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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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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.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

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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.

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-Publisher SEC

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-Number 210

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-Name Accounting Standards Codification

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