allows purchases to begin immediately and to occur from time to time over the next three years.