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				Nine Months Ended
(In thousands except per share data)	February 28, 2015		February 28, 2014		February 28, 2015		February 28, 2014

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	93,636	$	84,326	$	306,873	$	246,180
Less: income from continuing operations allocated to participating securities	951		740		2,444		1,217
Income from continuing operations available to common shareholders	$	92,685	$	83,586	$	304,429	$	244,963
Basic weighted average common shares outstanding	116,178		119,913		116,653		120,658

Basic earnings per share from continuing operations	$	0.80	$	0.70	$	2.61	$	2.03



	Three Months Ended				Nine Months Ended
(In thousands except per share data)	February 28, 2015		February 28, 2014		February 28, 2015		February 28, 2014

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	93,636	$	84,326	$	306,873	$	246,180
Less: income from continuing operations allocated to participating securities	951		740		2,444		1,217
Income from continuing operations available to common shareholders	$	92,685	$	83,586	$	304,429	$	244,963
Basic weighted average common shares outstanding	116,178		119,913		116,653		120,658
Effect of dilutive securities – employee stock options & awards	1,689		1,367		1,561		1,156
Diluted weighted average common shares outstanding	117,867		121,280		118,214		121,814

Diluted earnings per share from continuing operations	$	0.79	$	0.69	$	2.58	$	2.01

Basic and diluted earnings per share from discontinued operations were $0.01 for the three months ended February 28, 2015, and $0.16 and $0.15, respectively, for the nine months ended February 28, 2015. Basic and diluted earnings per share from discontinued operations rounded to $0.00 for the three months ended February 28, 2014. Basic and diluted earnings per share from discontinued operations were $0.01 for the nine months ended February 28, 2014.

For both the three months ended February 28, 2015 and 2014, options granted to purchase 0.4 million shares of Cintas common stock were excluded from the computation of diluted earnings per share. For the nine months ended February 28, 2015 and 2014, options granted to purchase 0.7 million and 0.6 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. This plan was completed in February 2015. On January 13, 2015, we announced that the Board of Directors authorized a new $500.0 million share buyback program, which does not have an expiration date. For the three months ended February 28, 2015, we purchased 3.2 million shares of Cintas common stock at an average price of $78.84 per share for a total purchase price of $250.8 million. During the nine months ended February 28, 2015, we purchased 4.0 million shares of Cintas common stock at an average price of $75.49 per share for a total purchase price of $300.5 million. In the period subsequent to February 28, 2015 through April 2, 2015, we did not purchase any shares of Cintas common stock. From the inception of the July 30, 2013 share buyback program through completion of the program in February 2015, Cintas purchased a total of 7.3 million shares of Cintas common stock at an average price of $68.28 per share for a total purchase price of $500.0 million. In addition, for the nine months ended February 28, 2015, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the nine months ended February 28, 2015. These shares were acquired at an average price of $64.32 per share for a total purchase price of $14.1 million. Of the total purchase price, $0.2 million occurred in the three months ended February 28, 2015.