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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2018
Allowance for Doubtful Accounts | The activity in the allowance for doubtful accounts was as follows:
|  | Year ended May 31 |
(in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Beginning Balance |  | $ | 2,000 |  |  | $ | 1,500 |  |  | $ | 1,300 |
Provision |  |  | 152 |  |  |  | 645 |  |  |  | 305 |
Recoveries |  |  | 40 |  |  |  | 25 |  |  |  | 90 |
Write-offs |  |  | (642 | ) |  |  | (170 | ) |  |  | (195 | )
Ending Balance |  | $ | 1,550 |  |  | $ | 2,000 |  |  | $ | 1,500 |
Inventories | The components of inventories were as follows:
|  | Year ended May 31 |
(in thousands) |  | 2018 |  |  | 2017 |
Raw Materials |  | $ | 36,702 |  |  | $ | 33,190 |
Work-in-process |  |  | 5,993 |  |  |  | 4,831 |
Finished goods |  |  | 33,310 |  |  |  | 35,123 |
|  | $ | 76,005 |  |  | $ | 73,144 |
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 |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Risk-free interest rate |  |  | 1.6% |  |  |  | 1.2% |  |  |  | 1.2% |
Expected dividend yield |  |  | 0.0% |  |  |  | 0.0% |  |  |  | 0.0% |
Expected stock volatility |  |  | 27.7% |  |  |  | 35.2% |  |  |  | 33.3% |
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) |  | 2018 |  |  | 2017 |  |  | 2016 |
Numerator for basic and diluted net income per share - Net Income attributable to Neogen |  | $ | 63,145 |  |  | $ | 43,793 |  |  | $ | 36,564 |
Denominator for basic net income per share - Weighted average shares |  |  | 51,358 |  |  |  | 50,544 |  |  |  | 49,869 |
Effect of dilutive stock options |  |  | 791 |  |  |  | 621 |  |  |  | 631 |
Denominator for diluted net income per share |  |  | 52,149 |  |  |  | 51,165 |  |  |  | 50,500 |
Net income attributable to Neogen per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.23 |  |  | $ | 0.87 |  |  | $ | 0.73 |
Diluted |  | $ | 1.21 |  |  | $ | 0.86 |  |  | $ | 0.72 |

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