5.	Equity Compensation Plans

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

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

The weighted average exercise price of shares that were exercisable at May 31, 2018 and 2017 was $31.23 and $26.49, respectively.

Compensation expense related to share-based awards was $4,909,000, $5,261,000 and $5,468,000 in fiscal years 2018, 2017 and 2016, respectively. Remaining compensation cost to be expensed in future periods for non-vested options was $15,367,000 at May 31, 2018, with a weighted average expense recognition period of 3.5 years.

The aggregate intrinsic value of options outstanding and options exercisable was $82,649,000 and $22,572,000, respectively, at May 31, 2018, $39,388,000 and $13,929,000 respectively, at May 31, 2017 and $26,344,000 and $12,912,000 respectively, at May 31, 2016. The aggregate intrinsic value of options exercised during the year was $25,844,000 in fiscal 2018, $18,067,000 in fiscal 2017 and $12,980,000 in fiscal 2016.

Common stock totaling 332,000 of the 450,000 originally authorized shares are reserved for issuance under the terms of the 2011 Employee Stock Purchase Plan. The plan gives 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 22,127 in fiscal 2018, 24,953 in fiscal 2017 and 24,369 in fiscal 2016.