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Earnings per Share
6 Months Ended
Nov. 30, 2012
Earnings Per Share [Abstract]  
Earnings per Share
    Earnings per Share
 
The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas’ common shares: 
 
Three Months Ended
 
Six Months Ended
(In thousands except per share data)
November 30,
2012
 
November 30,
2011
 
November 30,
2012
 
November 30,
2011
Basic Earnings per Share
 

 
 

 
 
 
 
Net income
$
78,027

 
$
74,350

 
$
154,760

 
$
142,988

 
 
 
 
 
 
 
 
Less dividends to:
 
 
 
 
 
 
 
     Common shares
$
78,866

 
$
70,055

 
$
78,866

 
$
70,055

     Unvested shares
878

 
765

 
878

 
765

Total dividends
$
79,744

 
$
70,820

 
$
79,744

 
$
70,820

 
 
 
 
 
 
 
 
Undistributed net (loss) income
$
(1,717
)
 
$
3,530

 
$
75,016

 
$
72,168

 
 
 
 
 
 
 
 
Less: net (loss) income allocated to participating unvested securities
(8
)
 
21

 
409

 
448

 
 
 
 
 
 
 
 
Net (loss) income available to common shareholders
$
(1,709
)
 
$
3,509

 
$
74,607

 
$
71,720

 
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
124,185

 
129,727

 
125,153

 
130,522

 
 
 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
 
 
Common shares - distributed earnings
$
0.64

 
$
0.54

 
$
0.64

 
$
0.54

Common shares - undistributed earnings
(0.01
)
 
0.03

 
0.60

 
0.55

    Total common shares
$
0.63

 
$
0.57

 
$
1.24

 
$
1.09

 
 
 
 
 
 
 
 
Unvested shares - distributed earnings
$
0.64

 
$
0.54

 
$
0.64

 
$
0.54

Unvested shares - undistributed earnings
(0.01
)
 
0.03

 
0.60

 
0.55

    Total unvested shares
$
0.63

 
$
0.57

 
$
1.24

 
$
1.09

 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
(In thousands except per share data)
November 30,
2012
 
November 30,
2011
 
November 30,
2012
 
November 30,
2011
Diluted Earnings per Share
 

 
 

 
 
 
 
Net income
$
78,027

 
$
74,350

 
$
154,760

 
$
142,988

 
 
 
 
 
 
 
 
Less dividends to:
 
 
 
 
 
 
 
    Common shares
$
78,866

 
$
70,055

 
$
78,866

 
$
70,055

    Unvested shares
878

 
765

 
878

 
765

Total dividends
$
79,744

 
$
70,820

 
$
79,744

 
$
70,820

 
 
 
 
 
 
 
 
Undistributed net (loss) income
$
(1,717
)
 
$
3,530

 
$
75,016

 
$
72,168

 
 
 
 
 
 
 
 
Less: net (loss) income allocated to participating unvested securities
(8
)
 
21

 
409

 
448

 
 
 
 
 
 
 
 
Net (loss) income available to common shareholders
$
(1,709
)
 
$
3,509

 
$
74,607

 
$
71,720

 
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
124,185

 
129,727

 
125,153

 
130,522

 
 
 
 
 
 
 
 
Effect of dilutive securities – employee stock options
424

 
13

 
388

 
21

 
 
 
 
 
 
 
 
Diluted weighted average common shares outstanding
124,609

 
129,740

 
125,541

 
130,543

 
 
 
 
 
 
 
 
Diluted earnings per share:


 


 
 
 
 
Common shares - distributed earnings
$
0.64

 
$
0.54

 
$
0.64

 
$
0.54

Common shares - undistributed earnings
(0.01
)
 
0.03

 
0.59

 
0.55

    Total common shares
$
0.63

 
$
0.57

 
$
1.23

 
$
1.09

 
 
 
 
 
 
 
 
Unvested shares - distributed earnings
$
0.64

 
$
0.54

 
$
0.64

 
$
0.54

Unvested shares - undistributed earnings
(0.01
)
 
0.03

 
0.59

 
0.55

    Total unvested shares
$
0.63

 
$
0.57

 
$
1.23

 
$
1.09

 
For the three months ended November 30, 2012 and 2011, 0.4 million and 3.3 million options granted to purchase shares of Cintas common stock were excluded from the computation of diluted earnings per share, respectively. For the six months ended November 30, 2012 and 2011, 0.7 million and 2.6 million options granted to purchase shares of Cintas common stock were excluded from the computation of diluted earnings per share, respectively. The exercise prices of these options were greater than the average market price of the common stock (anti-dilutive).
 
On October 18, 2011, we announced that the Board of Directors authorized a $500.0 million share buyback program at market prices.  During the first six months of fiscal 2013, we purchased 3.8 million shares of Cintas common stock for a total purchase price of $151.7 million. From the inception of the October 18, 2011 share buyback program through January 9, 2013, Cintas has purchased a total of 7.1 million shares of Cintas common stock at an average price of $39.72 for a total purchase price of $281.3 million. In addition, for the six months ended November 30, 2012, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the six months ended November 30, 2012. These shares were acquired at an average price of $37.88 per share for a total purchase price of $7.5 million.