Equity Compensation Plans (Tables)

12 Months Ended

May 31, 2013

Qualified and non-qualified options to purchase shares of common stock may be granted to directors, officers and employees of the Company under the terms of the Company’s stock option plans. These options are granted at an exercise price of not less than the fair market value of the stock on the date of grant. Remaining shares available for grant under stock option plans were 818,000, 1,108,000 and 397,000 at May 31, 2013, 2012 and 2011, respectively. Options vest ratably over three and five year periods and the contractual terms are generally five or ten years.


(In thousands except for share price)	Shares			Weighted-Average Exercise Price		Weighted-Average Fair Value
Outstanding at May 31, 2010 (729 exercisable)		1,998			14.14		4.72
Granted		293			28.50		8.66
Exercised		(627	)		9.83		3.98
Forfeited		(90	)		18.22		5.84

Outstanding at May 31, 2011 (509 exercisable)		1,574			17.77		5.71
Granted		316			34.59		10.41
Exercised		(320	)		12.44		4.39
Forfeited		(27	)		16.62		5.39

Outstanding at May 31, 2012 (575 exercisable)		1,543			22.34		6.95
Granted		306			43.00		13.81
Exercised		(438	)		15.91		5.14
Forfeited		(16	)		29.50		9.11

Outstanding at May 31, 2013 (499 exercisable)		1,395			28.82		9.00

Summary of Stock Options Outstanding

The following is a summary of stock options outstanding at May 31, 2013:


	Options Outstanding						Options Exercisable
Range of Exercise price	Number		Average Remaining Contractual Life		Weighted-Average Exercise Price		Number		Weighted Average Exercise Price
$ 6.75 - $ 19.17		225,912		1.97	$	15.03		164,192	$	13.85
19.18 - 19.94		287,066		1.62		19.55		155,071		19.55
19.95 - 34.37		295,017		3.44		28.10		124,981		27.25
34.38 - 42.39		283,250		3.75		34.76		55,048		35.01
42.40 - 43.00		303,500		4.99		43.00		0		0

		1,394,745		3.23		28.82		499,292		21.31

Summary of Warrant Activity with Non-Employees

The following table summarizes warrant activity with non-employees that were expensed at fair value upon grant. All warrants were exercisable for common stock of the Company and expired in 2012.


(In thousands except for share price)	Shares			Weighted-Average Exercise Price
Outstanding warrants at May 31, 2010		29			8.48
Warrants exercised during the year		(20	)		8.30
Warrants forfeited during the year		(2	)		8.18

Outstanding warrants at May 31, 2011		7			9.02
Warrants exercised during the year		(2	)		9.02
Warrants forfeited during the year		(5	)		9.02

Outstanding warrants at May 31, 2012		0			0

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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