Equity Compensation Plans (Tables)

12 Months Ended

May 31, 2017

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