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Note 13 - Stockholders’ Equity
 3 Months Ended
Aug. 28, 2011
Stockholders' Equity Note Disclosure [Text Block]
13. 
Stockholders’ Equity

During the three months ended August 28, 2011, the Company granted options to purchase 7,500 shares of common stock and 2,500 restricted stock unit awards.

As of August 28, 2011 the Company has reserved 3.4 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 the three months ended August 28, 2011, the Company did not purchase any shares on the open market.

Consolidated Statements of Changes in Stockholders’ Equity

(in thousands, except share amounts)

   
August 28, 2011
 
Common Stock Shares
     
Balance at May 29, 2011
    26,405,799  
Stock options exercised, net of shares tendered
    —  
Vested restricted stock units, net of shares tendered
    6,332  
Common stock repurchased on the open market
    —  
Balance at August 28, 2011
    26,412,131  
         
Common Stock
       
Balance at May 29, 2011
  $ 27  
Stock options exercised, net of shares tendered
    —  
Vested restricted stock units, net of shares tendered
    —  
Common stock repurchased on the open market
    —  
Balance at August 28, 2011
  $ 27  
         
Additional Paid-in Capital
       
Balance at May 29, 2011
  $ 119,169  
Stock options exercised, net of shares tendered
    —  
Vested restricted stock units, net of shares tendered
    —  
Taxes paid by Company for RSUs vested
    (25 )
Stock-based compensation expense
    441  
Tax-benefit from stock based compensation expense
    1,280  
Common stock repurchased on the open market
    —  
Balance at August 28, 2011
  $ 120,865  

         
Accumulated Other Comprehensive Loss
       
Balance at May 29, 2011
  $ (267 )
Change in other comprehensive loss
    (34 )
Balance at August 28, 2011
  $ (301 )
         
Retained Earnings
       
Balance at May 29, 2011
  $ 17,126  
Net income
    1,812  
Balance at August 28, 2011
  $ 18,938  
         
Non controlling Interest
       
Balance at May 29, 2011
  $ 1,671  
Non controlling interest in net income
    141  
Distributions to non controlling interest
    -  
Balance at August 28, 2011
  $ 1,812