Earnings Per Share (Tables)

6 Months Ended

Nov. 30, 2022

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:



	Three Months Ended				Six Months Ended
Basic Earnings per Share (In thousands except per share data)	November 30, 2022		November 30, 2021		November 30, 2022		November 30, 2021

Net income	$	324,293	$	294,669	$	675,982	$	625,848
Less: net income allocated to participating securities	1,372		1,495		2,859		3,179
Net income available to common shareholders	$	322,921	$	293,174	$	673,123	$	622,669
Basic weighted average common shares outstanding	101,637		103,646		101,530		103,463

Basic earnings per share	$	3.18	$	2.83	$	6.63	$	6.02



	Three Months Ended				Six Months Ended
Diluted Earnings per Share (In thousands except per share data)	November 30, 2022		November 30, 2021		November 30, 2022		November 30, 2021

Net income	$	324,293	$	294,669	$	675,982	$	625,848
Less: net income allocated to participating securities	1,372		1,495		2,859		3,179
Net income available to common shareholders	$	322,921	$	293,174	$	673,123	$	622,669
Basic weighted average common shares outstanding	101,637		103,646		101,530		103,463
Effect of dilutive securities – employee stock options	1,719		2,476		1,813		2,563
Diluted weighted average common shares outstanding	103,356		106,122		103,343		106,026

Diluted earnings per share	$	3.12	$	2.76	$	6.51	$	5.87

Buyback Activity by Program

The following tables summarize the share buyback activity by program and period:


	Three Months Ended					Six Months Ended
	November 30, 2022					November 30, 2022
Buyback Activity (In thousands except per share data)	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

July 27, 2021	12	$	377.66	$	4,683	544	$	395.97	$	215,434
July 26, 2022	—	—		—		—	—		—
	12	$	377.66	$	4,683	544	$	395.97	$	215,434

Shares acquired for taxes due (1)	56	$	423.64	$	23,665	326	$	408.97	$	133,248

Total repurchase of Cintas common stock				$	28,348				$	348,682


	Three Months Ended					Six Months Ended
	November 30, 2021					November 30, 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	—	—		—		—	—		—
	—	$	—	$	—	1,590	$	365.41	$	581,220

Shares acquired for taxes due (1)	13	$	420.87	$	5,483	211	$	395.84	$	83,506

Total repurchase of Cintas common stock				$	5,483				$	664,726

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