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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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