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Summary of Accounting Policies (Tables)

12 Months Ended

May 31, 2013

Allowance for Doubtful Accounts

The activity in the allowance for doubtful accounts was as follows:

		Year ended May 31
		2013				2012				2011
Beginning Balance		$	800,000			$	800,000			$	600,000
Provision			193,033				90,821				446,346
Recoveries			24,029				12,211				88,175
Write-offs, net			(117,062	)			(103,032	)			(334,521	)
Ending Balance		$	900,000			$	800,000			$	800,000

Inventories

The components of inventories were as follows:

		May 31
(in thousands)		2013				2012
Raw materials		$	16,587			$	13,997
Work-in-process			3,583				2,110
Finished and purchased finished goods			18,145				18,885
		$	38,315			$	34,992

Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions

The fair value of stock options granted was estimated using the following weighted-average assumptions:

		Year ended May 31
		2013				2012				2011
Risk-free interest rate			1.2	%			1.2	%			1.7	%
Expected dividend yield			0	%			0	%			0	%
Expected stock price volatility			39.2	%			36.4	%			35.8	%
Expected option life			4.0 years				4.0 years				4.0 years

Calculation of Net Income Per Share

The following table presents the net income per share calculations:

		Year ended May 31
(in thousands)		2013				2012				2011
Numerator for basic and diluted net income per share - Net income attributable to Neogen		$	27,190			$	22,513			$	22,839
Denominator - Denominator for basic net income per share weighted average shares			23,845				23,466				23,007
Effect of dilutive stock options and warrants			482				553				784
Denominator for diluted net income per share			24,327				24,019				23,791
Net income attributable to Neogen per share
Basic		$	1.14			$	0.96			$	0.99
Diluted		$	1.12			$	0.94			$	0.96

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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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