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Equity Compensation Plans | 12 Months Ended
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May 31, 2016
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 2,457,000, 306,000 and 805,000 at May 31, 2016, 2015 and 2014, 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, 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 |
Granted |  |  | 549 |  |  |  | 46.98 |  |  |  | 13.11 |
Exercised |  |  | (427 | ) |  |  | 23.47 |  |  |  | 7.15 |
Forfeited |  |  | (29 | ) |  |  | 38.57 |  |  |  | 11.14 |
Outstanding at May 31, 2016 (656 exercisable) |  |  | 2,081 |  |  |  | 36.71 |  |  |  | 10.63 |
The following is a summary of stock options outstanding at May 31, 2016:
(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 |
$ 6.01 - $28.26 |  |  | 277 |  |  |  | 1.8 |  |  | $ | 20.67 |  |  |  | 209 |  |  | $ | 19.88 |
28.27 - 32.37 |  |  | 321 |  |  |  | 2.1 |  |  |  | 28.67 |  |  |  | 173 |  |  |  | 28.67 |
32.38 - 38.03 |  |  | 408 |  |  |  | 2.6 |  |  |  | 36.07 |  |  |  | 156 |  |  |  | 36.07 |
38.04 - 43.75 |  |  | 532 |  |  |  | 4.1 |  |  |  | 39.88 |  |  |  | 118 |  |  |  | 40.10 |
43.76 - 47.12 |  |  | 543 |  |  |  | 4.9 |  |  |  | 46.99 |  |  |  | 0 |  |  |  | — |
|  |  | 2,081 |  |  |  | 3.4 |  |  |  | 36.71 |  |  |  | 656 |  |  |  | 29.69 |
The weighted average exercise price of shares that were exercisable at May 31, 2016 and 2015 was $29.69 and $24.50, respectively. Compensation expense related to share-based awards was $5,468,000, $4,450,000 and $3,686,000 in fiscal years 2016, 2015 and 2014, respectively. Remaining compensation cost to be expensed in future periods for non-vested options was $7,335,000 at May 31, 2016, with a weighted average expense recognition period of 2.3 years. The aggregate intrinsic value of options outstanding and options exercisable was $26,344,000 and $12,912,000, respectively, at May 31, 2016, $31,204,000 and $14,201,000 respectively, at May 31, 2015 and $22,751,000 and $10,984,000 respectively, at May 31, 2014. The aggregate intrinsic value of options exercised during the year was $12,980,000 in fiscal 2016, $10,690,000 in fiscal 2015 and $17,669,000 in fiscal 2014. Common stock totaling 27,440 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 18,277, 19,592 and 18,466 in fiscal years 2016, 2015 and 2014, 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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: 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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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