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Equity Compensation Plans | 12 Months Ended
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May 31, 2014
Equity Compensation Plans |
5. | Equity Compensation Plans
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 805,000, 1,227,000 and 1,662,000 at May 31, 2014, 2013 and 2012, respectively. Options vest ratably over three and five year periods and the contractual terms are generally five or ten years.
(Share in thousands) |  | Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at May 31, 2011 (764 exercisable) |  |  | 2,361 |  |  | $ | 11.85 |  |  | $ | 3.81 |
Granted |  |  | 474 |  |  |  | 23.06 |  |  |  | 6.94 |
Exercised |  |  | (480 | ) |  |  | 8.29 |  |  |  | 2.93 |
Forfeited |  |  | (41 | ) |  |  | 11.08 |  |  |  | 3.59 |
Outstanding at May 31, 2012 (863 exercisable) |  |  | 2,314 |  |  |  | 14.89 |  |  |  | 4.63 |
Granted |  |  | 459 |  |  |  | 28.67 |  |  |  | 9.21 |
Exercised |  |  | (657 | ) |  |  | 10.61 |  |  |  | 3.43 |
Forfeited |  |  | (24 | ) |  |  | 19.67 |  |  |  | 6.07 |
Outstanding at May 31, 2013 (749 exercisable) |  |  | 2,092 |  |  |  | 19.21 |  |  |  | 6.00 |
Granted |  |  | 512 |  |  |  | 36.44 |  |  |  | 9.87 |
Exercised |  |  | (643 | ) |  |  | 13.69 |  |  |  | 4.28 |
Forfeited |  |  | (92 | ) |  |  | 22.08 |  |  |  | 6.65 |
Outstanding at May 31, 2014 (577 exercisable) |  |  | 1,869 |  |  |  | 25.69 |  |  |  | 7.62 |
The following is a summary of stock options outstanding at May 31, 2014:
(Options in thousands) |  |  |  |  |  |
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise price |  | Number |  |  | Average Remaining Contractual Life (in years) |  |  | Weighted-Average Exercise Price |  |  | Number |  |  | Weighted Average Exercise Price |
$ 5.45 - $ 16.12 |  |  | 286 |  |  |  | 1.8 |  |  | $ | 11.70 |  |  |  | 201 |  |  | $ | 11.14 |
16.13 - 22.91 |  |  | 288 |  |  |  | 2.5 |  |  |  | 19.32 |  |  |  | 152 |  |  |  | 19.57 |
22.92 - 28.26 |  |  | 353 |  |  |  | 2.8 |  |  |  | 23.17 |  |  |  | 134 |  |  |  | 23.28 |
28.27 - 32.37 |  |  | 439 |  |  |  | 4.0 |  |  |  | 28.67 |  |  |  | 90 |  |  |  | 28.67 |
32.38 - 41.65 |  |  | 503 |  |  |  | 4.9 |  |  |  | 36.44 |  |  |  | — |  |  |  | — |
|  |  | 1,869 |  |  |  | 3.4 |  |  |  | 25.69 |  |  |  | 577 |  |  |  | 18.91 |
The weighted average exercise price of shares that were exercisable at May 31, 2014 and 2013 was $18.91 and $14.21, respectively. The aggregate intrinsic value of options outstanding and options exercisable was $22,751,000 and $10,984,000, respectively, at May 31, 2014, $35,778,000 and $16,557,000 respectively, at May 31, 2013 and $25,617,000 and $12,855,000 respectively, at May 31, 2012. The aggregate intrinsic value of options exercised during the year was $17,669,000 in fiscal 2014, $12,519,000 in fiscal 2013 and $8,226,000 in fiscal 2012. Remaining compensation cost to be expensed in future periods for non-vested options was $4,096,000 at May 31, 2013, with a weighted average expense recognition period of 3.2 years. Common stock totaling 65,309 of the 337,500 originally authorized shares are reserved for issuance under the terms of the 2002 Employee Stock Purchase Plan. An additional 375,000 shares are also reserved for issuance under the terms of the 2011 Employee Stock Purchase Plan. The plan gives eligible employees the option to purchase common stock at a 5% discount to the lower of the market value of the stock at the beginning or end of each participation period. Total individual purchases in any year are limited to 10% of compensation. Shares purchased by employees were 18,466, 22,388 and 21,216 in fiscal years 2014, 2013 and 2012, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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