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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
May. 31, 2015
Allowance for Doubtful Accounts

The activity in the allowance for doubtful accounts was as follows:

 

     Year ended May 31  
(In Thousands)    2015      2014      2013  

Beginning Balance

    $ 1,200       $ 900       $ 800   

Provision

      337         367         193   

Recoveries

      92         8         24   

Write-offs

      (329 )       (75 )       (117 ) 
  

 

 

     

 

 

     

 

 

  

Ending Balance

    $ 1,300       $ 1,200       $ 900   
  

 

 

     

 

 

     

 

 

  
Inventories

The components of inventories were as follows:

 

     May 31  
(in thousands)    2015      2014  

Raw materials

    $ 21,605       $ 21,515   

Work-in-process

      3,972         3,681   

Finished and purchased finished goods

      26,024         25,982   
  

 

 

     

 

 

  
   $ 51,601       $ 51,178   
  

 

 

     

 

 
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  
     2015      2014      2013  

Risk-free interest rate

      1.2%         0.8%         1.2%   

Expected dividend yield

      0%         0%         0%   

Expected stock price volatility

      36.2%         33.1%         39.2%   

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)    2015      2014      2013  

Numerator for basic and diluted net income per share - Net income attributable to Neogen

    $ 33,526       $ 28,158       $ 27,190   
  

 

 

     

 

 

     

 

 

  

Denominator - Denominator for basic net income per share weighted average shares

      36,953         36,511         35,768   

Effect of dilutive stock options

      491         756         723   
  

 

 

     

 

 

     

 

 

  

Denominator for diluted net income per share

      37,444         37,267         36,491   

Net income attributable to Neogen per share

         

Basic

    $ 0.91       $ 0.77       $ 0.76   

Diluted

    $ 0.90       $ 0.76       $ 0.75