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Equity Compensation Plans | 12 Months Ended
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May 31, 2020
Equity Compensation Plans |
5. | Equity Compensation Plans
Incentive and non-qualified options to purchase shares of common stock have been granted to directors, officers and employees of Neogen under the terms of the Company’s stock option plans. These options were 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 3,501,000, 3,997,000 and 1,913,000 at May 31, 2020, 2019 and 2018, 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, 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 |
Granted |  |  | 562 |  |  |  | 63.91 |  |  |  | 15.56 |
Exercised |  |  | (719 | ) |  |  | 40.24 |  |  |  | 11.05 |
Forfeited |  |  | (66 | ) |  |  | 57.44 |  |  |  | 14.20 |
Outstanding at May 31, 2020 (486 exercisable) |  |  | 2,162 |  |  |  | 55.96 |  |  |  | 13.95 |
The following is a summary of stock options outstanding at May 31, 2020:
(options in thousands) |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Average |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Contractual Life |  |  | Weighted-Average |  |  |  |  |  | Weighted-Average |
Range of Exercise Price |  | Number |  |  | (in years) |  |  | Exercise Price |  |  | Number |  |  | Exercise Price |
$16.82 - $40.91 |  |  | 507 |  |  |  | 1.4 |  |  | $ | 37.26 |  |  |  | 208 |  |  | $ | 34.94 |
$40.92 - $61.56 |  |  | 605 |  |  |  | 2.6 |  |  |  | 58.59 |  |  |  | 183 |  |  |  | 57.43 |
$61.57 - $62.88 |  |  | 465 |  |  |  | 3.5 |  |  |  | 62.70 |  |  |  | 85 |  |  |  | 62.70 |
$62.89 - $64.05 |  |  | 539 |  |  |  | 4.4 |  |  |  | 63.90 |  |  |  | — |  |  |  | — |
$64.06 - $68.96 |  |  | 46 |  |  |  | 3.6 |  |  |  | 66.48 |  |  |  | 10 |  |  |  | 67.98 |
|  |  | 2,162 |  |  |  | 3.0 |  |  |  | 55.96 |  |  |  | 486 |  |  |  | 48.94 |
The weighted average exercise price of shares that were exercisable at May 31, 2020 and 2019 was $48.94 and $40.68, respectively. Compensation expense related to share-based awards was $6,468,000, $5,543,000 and $4,909,000 in fiscal years 2020, 2019 and 2018, respectively. Remaining compensation cost to be expensed in future periods for non-vested options was $16,949,000 at May 31, 2020, with a weighted average expense recognition period of 3.2 years.
|  | Year Ended |
(in thousands) |  | May 31 , 2020 |  |  | May 31 , 2019 |  |  | May 31 , 2018 |
Aggregate intrinsic value of options outstanding |  | $ | 32,988 |  |  | $ | 22,798 |  |  | $ | 82,649 |
Aggregate intrinsic value of options exercisable |  |  | 10,814 |  |  |  | 10,222 |  |  |  | 22,572 |
Aggregate intrinsic value of options exercised |  |  | 19,597 |  |  |  | 21,382 |  |  |  | 25,844 |
The Company offers 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 under the terms of the 2011 Employee Stock Purchase Plan; 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 through this program were 21,578 in fiscal 2020, 18,330 in fiscal 2019 and 22,127 in fiscal 2018. Common stock totaling 343,817 of the 712,500 authorized shares are reserved for issuance under the plan.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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