Equity Compensation Plans

12 Months Ended

May. 31, 2015

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 306,000, 805,000 and 1,227,000 at May 31, 2015, 2014 and 2013, respectively. Options vest ratably over three and five year periods and the contractual terms are generally five or ten years.


(Shares in thousands)	Shares			Weighted-Average Exercise Price		Weighted-Average Grant Date Fair Value
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
Granted		536			39.79		11.91
Exercised		(380	)		16.69		5.17
Forfeited		(37	)		33.55		9.45

Outstanding at May 31, 2015 (639 exercisable)		1,988			31.04		9.20

The following is a summary of stock options outstanding at May 31, 2015:


(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 - $ 22.91		261		2.4	$	17.10		198	$	16.58
22.92 - 28.26		321		1.8		23.17		184		23.22
28.27 - 32.37		411		3.0		28.67		164		28.67
32.38 - 38.03		432		3.6		36.07		81		36.07
38.04 - 43.67		563		5.1		39.90		12		41.60

		1,988		3.5		31.04		639		24.50

The weighted average exercise price of shares that were exercisable at May 31, 2015 and 2014 was $24.50 and $18.91, respectively.

The aggregate intrinsic value of options outstanding and options exercisable was $31,204,000 and $14,201,000, respectively, at May 31, 2015, $22,751,000 and $10,984,000 respectively, at May 31, 2014 and $35,778,000 and $16,557,000 respectively, at May 31, 2013. The aggregate intrinsic value of options exercised during the year was $10,690,000 in fiscal 2015, $17,669,000 in fiscal 2014 and $12,519,000 in fiscal 2013. Remaining compensation cost to be expensed in future periods for non-vested options was $13,567,000 at May 31, 2015, with a weighted average expense recognition period of 2.9 years.

Common stock totaling 45,717 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 plans give 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 19,592, 18,466 and 22,388 in fiscal years 2015, 2014 and 2013, respectively.