Note 13 - Stockholders’ Equity

6 Months Ended

Nov. 27, 2011

Stockholders' Equity Note Disclosure [Text Block]

13.       Stockholders’ Equity

During the three months ended November 27, 2011, the Company granted no options to purchase shares of common stock and no restricted stock unit awards.  During the six months ended November 27, 2011, the Company granted options to purchase 7,500 shares of common stock and 2,500 of restricted stock unit awards.

As of November 27, 2011 the Company has reserved 3.3 million shares of Common Stock for future issuance under its current and former equity plans.

On July 14, 2010, the Company announced that the Board of Directors of the Company had approved the establishment of a stock repurchase plan which allows for the repurchase of up to $10 million of the Company’s Common Stock.   The Company may repurchase its common stock from time to time in open market purchases or in privately negotiated transactions.  The timing and actual number of shares repurchased is at the discretion of management of the Company and will depend on a variety of factors, including stock price, corporate and regulatory requirements, market conditions, the relative attractiveness of other capital deployment opportunities and other corporate priorities.  The stock repurchase program does not obligate Landec to acquire any amount of its common stock and the program may be modified, suspended or terminated at any time at the Company's discretion without prior notice.  During both the three and six months ended November 27, 2011, the Company purchased on the open market 880,060 shares of its Common Stock for $4,805,000.

Consolidated Statements of Changes in Stockholders’ Equity

(in thousands, except share amounts)

	November 27, 2011
Common Stock Shares
Balance at May 29, 2011		26,405,799
Stock options exercised, net of shares tendered		39,640
Vested restricted stock units, net of shares tendered		—
Common stock repurchased on the open market		(880,060	)
Balance at November 27, 2011		25,565,379
Common Stock
Balance at May 29, 2011	$	27
Common stock repurchased on the open market		(1	)
Balance at November 27, 2011	$	26
Additional Paid-in Capital
Balance at May 29, 2011	$	119,169
Stock options exercised, net of shares tendered		91
Vested restricted stock units, net of shares tendered		—
Taxes paid by Company for RSUs vested		(24	)
Stock-based compensation expense		885
Tax-benefit from stock based compensation expense		3,378
Common stock repurchased on the open market		(4,804	)
Balance at November 27, 2011	$	118,695

Accumulated Other Comprehensive Loss Balance at May 29, 2011	$	(267	)
Change in other comprehensive loss		32
Balance at November 27, 2011	$	(235	)
Retained Earnings
Balance at May 29, 2011	$	17,126
Net income		5,152
Balance at November 27, 2011	$	22,278
Non controlling Interest
Balance at May 29, 2011	$	1,671
Non controlling interest in net income		239
Distributions to non controlling interest		(257	)
Balance at November 27, 2011	$	1,653