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Equity Compensation Plans | 12 Months Ended
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May 31, 2021
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 6,355,000, 7,002,000 and 7,994,000 at May 31, 2021, 2020 and 2019, 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, 2018 (1,016 exercisable) |  |  | 4,998 |  |  | $ | 21.32 |  |  | $ | 5.72 |
Granted |  |  | 1,054 |  |  |  | 31.46 |  |  |  | 7.46 |
Exercised |  |  | (1,026 | ) |  |  | 15.64 |  |  |  | 4.46 |
Forfeited |  |  | (256 | ) |  |  | 23.54 |  |  |  | 6.21 |
Outstanding at May 31, 2019 (1,234 exercisable) |  |  | 4,770 |  |  |  | 24.69 |  |  |  | 6.35 |
Granted |  |  | 1,124 |  |  |  | 31.96 |  |  |  | 7.78 |
Exercised |  |  | (1,438 | ) |  |  | 20.12 |  |  |  | 5.53 |
Forfeited |  |  | (132 | ) |  |  | 28.72 |  |  |  | 7.10 |
Outstanding at May 31, 2020 (972 exercisable) |  |  | 4,324 |  |  |  | 27.98 |  |  |  | 6.98 |
Granted |  |  | 403 |  |  |  | 34.23 |  |  |  | 7.71 |
Exercised |  |  | (1,389 | ) |  |  | 24.38 |  |  |  | 6.31 |
Forfeited |  |  | (381 | ) |  |  | 28.99 |  |  |  | 7.20 |
Outstanding at May 31, 2021 (643 exercisable) |  |  | 2,957 |  |  |  | 30.38 |  |  |  | 7.36 |
The following is a summary of stock options outstanding at May 31, 2021:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Average |  |  |  |  |  |  |  |  |  |
(options in thousands) |  |  |  |  | Contractual Life |  |  | Weighted-Average |  |  |  |  |  | Weighted-Average |
Range of Exercise Price |  | Number |  |  | (in years) |  |  | Exercise Price |  |  | Number |  |  | Exercise Price |
$10.75 - $20.00 |  |  | 54 |  |  |  | 3.1 |  |  | $ | 15.65 |  |  |  | 51 |  |  | $ | 15.45 |
$20.01 - $30.00 |  |  | 376 |  |  |  | 1.8 |  |  |  | 22.55 |  |  |  | 150 |  |  |  | 23.07 |
$30.01 - $31.50 |  |  | 1,150 |  |  |  | 2.1 |  |  |  | 30.87 |  |  |  | 299 |  |  |  | 30.76 |
$31.51 - $32.00 |  |  | 898 |  |  |  | 3.4 |  |  |  | 31.95 |  |  |  | 101 |  |  |  | 31.95 |
$32.01 - $35.28 |  |  | 479 |  |  |  | 4.1 |  |  |  | 34.07 |  |  |  | 42 |  |  |  | 33.53 |
|  |  | 2,957 |  |  |  | 2.8 |  |  |  | 30.38 |  |  |  | 643 |  |  |  | 28.10 |
The weighted average exercise price of shares subject to options that were exercisable at May 31, 2020 and 2019 was $24.47 and $20.34, respectively. Compensation expense related to share-based awards was $6,437,000, $6,468,000 and $5,543,000 in fiscal years 2021, 2020 and 2019, respectively. Remaining compensation cost to be expensed in future periods for non-vested options was $15,131,000 at May 31, 2021, with a weighted average expense recognition period of 3.1 years.
|  | Year Ended |
(in thousands) |  | May 31, 2021 |  |  | May 31, 2020 |  |  | May 31, 2019 |
Aggregate intrinsic value of options outstanding |  | $ | 46,667 |  |  | $ | 32,988 |  |  | $ | 22,798 |
Aggregate intrinsic value of options exercisable |  | $ | 11,617 |  |  | $ | 10,814 |  |  | $ | 10,222 |
Aggregate intrinsic value of options exerised |  | $ | 22,349 |  |  | $ | 19,597 |  |  | $ | 21,382 |
The Company granted 118,250 restricted stock units (RSUs) to directors, officers and employees under the terms of the 2018 Omnibus Incentive Plan in October 2020, which vest ratably over three and five year periods. RSUs have a weighted average value of $34.21 per share and will be expensed straight-line over the remaining weighted-average period of 4.24 years. On May 31, 2021 there was $3,064,000 in unamortized compensation cost related to non-vested RSUs. 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 38,406 in fiscal 2021 , 43,156 in fiscal 2020 and 36,660 in fiscal 2019. As of May 31, 2021, common stock totaling 649,228 of the 1,425,000 authorized shares remained 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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