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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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