Earnings Per Share (Tables)

3 Months Ended

Aug. 31, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas’ common shares for the three months ending August 31:

Basic Earnings per Share (In thousands except per share data)	2022		2021
Net income	$	351,689	$	331,179
Less: income allocated to participating securities	1,520		1,765
Income available to common shareholders	$	350,169	$	329,414
Basic weighted average common shares outstanding	101,428		103,295
Basic earnings per share	$	3.45	$	3.19

Diluted Earnings per Share (In thousands except per share data)	2022		2021
Net income	$	351,689	$	331,179
Less: income allocated to participating securities	1,520		1,765
Income available to common shareholders	$	350,169	$	329,414
Basic weighted average common shares outstanding	101,428		103,295
Effect of dilutive securities – employee stock options	1,909		2,649
Diluted weighted average common shares outstanding	103,337		105,944
Diluted earnings per share	$	3.39	$	3.11

Buyback Activity by Program

The following tables summarize the share buyback activity by program for the three months ended August 31:

	2022					2021
Buyback Activity (In thousands except per share data)	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price
October 29, 2019	—	$	—	$	—	1,590	$	365.41	$	581,220
July 27, 2021	532	396.39		210,751		—	—		—
July 26, 2022	—	—		—		—	—		—
	532	$	396.39	$	210,751	1,590	$	365.41	$	581,220
Shares acquired for taxes due (1)	270	$	405.93	$	109,583	198	$	394.19	$	78,015
Total repurchase of Cintas     common stock				$	320,334				$	659,235

(1) Shares of Cintas common stock acquired for employee payroll taxes due on options exercised and vested restricted stock awards.