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 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

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

The weighted average exercise price of shares that were exercisable at May 31, 2017 and 2016 was $35.23 and $29.69, respectively.

Compensation expense related to share-based awards was $5,261,000, $5,468,000 and $4,450,000 in fiscal years 2017, 2016 and 2015, respectively. Remaining compensation cost to be expensed in future periods for non-vested options was $10,999,000 at May 31, 2017, with a weighted average expense recognition period of 3.3 years.

The aggregate intrinsic value of options outstanding and options exercisable was $39,388,000 and $13,929,000, respectively, at May 31, 2017, $26,344,000 and $12,912,000 respectively, at May 31, 2016 and $31,204,000 and $14,201,000 respectively, at May 31, 2015. The aggregate intrinsic value of options exercised during the year was $18,067,000 in fiscal 2017, $12,980,000 in fiscal 2016 and $10,690,000 in fiscal 2015.

Common stock totaling 8,725 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; the discount is recorded in general and administrative expense. Total individual purchases in any year are limited to 10% of compensation. Shares purchased by employees were 18,715, 18,277 and 19,592 in fiscal years 2017, 2016 and 2015, respectively.