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, 2023 | | November 30, 2022 | | November 30, 2023 | | November 30, 2022 | | | | | | | | | Net income | $ | 374,613 | | | $ | 324,293 | | | $ | 759,698 | | | $ | 675,982 | | Less: net income allocated to participating securities | 1,460 | | | 1,372 | | | 2,957 | | | 2,859 | | Net income available to common shareholders | $ | 373,153 | | | $ | 322,921 | | | $ | 756,741 | | | $ | 673,123 | | Basic weighted average common shares outstanding | 101,667 | | | 101,637 | | | 101,781 | | | 101,530 | | | | | | | | | | Basic earnings per share | $ | 3.67 | | | $ | 3.18 | | | $ | 7.43 | | | $ | 6.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | Diluted Earnings per Share (In thousands except per share data) | November 30, 2023 | | November 30, 2022 | | November 30, 2023 | | November 30, 2022 | | | | | | | | | Net income | $ | 374,613 | | | $ | 324,293 | | | $ | 759,698 | | | $ | 675,982 | | Less: net income allocated to participating securities | 1,460 | | | 1,372 | | | 2,957 | | | 2,859 | | Net income available to common shareholders | $ | 373,153 | | | $ | 322,921 | | | $ | 756,741 | | | $ | 673,123 | | Basic weighted average common shares outstanding | 101,667 | | | 101,637 | | | 101,781 | | | 101,530 | | Effect of dilutive securities – employee stock options | 1,599 | | | 1,719 | | | 1,637 | | | 1,813 | | Diluted weighted average common shares outstanding | 103,266 | | | 103,356 | | | 103,418 | | | 103,343 | | | | | | | | | | Diluted earnings per share | $ | 3.61 | | | $ | 3.12 | | | $ | 7.32 | | | $ | 6.51 | |
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Buyback Activity by Program |
The following table summarizes the share buyback activity by program and period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | November 30, 2023 | | | November 30, 2023 | | | | | | 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 | 658 | | | $ | 486.58 | | | $ | 320,266 | | | | 658 | | | $ | 486.58 | | | $ | 320,266 | | July 26, 2022 | — | | | — | | | — | | | | — | | | — | | | — | | | 658 | | | $ | 486.58 | | | $ | 320,266 | | | | 658 | | | $ | 486.58 | | | $ | 320,266 | | | | | | | | | | | | | | | Shares acquired for taxes due (1) | 58 | | | $ | 518.89 | | | $ | 29,586 | | | | 203 | | | $ | 507.61 | | | $ | 102,862 | | | | | | | | | | | | | | | Total repurchase of Cintas common stock | | | | $ | 349,852 | | | | | | | | $ | 423,128 | | | | | | | | | | | | | | | | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) Shares of Cintas common 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | November 30, 2023 | | | November 30, 2023 | | | | | |
(In thousands except per share data) | Shares | | Avg. Price per Share | | Non-Cash Value | | | Shares | | Avg. Price per Share | | Non-Cash Value | | | | | | | | | | | | | | Non-cash transaction activity | 68 | | | $ | 514.75 | | | $ | 35,087 | | | | 186 | | | $ | 506.82 | | | $ | 94,300 | | | | | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | November 30, 2022 | | | November 30, 2022 | | Shares | | Avg. Price per Share | | Non-Cash Value | | | Shares | | Avg. Price per Share | | Non-Cash Value | | | | | | | | | | | | | | Non-cash transaction activity | 66 | | | $ | 421.85 | | | $ | 27,975 | | | | 260 | | | $ | 414.46 | | | $ | 107,566 | |
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