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Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2016

Allowance for Doubtful Accounts

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

		Year ended May 31
(in Thousands)		2016				2015				2014
Beginning Balance		$	1,300			$	1,200			$	900
Provision			305				337				367
Recoveries			90				92				8
Write-offs			(195	)			(329	)			(75	)
Ending Balance		$	1,500			$	1,300			$	1,200

Inventories

The components of inventories were as follows:

		May 31
(in thousands)		2016				2015
Raw materials		$	29,501			$	21,605
Work-in-process			4,498				3,972
Finished and purchased finished goods			30,372				26,024
		$	64,371			$	51,601

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
		2016				2015				2014
Risk-free interest rate			1.2%				1.2%				0.8%
Expected dividend yield			0%				0%				0%
Expected stock price volatility			33.3%				36.2%				33.1%
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)		2016				2015				2014
Numerator for basic and diluted net income per share - Net income attributable to Neogen		$	36,564			$	33,526			$	28,158
Denominator for basic net income per share - Weighted average shares			37,402				36,953				36,511
Effect of dilutive stock options			473				491				756
Denominator for diluted net income per share			37,875				37,444				37,267
Net income attributable to Neogen per share
Basic		$	0.98			$	0.91			$	0.77
Diluted		$	0.97			$	0.90			$	0.76

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