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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2017
Allowance for Doubtful Accounts | The activity in the allowance for doubtful accounts was as follows:
|  | Year ended May 31 |
(in thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Beginning Balance |  | $ | 1,500 |  |  | $ | 1,300 |  |  | $ | 1,200 |
Provision |  |  | 645 |  |  |  | 305 |  |  |  | 337 |
Recoveries |  |  | 25 |  |  |  | 90 |  |  |  | 92 |
Write-offs |  |  | (170 | ) |  |  | (195 | ) |  |  | (329 | )
Ending Balance |  | $ | 2,000 |  |  | $ | 1,500 |  |  | $ | 1,300 |
Inventories | The components of inventories were as follows:
|  | Year ended May 31 |
(in thousands) |  | 2017 |  |  | 2016 |
Raw Materials |  | $ | 33,190 |  |  | $ | 29,501 |
Work-in-process |  |  | 4,831 |  |  |  | 4,498 |
Finished goods |  |  | 35,123 |  |  |  | 30,372 |
|  | $ | 73,144 |  |  | $ | 64,371 |
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 |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Risk-free interest rate |  |  | 1.2% |  |  |  | 1.2% |  |  |  | 1.2% |
Expected dividend yield |  |  | 0.0% |  |  |  | 0.0% |  |  |  | 0.0% |
Expected stock volatility |  |  | 35.2% |  |  |  | 33.3% |  |  |  | 36.2% |
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) |  | 2017 |  |  | 2016 |  |  | 2015 |
Numerator for basic and diluted net income per share - Net Income attributable to Neogen |  | $ | 43,793 |  |  | $ | 36,564 |  |  | $ | 33,526 |
Denominator for basic net income per share - Weighted average shares |  |  | 37,908 |  |  |  | 37,402 |  |  |  | 36,953 |
Effect of dilutive stock options |  |  | 466 |  |  |  | 473 |  |  |  | 491 |
Denominator for diluted net income per share |  |  | 38,374 |  |  |  | 37,875 |  |  |  | 37,444 |
Net income attributable to Neogen per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.16 |  |  | $ | 0.98 |  |  | $ | 0.91 |
Diluted |  | $ | 1.14 |  |  | $ | 0.97 |  |  | $ | 0.90 |

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