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.