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Earnings Per Share
 3 Months Ended
Aug. 31, 2013
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
(In thousands except per share data)
August 31,
2013
 
August 31,
2012
Basic Earnings per Share
 

 
 

Net income
$
77,754

 
$
76,733

Less: net income allocated to participating unvested securities
460

 
365

Net income available to common shareholders
$
77,294

 
$
76,368

 
 
 
 
Basic weighted average common shares outstanding
122,130

 
126,110

 
 
 
 
Basic earnings per common share
$
0.63

 
$
0.61

 
 
 
 
Diluted Earnings per Share
 

 
 

Net income
$
77,754

 
$
76,733

Less: net income allocated to participating unvested securities
460

 
365

Net income available to common shareholders
$
77,294

 
$
76,368

 
 
 
 
Basic weighted average common shares outstanding
122,130

 
126,110

Effect of dilutive securities – employee stock options
762

 
348

Diluted weighted average common shares outstanding
122,892

 
126,458

 
 
 
 
Diluted earnings per share
$
0.63

 
$
0.60


 
For the three months ended August 31, 2013 and 2012, 0.6 million and 0.8 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. On July 30, 2013, we announced that the Board of Directors authorized a new $500.0 million share buyback program, which does not have an expiration date. In the three months ended August 31, 2013, we purchased 2.1 million shares of Cintas common stock for a total purchase price of $100.8 million. In the period subsequent to August 31, 2013 through October 10, 2013, we purchased 0.9 million shares of Cintas common stock for $46.3 million. From the inception of the October 18, 2011 share buyback program through October 10, 2013, Cintas has purchased a total of 11.4 million shares of Cintas common stock at an average price of $42.44 for a total purchase price of $484.6 million. In addition, for the three months ended August 31, 2013, Cintas acquired 0.1 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the three months ended August 31, 2013. These shares were acquired at an average price of $47.67 per share for a total purchase price of $6.2 million.