Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share from continuing operations using the two-class method for amounts attributable to Cintas’ common shares:



	Three Months Ended
(In thousands except per share data)	August 31, 2015		August 31, 2014

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	106,198	$	105,905
Less: income from continuing operations allocated to participating securities	1,742		591
Income from continuing operations available to common shareholders	$	104,456	$	105,314
Basic weighted average common shares outstanding	110,597		116,659

Basic earnings per share from continuing operations	$	0.94	$	0.90



	Three Months Ended
(In thousands except per share data)	August 31, 2015		August 31, 2014

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	106,198	$	105,905
Less: income from continuing operations allocated to participating securities	1,742		591
Income from continuing operations available to common shareholders	$	104,456	$	105,314
Basic weighted average common shares outstanding	110,597		116,659
Effect of dilutive securities – employee stock options	1,632		1,371
Diluted weighted average common shares outstanding	112,229		118,030

Diluted earnings per share from continuing operations	$	0.93	$	0.89

Basic and diluted loss per share from discontinued operations were $(0.05) for the three months ended August 31, 2015. Basic and diluted earnings per share from discontinued operations were $0.04 for the three months ended August 31, 2014.

For the three months ended August 31, 2015 and 2014, options granted to purchase 0.5 million and 0.6 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. The exercise prices of these options were greater than the average market price of the common stock (anti-dilutive).

On January 13, 2015, we announced that the Board of Directors authorized a $500.0 million share buyback program, which does not have an expiration date. For the three months ended August 31, 2015, we purchased 2.4 million shares of Cintas common stock at an average price of $85.65 per share for a total purchase price of $202.5 million. In the period subsequent to August 31, 2015 through October 9, 2015, we purchased 2.1 million shares of Cintas common stock for a total purchase price of $180.4 million. The January 13, 2015 share buyback program was completed in the period subsequent to August 31, 2015. From the inception of the January 13, 2015 share buyback program through September 2015, Cintas purchased a total of 5.9 million shares of Cintas common stock at an average price of $84.07 per share for a total purchase price of $500.0 million. On August 4, 2015, we announced that the Board of Directors authorized a new $500.0 million share buyback program. Under the August 4, 2015 share buyback program, Cintas purchased 1.4 million shares of Cintas common stock for a total purchase price of $120.0 million during the period subsequent to August 31, 2015 through October 9, 2015. In addition, for the three months ended August 31, 2015, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the three months ended August 31, 2015. These shares were acquired at an average price of $85.54 per share for a total purchase price of $19.1 million.