Stock-Based Compensation (Tables)

9 Months Ended

Feb. 28, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Option Activity

The following tables summarize option activity for the nine months ended February 28, 2017 and February 29, 2016:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at May 31, 2015		—	$
Granted		225,000		3.28
Options outstanding at February 29, 2016		225,000	$	3.28		9.39	$	169
Options outstanding at May 31, 2016		225,000	$	3.28
Granted		49,000		10.23
Options outstanding at February 28, 2017		274,000	$	4.79		8.65	$	1,988
Vested and exercisable options at February 28, 2017		45,000	$	3.28		8.39	$	395

Summary of Non-vested Options Activity

The weighted average grant-date fair value of options granted during the first nine months of fiscal 2017 and 2016 were $7.58 and $2.19, respectively.

	Number of Shares			Weighted Average Grant-Date Fair Value
Non-vested options at May 31, 2015		—		$	—
Granted		225,000			2.19
Vested		—			—
Non-vested options at February 29, 2016		225,000		$	2.19
Non-vested options at May 31, 2016		225,000		$	2.19
Granted		49,000			7.58
Vested		(45,000	)		2.19
Non-vested options at February 28, 2017		229,000		$	3.34

Fair Value of Options Granted Estimated at Date of Grant Using Weighted Average Assumptions

The fair value of the options granted during the first nine months of fiscal 2017 and 2016 were estimated at the date of grant using the following weighted average assumptions:

	2017			2016
Volatility		64.3	%		55.8	%
Risk-free interest rate		2.14	%		2.22	%
Expected option life in years		7.50			9.72
Dividend yield		0	%		0	%