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 for the fiscal years ended May 31:



Basic Earnings per Share from Continuing Operations (In thousands except per share data)	2019		2018		2017

Income from continuing operations	$	882,635	$	783,932	$	457,286
Less: income from continuing operations allocated to participating securities	9,568		11,794		8,168
Income from continuing operations available to common shareholders	$	873,067	$	772,138	$	449,118
Basic weighted average common shares outstanding	106,080		106,593		104,964

Basic earnings per share from continuing operations	$	8.23	$	7.24	$	4.27



Diluted Earnings per Share from Continuing Operations (In thousands except per share data)	2019		2018		2017

Income from continuing operations	$	882,635	$	783,932	$	457,286
Less: income from continuing operations allocated to participating securities	9,568		11,794		8,168
Income from continuing operations available to common shareholders	$	873,067	$	772,138	$	449,118
Basic weighted average common shares outstanding	106,080		106,593		104,964
Effect of dilutive securities – employee stock options	3,415		3,217		2,819
Diluted weighted average common shares outstanding	109,495		109,810		107,783

Diluted earnings per share from continuing operations	$	7.97	$	7.03	$	4.17

Basic and diluted earnings per share from discontinued operations were calculated using the two-class method. Basic earnings per share from discontinued operations were $0.02, $0.54 and $0.22 for the fiscal years ended May 31, 2019, 2018 and 2017, respectively. Diluted earnings per share from discontinued operations were $0.02, $0.53 and $0.21 for the fiscal years ended May 31, 2019, 2018 and 2017, respectively.

For the fiscal years ended May 31, 2019, 2018 and 2017, options granted to purchase 0.5 million, 0.8 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 shares (anti-dilutive).

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 $500.0 million share buyback program. This program was completed in November 2018. 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 year ended May 31:



(In thousands except per share data)	2019					2018					2017
Buyback Program	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

August 4, 2015	—	$	—	$	—	—	$	—	$	—	39	$	94.09	$	3,691
August 2, 2016	2,130	$	192.55	$	410,003	518	$	173.51	$	89,997	—	$	—	$	—
October 30, 2018	2,673	$	203.30	$	543,442	—	$	—	$	—	—	$	—	$	—
	4,803	$	198.53	$	953,445	518	$	173.51	$	89,997	39	$	94.09	$	3,691

Subsequent to May 31, 2019 through July 26, 2019, Cintas purchased 0.8 million shares at an average price of $230.66 per share for a total purchase price of $193.1 million. Under the October 30, 2018 program through July 26, 2019, Cintas has purchased a total of 3.5 million shares of Cintas common stock at an average price of $209.82 per share for a total purchase price of $736.5 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, 2019, Cintas acquired 0.3 million shares at an average price of $204.50 per share for a total purchase price of $62.9 million. 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.