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, 2017		August 31, 2016

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	161,108	$	136,208
Less: income from continuing operations allocated to participating securities	3,187		2,852
Income from continuing operations available to common shareholders	$	157,921	$	133,356
Basic weighted average common shares outstanding	105,740		104,483

Basic earnings per share from continuing operations	$	1.50	$	1.27



	Three Months Ended
(In thousands except per share data)	August 31, 2017		August 31, 2016

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	161,108	$	136,208
Less: income from continuing operations allocated to participating securities	3,187		2,852
Income from continuing operations available to common shareholders	$	157,921	$	133,356
Basic weighted average common shares outstanding	105,740		104,483
Effect of dilutive securities – employee stock options	2,797		2,631
Diluted weighted average common shares outstanding	108,537		107,114

Diluted earnings per share from continuing operations	$	1.45	$	1.24

For the three months ended August 31, 2017, basic and diluted earnings per share from discontinued operations were $0.52 and $0.51, respectively. Both basic and diluted earnings per share from discontinued operations were $0.02 for the three months ended August 31, 2016.

For the three months ended August 31, 2017 and August 31, 2016, options granted to purchase 0.6 million and 0.7 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 2, 2016, Cintas announced that the Board of Directors authorized a $500.0 million share buyback program, which does not have an expiration date. As of August 31, 2017, no share buybacks have occurred under the August 2, 2016 program and there were no share buybacks under this program subsequent to August 31, 2017 through October 6, 2017.

For the three months ended August 31, 2017, Cintas acquired 0.3 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the three months ended August 31, 2017. These shares were acquired at an average price of $128.70 per share for a total purchase price of $35.0 million.