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Equity Compensation Plans (Tables) | 12 Months Ended
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May 31, 2018
Stock Option Activity | Qualified and non-qualified options to purchase shares of common stock may be granted to directors, officers and employees of Neogen under the terms of our 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 1,913,000, 2,525,000 and 3,276,000 at May 31, 2018, 2017 and 2016, 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, 2015 (852 exercisable) |  |  | 2,651 |  |  |  | 23.29 |  |  |  | 6.90 |
Granted |  |  | 732 |  |  |  | 35.23 |  |  |  | 9.83 |
Exercised |  |  | (569 | ) |  |  | 17.60 |  |  |  | 5.36 |
Forfeited |  |  | (39 | ) |  |  | 28.93 |  |  |  | 8.36 |
Outstanding at May 31, 2016 (875 exercisable) |  |  | 2,775 |  |  |  | 27.53 |  |  |  | 7.97 |
Granted |  |  | 828 |  |  |  | 40.68 |  |  |  | 11.89 |
Exercised |  |  | (827 | ) |  |  | 22.82 |  |  |  | 6.77 |
Forfeited |  |  | (77 | ) |  |  | 32.04 |  |  |  | 9.17 |
Outstanding at May 31, 2017 (661 exercisable) |  |  | 2,699 |  |  |  | 32.88 |  |  |  | 9.51 |
Granted |  |  | 829 |  |  |  | 59.37 |  |  |  | 14.47 |
Exercised |  |  | (821 | ) |  |  | 28.18 |  |  |  | 8.20 |
Forfeited |  |  | (208 | ) |  |  | 39.57 |  |  |  | 11.12 |
Outstanding at May 31, 2018 (508 exercisable) |  |  | 2,499 |  |  |  | 42.63 |  |  |  | 11.44 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding at May 31, 2018:
(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 |
$8.27 - $30.03 |  |  | 515 |  |  |  | 1.5 |  |  | $ | 27.08 |  |  |  | 226 |  |  | $ | 24.78 |
$30.04 - $37.26 |  |  | 522 |  |  |  | 3.2 |  |  |  | 34.84 |  |  |  | 179 |  |  |  | 34.00 |
$37.27 - $40.91 |  |  | 619 |  |  |  | 3.8 |  |  |  | 40.45 |  |  |  | 90 |  |  |  | 40.44 |
$40.92 - $59.78 |  |  | 173 |  |  |  | 6.0 |  |  |  | 50.85 |  |  |  | 13 |  |  |  | 42.19 |
$59.79 - $68.96 |  |  | 670 |  |  |  | 4.5 |  |  |  | 60.55 |  |  |  | — |  |  |  | — |
|  | 2,499 |  |  | 3.5 |  |  | 42.63 |  |  | 508 |  |  | 31.23 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109197908&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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