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:



Basic Earnings per Share from Continuing Operations (In thousands except per share data)	2018		2017		2016

Income from continuing operations	$	783,932	$	457,286	$	448,605
Less: income from continuing operations allocated to participating securities	11,794		8,168		7,131
Income from continuing operations available to common shareholders	$	772,138	$	449,118	$	441,474
Basic weighted average common shares outstanding	106,593		104,964		108,221

Basic earnings per share from continuing operations	$	7.24	$	4.27	$	4.08



Diluted Earnings per Share from Continuing Operations (In thousands except per share data)	2018		2017		2016

Income from continuing operations	$	783,932	$	457,286	$	448,605
Less: income from continuing operations allocated to participating securities	11,794		8,168		7,131
Income from continuing operations available to common shareholders	$	772,138	$	449,118	$	441,474
Basic weighted average common shares outstanding	106,593		104,964		108,221
Effect of dilutive securities – employee stock options	3,217		2,819		1,735
Diluted weighted average common shares outstanding	109,810		107,783		109,956

Diluted earnings per share from continuing operations	$	7.03	$	4.17	$	4.02

Basic and diluted earnings per share from discontinued operations were calculated using the two-class method. Basic earnings per share from discontinued operations were $0.54, $0.22 and $2.22 for the fiscal years ended May 31, 2018, 2017 and 2016, respectively. Diluted earnings per share from discontinued operations were $0.53, $0.21 and $2.19 for the fiscal years ended May 31, 2018, 2017 and 2016, respectively.

For the fiscal years ended May 31, 2018, 2017 and 2016, options granted to purchase 0.8 million, 0.6 million and 0.5 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 shares (anti-dilutive).

On January 13, 2015, Cintas announced that the Board of Directors authorized a $500.0 million share buyback program. This program was completed in September 2015. On August 4, 2015, we announced that the Board of Directors authorized a $500.0 million share buyback program. This program was completed in June 2016. On August 2, 2016, we announced that the Board of Directors authorized a new $500.0 million share buyback program. The following table summarizes the buyback activity by program and fiscal period:



(In thousands except per share data)	2018					2017					2016
Buyback Program	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

January 13, 2015	—	$	—	$	—	—	$	—	$	—	3,078	$	85.44	$	262,928
August 4, 2015	—	$	—	$	—	39	$	94.09	$	3,691	5,649	$	87.85	$	496,309
August 2, 2016	518	$	173.51	$	89,997	—	$	—	$	—	—	$	—	$	—
	518	$	173.51	$	89,997	39	$	94.09	$	3,691	8,727	$	87.00	$	759,237

Subsequent to May 31, 2018 through July 27, 2018, Cintas purchased 0.3 million shares at an average price of $199.15 per share for a total purchase price of $60.0 million. Under the August 2, 2016 program through July 27, 2018, Cintas has purchased a total of 0.8 million shares of Cintas common stock at an average price of $182.93 per share for a total purchase price of $150.0 million.

In addition to the buyback program, Cintas acquired shares of Cintas common stock in satisfaction of employee payroll taxes due on restricted stock awards that vested during the fiscal year. For the fiscal year ended May 31, 2018, Cintas acquired 0.3 million shares at an average price of $130.30 per share for a total purchase price of $37.3 million. For the fiscal year ended May 31, 2017, Cintas acquired 0.2 million shares at an average price of $101.37 per share for a total purchase price of $17.0 million. For the fiscal year ended May 31, 2016, Cintas acquired 0.2 million shares at an average price of $86.07 per share for a total purchase price of $20.9 million.