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Equity Compensation Plans (Tables) | 12 Months Ended
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May 31, 2019
Stock Option Activity | Incentive and non-qualified options to purchase shares of common stock may be granted to directors, officers and employees of Neogen 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 3,997,000, 1,913,000 and 2,525,000 at May 31, 2019, 2018 and 2017, 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, 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 |
Granted |  |  | 527 |  |  |  | 62.92 |  |  |  | 14.91 |
Exercised |  |  | (513 | ) |  |  | 31.28 |  |  |  | 8.92 |
Forfeited |  |  | (128 | ) |  |  | 47.08 |  |  |  | 12.42 |
Outstanding at May 31, 2019 ( 617 exercisable) |  |  | 2,385 |  |  |  | 49.37 |  |  |  | 12.70 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding at May 31, 2019:
Range of Exercise Price |  | Number |  |  | (in years) |  |  | Exercise Price |  |  | Number |  |  | Exercise Price |
$ 10.17 - $ 37.26 |  |  | 575 |  |  |  | 1.7 |  |  | $ | 32.07 |  |  |  | 290 |  |  | $ | 30.62 |
$ 37.27 - $ 40.91 |  |  | 492 |  |  |  | 2.8 |  |  |  | 40.45 |  |  |  | 147 |  |  |  | 40.44 |
$ 40.92 - $ 59.78 |  |  | 172 |  |  |  | 4.0 |  |  |  | 51.03 |  |  |  | 54 |  |  |  | 49.19 |
$ 59.79 - $ 61.56 |  |  | 614 |  |  |  | 3.5 |  |  |  | 60.43 |  |  |  | 124 |  |  |  | 60.43 |
$ 61.57 - $ 68.96 |  |  | 532 |  |  |  | 4.5 |  |  |  | 63.03 |  |  |  | 2 |  |  |  | 68.36 |
|  |  | 2,385 |  |  |  | 3.2 |  |  |  | 49.37 |  |  |  | 617 |  |  |  | 40.68 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options Intrinsic Value |
|  | Year Ended |
(in thousands) |  | May 31, 2019 |  |  | May 31, 2018 |  |  | May 31, 2017 |
Aggregate intrinsic value of options outstanding |  | $ | 22,798 |  |  | $ | 82,649 |  |  | $ | 39,388 |
Aggregate intrinsic value of options exercisable |  | $ | 10,222 |  |  | $ | 22,572 |  |  | $ | 13,929 |
Aggregate intrinsic value of options exercised |  | $ | 21,382 |  |  | $ | 25,844 |  |  | $ | 18,067 |

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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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