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Equity Compensation Plans | 12 Months Ended
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May 31, 2022
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 share-based compensation plans were 5,386,000, 6,355,000 and 7,002,000 at May 31, 2022, 2021 and 2020, respectively. Options vest ratably over three and five-year periods and the contractual terms are generally five or ten years.
|  |  |  |  | Weighted-Average |  |  | Weighted-Average |
(options in thousands) |  | Options |  |  | Exercise Price |  |  | Grant Date Fair Value |
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 |
Granted |  |  | 615 |  |  |  | 36.42 |  |  |  | 8.49 |
Exercised |  |  | (281 | ) |  |  | 22.79 |  |  |  | 6.29 |
Forfeited |  |  | (47 | ) |  |  | 33.93 |  |  |  | 8.02 |
Outstanding at May 31, 2022 (1,191 exercisable) |  |  | 3,244 |  |  |  | 32.13 |  |  |  | 7.66 |
The following is a summary of stock options outstanding at May 31, 2022:
|  | 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 |  |  | 49 |  |  |  | 2.3 |  |  | $ | 15.43 |  |  |  | 49 |  |  | $ | 15.43 |
$20.01 - $28.99 |  |  | 344 |  |  |  | 3.8 |  |  |  | 26.80 |  |  |  | 83 |  |  |  | 23.08 |
$29.00 - $30.99 |  |  | 493 |  |  |  | 0.9 |  |  |  | 30.16 |  |  |  | 332 |  |  |  | 30.13 |
$31.00- $31.99 |  |  | 1,509 |  |  |  | 2.0 |  |  |  | 31.70 |  |  |  | 581 |  |  |  | 31.64 |
$32.00- $42.45 |  |  | 849 |  |  |  | 3.7 |  |  |  | 37.16 |  |  |  | 146 |  |  |  | 33.88 |
|  |  | 3,244 |  |  |  | 2.5 |  |  |  | 32.13 |  |  |  | 1,191 |  |  |  | 30.24 |
The weighted average exercise price of shares subject to options that were exercisable at May 31, 2021 and 2020 was $28.10 and $24.47, respectively. Compensation expense related to share-based awards was $ 7,154,000 , $ 6,437,000 and $ 6,468,000 in fiscal years 2022 , 2021 and 2020 , respectively. Remaining compensation cost to be expensed in future periods for non-vested options was $ 10,927,000 at May 31 , 2022 , with a weighted average expense recognition period of 2.9 years.
|  | Year ended May 31 |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Aggregate intrinsic value of options outstanding |  | $ | 850 |  |  | $ | 46,667 |  |  | $ | 32,988 |
Aggregate intrinsic value of options exercisable |  | $ | 817 |  |  | $ | 11,617 |  |  | $ | 10,814 |
Aggregate intrinsic value of options exerised |  | $ | 5,507 |  |  | $ | 22,349 |  |  | $ | 19,597 |
The Company grants restricted stock units (RSUs) to directors, officers and employees under the terms of the 2018 Omnibus Incentive Plan, which vest ratably over three and five year periods. The RSUs are expensed straight-line over the remaining weighted-average period of 4.0 years. On May 31, 2022 , there was $6,866,000 in unamortized compensation cost related to non-vested RSUs.
(RSU Grants in thousands) |  | RSUs |  |  | Weighted Average Grant Date Fair Value |
Outstanding at May 31, 2020 |  |  | — |  |  | $ | — |
Granted |  |  | 122 |  |  |  | 34.21 |
Released |  |  | — |  |  |  | — |
Forfeited |  |  | (1 | ) |  |  | 34.21 |
Outstanding at May 31, 2021 |  |  | 121 |  |  |  | 34.21 |
Granted |  |  | 169 |  |  |  | 37.28 |
Released |  |  | (25 | ) |  |  | 34.24 |
Forfeited |  |  | (8 | ) |  |  | 36.80 |
Outstanding at May 31, 2022 |  |  | 257 |  |  |  | 36.14 |
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 43,456 in fiscal 2022, 38,406 in fiscal 2021 and 43,156 in fiscal 2020. As of May 31, 2022, common stock totaling 605,774 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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