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Note 13 - Stockholders' Equity
 9 Months Ended
Feb. 23, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

13.          Stockholders’ Equity


During the three months ended February 23, 2014, the Company did not grant any equity awards. During the nine months ended February 23, 2014, the Company granted options to purchase 291,500 shares of common stock and 128,631 of restricted stock unit awards.


As of February 23, 2014 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 both the three and nine months ended February 23, 2014, the Company did not purchase any shares on the open market.


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


Common Stock Shares

       

Balance at May 26, 2013

    26,402,247  

Stock options exercised, net of shares tendered

    339,968  

Vested restricted stock units, net of shares tendered

    38,058  

Balance at February 23, 2014

    26,780,273  
         

Common Stock

       

Balance at May 26, 2013

  $ 26  

Stock options exercised, net of shares tendered

    1  

Balance at February 23, 2014

  $ 27  
         

Additional Paid-in Capital

       

Balance at May 26, 2013

  $ 126,258  

Stock options exercised, net of shares tendered

    2,147  

Taxes incurred by Company for RSUs vested

    (326 )

Stock-based compensation expense

    992  

Tax-benefit from stock based compensation expense

    1,909  

Balance at February 23, 2014

  $ 130,980  
         

Retained Earnings

       

Balance at May 26, 2013

  $ 52,409  

Net income

    14,603  

Balance at February 23, 2014

  $ 67,012  
         

Non controlling Interest

       

Balance at May 26, 2013

  $ 1,721  

Non controlling interest in net income

    123  

Distributions to non controlling interest

    (226 )

Balance at February 23, 2014

  $ 1,618