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
Basic Earnings per Share from Continuing Operations (in thousands except per share data)	February 28, 2019		February 28, 2018		February 28, 2019		February 28, 2018

Income from continuing operations	$	200,923	$	295,789	$	656,464	$	594,634
Less: income from continuing operations allocated to participating securities	2,783		5,248		8,977		10,546
Income from continuing operations available to common shareholders	$	198,140	$	290,541	$	647,487	$	584,088
Basic weighted average common shares outstanding	105,080		106,558		106,147		106,210

Basic earnings per share from continuing operations	$	1.89	$	2.73	$	6.10	$	5.50



	Three Months Ended				Nine Months Ended
Diluted Earnings per Share from Continuing Operations (in thousands except per share data)	February 28, 2019		February 28, 2018		February 28, 2019		February 28, 2018

Income from continuing operations	$	200,923	$	295,789	$	656,464	$	594,634
Less: income from continuing operations allocated to participating securities	2,783		5,248		8,977		10,546
Income from continuing operations available to common shareholders	$	198,140	$	290,541	$	647,487	$	584,088
Basic weighted average common shares outstanding	105,080		106,558		106,147		106,210
Effect of dilutive securities – employee stock options	3,082		3,617		3,436		3,044
Diluted weighted average common shares outstanding	108,162		110,175		109,583		109,254

Diluted earnings per share from continuing operations	$	1.83	$	2.66	$	5.91	$	5.35

For both the three and nine months ended February 28, 2019, both basic and diluted earnings per share from discontinued operations were $0.02. Basic and diluted earnings per share from discontinued operations were $0.06 and $0.05, respectively, for the three months ended February 28, 2018, and $0.57 and $0.55, respectively, for the nine months ended February 28, 2018.

For the three months ended February 28, 2019 and 2018, options granted to purchase 0.7 million and 1.0 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the nine months ended February 28, 2019 and 2018, options granted to purchase 0.5 million and 0.8 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. The August 2, 2016 share buyback program was completed during the second quarter of fiscal 2019. From the inception of the August 2, 2016 share buyback program through November 2018, Cintas purchased a total of 2.6 million shares of Cintas common stock at an average price of $188.82 per share for a total purchase price of $500.0 million. On October 30, 2018, we announced that the Board of Directors authorized a new $1.0 billion share buyback program, which does not have an expiration date. The following table summarizes the buyback activity by program and fiscal period.



(In thousands except per share data)	Three Months Ended February 28, 2019					Nine Months Ended February 28, 2019
Buyback Program	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

August 2, 2016	—	$	—	$	—	2,130	$	192.55	$	410,003
October 30, 2018	598	$	167.32	$	100,000	799	$	170.87	$	136,579
	598	$	167.32	$	100,000	2,929	$	186.63	$	546,582

In the period subsequent to February 28, 2019 through April 5, 2019, we purchased 0.4 million shares of Cintas common stock under the new share buyback program at an average price of $203.26 for a total purchase price of $83.3 million. From the inception of the October 30, 2018 share buyback program through April 5, 2019, Cintas has purchased a total of 1.2 million shares of Cintas common stock at an average price of $181.85 for a total purchase price of $219.9 million.

For the three months ended February 28, 2019, Cintas acquired less than 0.1 million shares of Cintas common stock for employee payroll taxes dues on restricted stock awards that vested during the three months ended February 28, 2019. These shares were acquired at an average price of $195.14 per share for a total purchase price of less than $0.1 million. During the nine months ended February 28, 2019, Cintas acquired 0.3 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the nine months ended February 28, 2019. These shares were acquired at an average price of $204.31 per share for a total purchase price of $61.6 million.