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Earnings Per Share
 3 Months Ended
Aug. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
The following table sets forth the computation of basic and diluted earnings per share from continuing operations using the two-class method for amounts attributable to Cintas’ common shares: 
 
Three Months Ended
(In thousands except per share data)
August 31,
2014
 
August 31,
2013
 
 
 
 
Basic Earnings per Share from Continuing Operations
 

 
 

Income from continuing operations
$
109,791

 
$
77,398

Less: income from continuing operations allocated to participating securities
613

 
461

Income from continuing operations available to common shareholders
$
109,178

 
$
76,937

Basic weighted average common shares outstanding
116,659

 
122,130

 
 
 
 
Basic earnings per share from continuing operations
$
0.94

 
$
0.63

 
 
Three Months Ended
(In thousands except per share data)
August 31,
2014
 
August 31,
2013
 
 
 
 
Diluted Earnings per Share from Continuing Operations
 

 
 

Income from continuing operations
$
109,791

 
$
77,398

Less: income from continuing operations allocated to participating securities
613

 
461

Income from continuing operations available to common shareholders
$
109,178

 
$
76,937

Basic weighted average common shares outstanding
116,659

 
122,130

Effect of dilutive securities – employee stock options & awards
1,371

 
762

Diluted weighted average common shares outstanding
118,030

 
122,892

 
 
 
 
Diluted earnings per share from continuing operations
$
0.93

 
$
0.63



Earnings per share from discontinued operations were less than $0.01 for both the three months ended August 31, 2014 and 2013.

For the both the three months ended August 31, 2014 and 2013, options granted to purchase 0.6 million shares of Cintas common stock were excluded from the computation of diluted earnings per share. The exercise prices of these options were greater than the average market price of the common stock (anti-dilutive).
 
On July 30, 2013, we announced that the Board of Directors authorized a $500.0 million share buyback program, which does not have an expiration date. For the three months ended August 31, 2014, we purchased 0.8 million shares of Cintas common stock at an average price of $62.17 per share for a total purchase price of $49.7 million. In the period subsequent to August 31, 2014 through October 10, 2014, we did not purchase any shares of Cintas common stock. From the inception of the July 30, 2013 share buyback program through October 10, 2014, Cintas has purchased a total of 4.1 million shares of Cintas common stock at an average price of $60.19 for a total purchase price of $249.2 million. In addition, for the three months ended August 31, 2014, Cintas acquired 0.2 million million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the three months ended August 31, 2014. These shares were acquired at an average price of $63.72 per share for a total purchase price of $11.7 million.