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				Six Months Ended
(In thousands except per share data)	November 30, 2014		November 30, 2013		November 30, 2014		November 30, 2013

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	103,446	$	84,456	$	213,237	$	161,854
Less: income from continuing operations allocated to participating securities	880		16		1,493		477
Income from continuing operations available to common shareholders	$	102,566	$	84,440	$	211,744	$	161,377
Basic weighted average common shares outstanding	117,115		119,907		116,887		121,025

Basic earnings per share from continuing operations	$	0.87	$	0.70	$	1.81	$	1.33



	Three Months Ended				Six Months Ended
(In thousands except per share data)	November 30, 2014		November 30, 2013		November 30, 2014		November 30, 2013

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	103,446	$	84,456	$	213,237	$	161,854
Less: income from continuing operations allocated to participating securities	880		16		1,493		477
Income from continuing operations available to common shareholders	$	102,566	$	84,440	$	211,744	$	161,377
Basic weighted average common shares outstanding	117,115		119,907		116,887		121,025
Effect of dilutive securities – employee stock options & awards	1,540		1,143		1,447		991
Diluted weighted average common shares outstanding	118,655		121,050		118,334		122,016

Diluted earnings per share from continuing operations	$	0.86	$	0.69	$	1.79	$	1.32

Basic and diluted earnings per share from discontinued operations were $0.15 and $0.14, respectively, for both the three and six months ended November 30, 2014. Basic and diluted earnings per share from discontinued operations were $0.01 for both the three and six months ended November 30, 2013.

For both the three months ended November 30, 2014 and 2013, options granted to purchase 0.5 million shares of Cintas common stock were excluded from the computation of diluted earnings per share. For the six months ended November 30, 2014 and 2013, options granted to purchase 0.6 million and 0.7 million shares of Cintas common stock, respectively, 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 November 30, 2014, we did not purchase any shares of Cintas common stock. During the six months ended November 30, 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 November 30, 2014 through January 9, 2015, we did not purchase any shares of Cintas common stock. From the inception of the July 30, 2013 share buyback program through January 9, 2015, Cintas has purchased a total of 4.1 million shares of Cintas common stock at an average price of $60.19 per share for a total purchase price of $249.2 million. In addition, for the six months ended November 30, 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 six months ended November 30, 2014. These shares were acquired at an average price of $64.07 per share for a total purchase price of $13.9 million. Of the total purchase price, $2.2 million occurred in the three months ended November 30, 2014.