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Equity Compensation Plans (Tables)
9 Months Ended
Feb. 28, 2014
Stock Option Activity

A summary of stock option activity during the nine months ended February 28, 2014 follows:

 

     Shares     Weighted-
Average
Exercise Price
 

Options outstanding at June 1, 2013

     2,091,000      $ 19.21   

Granted

     512,000        36.44   

Exercised

     (556,000     13.74   

Forfeited

     (81,000     21.35   
  

 

 

   

Options outstanding at February 28, 2014

     1,966,000        25.15   
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.

 

     FY2014   FY2013

Risk-free interest rate

   0.8%   1.2%

Expected dividend yield

   0%   0%

Expected stock price volatility

   33.1%   39.2%

Expected option life

   4.0 years   4.0 years