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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2014
Allowance for Doubtful Accounts | The activity in the allowance for doubtful accounts was as follows:
|  | Year ended May 31 |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Beginning Balance |  | $ | 900 |  |  | $ | 800 |  |  | $ | 800 |
Provision |  |  | 367 |  |  |  | 193 |  |  |  | 91 |
Recoveries |  |  | 8 |  |  |  | 24 |  |  |  | 12 |
Write-offs |  |  | (75 | ) |  |  | (117 | ) |  |  | (103 | )
Ending Balance |  | $ | 1,200 |  |  | $ | 900 |  |  | $ | 800 |
Inventories | The components of inventories were as follows:
|  | May 31 |
(In thousands) |  | 2014 |  |  | 2013 |
Raw materials |  | $ | 21,515 |  |  | $ | 16,587 |
Work-in-process |  |  | 3,681 |  |  |  | 3,583 |
Finished and purchased finished goods |  |  | 25,982 |  |  |  | 18,145 |
|  | $ | 51,178 |  |  | $ | 38,315 |
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 |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Risk-free interest rate |  |  | 0.8% |  |  |  | 1.2% |  |  |  | 1.2% |
Expected dividend yield |  |  | 0% |  |  |  | 0% |  |  |  | 0% |
Expected stock price volatility |  |  | 33.1% |  |  |  | 39.2% |  |  |  | 36.4% |
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, except per share) |  | 2014 |  |  | 2013 |  |  | 2012 |
Numerator for basic and diluted net income per share - Net income attributable to Neogen |  | $ | 28,158 |  |  | $ | 27,190 |  |  | $ | 22,513 |
Denominator - Denominator for basic net income per share weighted average shares |  |  | 36,511 |  |  |  | 35,768 |  |  |  | 35,199 |
Effect of dilutive stock options |  |  | 756 |  |  |  | 723 |  |  |  | 830 |
Denominator for diluted net income per share |  |  | 37,267 |  |  |  | 36,491 |  |  |  | 36,029 |
Net income attributable to Neogen per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.77 |  |  | $ | 0.76 |  |  | $ | 0.64 |
Diluted |  | $ | 0.76 |  |  | $ | 0.75 |  |  | $ | 0.62 |

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- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 2 -Paragraph 6 -Subparagraph a,b,c -Article 5 + Details
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