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:



(In thousands except per share data)	2015		2014		2013

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	408,077	$	374,285	$	316,586
Less: income from continuing operations allocated to participating securities	3,877		3,450		2,547
Income from continuing operations available to common shareholders	$	404,200	$	370,835	$	314,039
Basic weighted average common shares outstanding	115,900		120,377		123,956

Basic earnings per share from continuing operations	$	3.49	$	3.08	$	2.54



(In thousands except per share data)	2015		2014		2013

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	408,077	$	374,285	$	316,586
Less: income from continuing operations allocated to participating securities	3,877		3,450		2,547
Income from continuing operations available to common shareholders	$	404,200	$	370,835	$	314,039
Basic weighted average common shares outstanding	115,900		120,377		123,956
Effect of dilutive securities – employee stock options & awards	1,643		1,263		575
Diluted weighted average common shares outstanding	117,543		121,640		124,531

Diluted earnings per share from continuing operations	$	3.44	$	3.05	$	2.53

Basic and diluted earnings (loss) per share from discontinued operations were $0.19, $0.00 and $(0.01) for the fiscal years ended May 31, 2015, 2014 and 2013, respectively.

For the fiscal years ended May 31, 2015, 2014 and 2013, options granted to purchase 0.6 million, 0.7 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 shares (anti-dilutive).

On October 18, 2011, Cintas announced that the Board of Directors authorized a $500 million share buyback program. This program was completed in April 2014. On July 30, 2013, we announced that the Board of Directors authorized a $500.0 million share buyback program. This program 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. The following table summarizes the buyback activity by program and fiscal year:



(In thousands except per share data)	2015					2014
Buyback Program	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

October 18, 2011	—	$	—	$	—	3,324	$	48.87	$	162,460
July 30, 2013	3,981	$	75.49	$	300,500	3,341	$	59.72	$	199,500
January 13, 2015	2,870	$	82.60	$	237,072	—	$	—	$	—
	6,851	$	78.47	537,572		6,665	$	54.31	$	361,960

In June 2015, we purchased 1.5 million shares at an average price of $86.08 per share for a total purchase price of $132.9 million. Under the January 13, 2015 program through July 30, 2015, Cintas has purchased a total of 4.4 million shares of Cintas common stock at an average price of $83.82 per share for a total purchase price of $370.0 million.

In addition to the buyback program, Cintas acquired shares of Cintas common stock in satisfaction of employee payroll taxes due on restricted stock awards that vested during the fiscal year. For the fiscal year ended May 31, 2015, Cintas acquired 0.2 million shares at an average price of $64.58 per share for a total purchase price of $14.4 million. For the fiscal year ended May 31, 2014, Cintas acquired 0.2 million shares at an average price of $50.45 per share for a total purchase price of $8.6 million.