Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Assumptions Used to Determine Fair Value of Options

The fair value of options was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions for the fiscal years ended May 31:

	2020		2019		2018
Risk-free interest rate	1.9	%	2.7	%	1.8	%
Dividend yield	1.1	%	1.2	%	1.2	%
Expected volatility of Cintas' common stock	19.0	%	17.9	%	17.2	%
Expected life of the option in years	6.0		6.0		6.5

Stock Options Granted and Outstanding

The information presented in the following table relates primarily to stock options granted and outstanding under either the 2016 Plan or under previously adopted plans:

	Shares	Weighted Average Exercise Price
Outstanding, June 1, 2017 (1,795,898 shares exercisable)	8,588,050	$	74.77
Granted	1,664,867	175.86
Canceled	(7,809)	45.10
Forfeited	(255,627)	94.73
Exercised	(1,059,295)	44.06
Outstanding, May 31, 2018 (2,006,922 shares exercisable)	8,930,186	96.71
Granted	1,013,005	219.37
Canceled	(3,045)	58.03
Forfeited	(397,304)	155.39
Exercised	(1,333,908)	54.14
Outstanding, May 31, 2019 (1,919,976 shares exercisable)	8,208,934	123.80
Granted	575,813	250.50
Canceled	(5,432)	72.17
Forfeited	(312,391)	185.08
Exercised	(1,361,525)	70.03
Outstanding, May 31, 2020 (1,913,374 shares exercisable)	7,105,399	$	145.54

Summary of Information Related to Stock Options Outstanding

The following table summarizes the information related to stock options outstanding at May 31, 2020:

		Outstanding Options			Exercisable Options
Range of Exercise Prices	Number Outstanding	Average Remaining Option Life	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$25.88 - $86.09	1,312,485	3.12	$	51.39	1,293,021	$	50.87
$86.10 - $115.64	1,782,627	5.73	98.76		565,553	94.72
$115.65 - $205.74	1,593,806	7.29	143.10		54,800	145.02
$205.75 - $278.97	2,416,481	8.86	232.80		—	—
$25.88 - $278.97	7,105,399	6.66	$	145.54	1,913,374	$	66.53

Restricted Stock Awards Granted and Outstanding

The information presented in the following table relates to restricted stock awards granted and outstanding under either the 2016 Plan or under previously adopted plans:

	Shares	Weighted Average Grant Price
Outstanding, unvested grants at June 1, 2017	2,742,074	$	91.91
Granted	669,932	183.83
Forfeited	(69,416)	102.96
Vested	(701,476)	64.64
Outstanding, unvested grants at May 31, 2018	2,641,114	122.18
Granted	425,614	221.27
Forfeited	(109,393)	169.48
Vested	(765,647)	93.37
Outstanding, unvested grants at May 31, 2019	2,191,688	149.12
Granted	228,292	248.39
Forfeited	(135,934)	208.37
Vested	(658,831)	113.93
Outstanding, unvested grants at May 31, 2020	1,625,215	$	199.73