Earnings per Share (Tables)

12 Months Ended

May 31, 2023

Computation of Basic and Diluted Earnings Per Share For Continuing Operations

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 fiscal years ended May 31:


Basic Earnings per Share (In thousands except per share data)	2023		2022		2021

Net income	$	1,348,010	$	1,235,757	$	1,110,968
Less: net income allocated to participating securities	5,463		6,132		7,623
Net income available to common shareholders	$	1,342,547	$	1,229,625	$	1,103,345
Basic weighted average common shares outstanding	101,645		103,172		104,874

Basic earnings per share	$	13.21	$	11.92	$	10.52


Diluted Earnings per Share (In thousands except per share data)	2023		2022		2021

Net income	$	1,348,010	$	1,235,757	$	1,110,968
Less: net income allocated to participating securities	5,463		6,132		7,623
Net income available to common shareholders	$	1,342,547	$	1,229,625	$	1,103,345
Basic weighted average common shares outstanding	101,645		103,172		104,874
Effect of dilutive securities – employee stock options	1,732		2,351		2,833
Diluted weighted average common shares outstanding	103,377		105,523		107,707

Diluted earnings per share	$	12.99	$	11.65	$	10.24

Buyback Activity by Program

The following table summarizes the buyback activity by program and fiscal year ended May 31:


	2023					2022					2021
Buyback Program (In thousands except per share data)	Shares	Average Price per Share		Purchase Price		Shares	Average Price per Share		Purchase Price		Shares	Average Price per Share		Purchase Price

October 30, 2018	—	$	—	$	—	—	$	—	$	—	190	$	319.88	$	60,877
October 29, 2019	—	—		—		1,590	365.41		581,220		1,196	350.31		418,779
July 27, 2021	550	396.69		218,288		2,150	383.01		823,429		—	—		—
July 26, 2022	—	—		—		—	—		—		—	—		—
	550	$	396.69	$	218,288	3,740	$	375.53	$	1,404,649	1,386	$	346.13	$	479,656

Shares acquired for taxes due (1)	430	$	420.21	$	180,577	305	$	397.16	$	121,224	246	$	302.52	$	74,465

Total repurchase of Cintas common stock				$	398,865				$	1,525,873				$	554,121

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

The following table summarizes Cintas' non-cash share buyback activity for the fiscal year ended May 31:


	2023					2022
Buyback Program (In thousands except per share data)	Shares	Average Price per Share		Non-Cash Value		Shares	Average Price per Share		Non-Cash Value

Non-cash transaction activity	360	$	424.86	$	152,983	71	$	402.73	$	28,670