Note 13 - Stockholders' Equity

6 Months Ended

Nov. 24, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

13.          Stockholders’ Equity

During the three months ended November 24, 2013, the Company did not grant any equity awards. During the six months ended November 24, 2013, the Company granted options to purchase 291,500 shares of common stock and 128,631 of restricted stock unit awards.

As of November 24, 2013 the Company has reserved 3.6 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 24, 2013, the Company did not purchase any shares on the open market.

Consolidated Statements of Changes in Stockholders’ Equity (in thousands, except share amounts):

	November 24, 2013
Common Stock Shares
Balance at May 26, 2013		26,402,247
Stock options exercised, net of shares tendered		210,281
Vested restricted stock units, net of shares tendered		38,058
Balance at November 24, 2013		26,650,586

	November 24, 2013
Common Stock
Balance at May 26, 2013	$	26
Stock options exercised, net of shares tendered		1
Vested restricted stock units, net of shares tendered		—
Balance at November 24, 2013	$	27
Additional Paid-in Capital
Balance at May 26, 2013	$	126,258
Stock options exercised, net of shares tendered		1,252
Vested restricted stock units, net of shares tendered		—
Taxes incurred by Company for RSUs vested		(293	)
Stock-based compensation expense		639
Tax-benefit from stock based compensation expense		175
Balance at November 24, 2013	$	128,031
Retained Earnings
Balance at May 26, 2013	$	52,409
Net income		8,203
Balance at November 24, 2013	$	60,612
Non controlling Interest
Balance at May 26, 2013	$	1,721
Non controlling interest in net income		101
Distributions to non controlling interest		(226	)
Balance at November 24, 2013	$	1,596