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				Nine Months Ended
(In thousands except per share data)	February 28, 2017		February 29, 2016		February 28, 2017		February 29, 2016

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	118,647	$	117,279	$	380,192	$	338,930
Less: income from continuing operations allocated to participating securities	2,262		1,871		7,217		5,500
Income from continuing operations available to common shareholders	$	116,385	$	115,408	$	372,975	$	333,430
Basic weighted average common shares outstanding	105,093		107,843		104,842		108,923

Basic earnings per share from continuing operations	$	1.11	$	1.07	$	3.56	$	3.06



	Three Months Ended				Nine Months Ended
(In thousands except per share data)	February 28, 2017		February 29, 2016		February 28, 2017		February 29, 2016

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	118,647	$	117,279	$	380,192	$	338,930
Less: income from continuing operations allocated to participating securities	2,262		1,871		7,217		5,500
Income from continuing operations available to common shareholders	$	116,385	$	115,408	$	372,975	$	333,430
Basic weighted average common shares outstanding	105,093		107,843		104,842		108,923
Effect of dilutive securities – employee stock options	2,799		1,620		2,666		1,689
Diluted weighted average common shares outstanding	107,892		109,463		107,508		110,612

Diluted earnings per share from continuing operations	$	1.08	$	1.05	$	3.47	$	3.01

Both basic and diluted loss per share from discontinued operations were $0.01 for the three months ended February 28, 2017. Both basic and diluted income per share from discontinued operations were $0.00 for the three months ended February 29, 2016. For the nine months ended February 28, 2017, both basic and diluted income per share from discontinued operations were $0.15. For the nine months ended February 29, 2016, basic and diluted income per share from discontinued operations were $2.02 and $1.99, respectively.

For both the three months ended February 28, 2017 and February 29, 2016, options granted to purchase 0.3 million shares of Cintas common stock, were excluded from the computation of diluted earnings per share. For the nine months ended February 28, 2017 and February 29, 2016, options granted to purchase 0.5 million and 0.3 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 August 4, 2015, we announced that the Board of Directors authorized a $500.0 million share buyback program. In June 2016, we purchased less than 0.1 million shares at an average price of $94.09 per share for a total purchase price of $3.7 million. This completed the August 4, 2015 program through which Cintas purchased a total of 5.7 million shares of Cintas common stock at an average price of $87.89 per share for a total purchase price of $500.0 million. On August 2, 2016, Cintas announced that the Board of Directors authorized a new $500.0 million share buyback program, which does not have an expiration date.

For the nine months ended February 28, 2017, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the nine months ended February 28, 2017. These shares were acquired at an average price of $100.59 per share for a total purchase price of $16.3 million.