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Equity Compensation Plans (Tables) | 12 Months Ended
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May 31, 2017
Stock Option Activity | 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 1,894,000, 2,457,000 and 306,000 at May 31, 2017, 2016 and 2015, respectively. Options vest ratably over three and five year periods and the contractual terms are generally five or ten years.
(options in thousands) |  | Options |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Grant Date Fair Value |
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 |
Granted |  |  | 621 |  |  |  | 54.24 |  |  |  | 15.86 |
Exercised |  |  | (620 | ) |  |  | 30.42 |  |  |  | 9.03 |
Forfeited |  |  | (58 | ) |  |  | 42.72 |  |  |  | 12.22 |
Outstanding at May 31, 2017 (496 exercisable) |  |  | 2,024 |  |  |  | 43.84 |  |  |  | 12.68 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding at May 31, 2017:
(options in thousands) |  |  |  |  |  |
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Price |  | Number |  |  | Average Contractual Life (in years) |  |  | Weighted-Average Exercise Price |  |  | Number |  |  | Weighted-Average Exercise Price |
$ 11.02 - $36.26 |  |  | 491 |  |  |  | 1.8 |  |  | $ | 31.22 |  |  |  | 268 |  |  | $ | 29.16 |
$ 36.27 - $40.87 |  |  | 382 |  |  |  | 2.8 |  |  |  | 39.57 |  |  |  | 113 |  |  |  | 39.54 |
$ 40.88 - $49.68 |  |  | 536 |  |  |  | 4.1 |  |  |  | 46.52 |  |  |  | 115 |  |  |  | 45.12 |
$ 49.69 - $54.55 |  |  | 576 |  |  |  | 4.7 |  |  |  | 53.94 |  |  |  | — |  |  |  | — |
$ 54.56 - $65.71 |  |  | 39 |  |  |  | 7.7 |  |  |  | 58.74 |  |  |  | — |  |  |  | — |
|  |  | 2,024 |  |  |  | 3.5 |  |  |  | 43.84 |  |  |  | 496 |  |  |  | 35.23 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: 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=96867065&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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