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, 2015		November 30, 2014		November 30, 2015		November 30, 2014

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	115,453	$	103,701	$	221,651	$	209,606
Less: income from continuing operations allocated to participating securities	1,887		1,342		3,629		1,933
Income from continuing operations available to common shareholders	$	113,566	$	102,359	$	218,022	$	207,673
Basic weighted average common shares outstanding	108,301		117,115		109,455		116,887

Basic earnings per share from continuing operations	$	1.05	$	0.88	$	1.99	$	1.78



	Three Months Ended				Six Months Ended
(In thousands except per share data)	November 30, 2015		November 30, 2014		November 30, 2015		November 30, 2014

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	115,453	$	103,701	$	221,651	$	209,606
Less: income from continuing operations allocated to participating securities	1,887		1,342		3,629		1,933
Income from continuing operations available to common shareholders	$	113,566	$	102,359	$	218,022	$	207,673
Basic weighted average common shares outstanding	108,301		117,115		109,455		116,887
Effect of dilutive securities – employee stock options	1,812		1,540		1,685		1,447
Diluted weighted average common shares outstanding	110,113		118,655		111,140		118,334

Diluted earnings per share from continuing operations	$	1.03	$	0.86	$	1.96	$	1.75

Basic and diluted earnings per share from discontinued operations were $2.06 and $2.03, respectively, for the three months ended November 30, 2015, and both basic and diluted earnings per share were $0.14 for the three months ended November 30, 2014. Basic and diluted earnings per share from discontinued operations were $2.01 and $1.98, respectively for the six months ended November 30, 2015, and both basic and diluted earnings per share from discontinued operations were $0.18 for the six months ended November 30, 2014.

For the three months ended November 30, 2015 and 2014, options granted to purchase 0.3 million and 0.5 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the six months ended November 30, 2015 and 2014, options granted to purchase 0.4 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 January 13, 2015, we announced that the Board of Directors authorized a $500.0 million share buyback program, which does not have an expiration date. The January 13, 2015 share buyback program was completed during the second quarter of fiscal 2016. From the inception of the January 13, 2015 share buyback program through September 2015, Cintas purchased a total of 5.9 million shares of Cintas common stock at an average price of $84.07 per share for a total purchase price of $500.0 million. On August 4, 2015, we announced that the Board of Directors authorized a new $500.0 million share buyback program. The following table summarizes the buyback activity by program and fiscal period:



(In thousands except per share data)	Three Months Ended November 30, 2015					Six Months Ended November 30, 2015
Buyback Program	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

January 13, 2015	713	$	84.74	$	60,409	3,078	$	85.44	$	262,937
August 4, 2015	1,396	$	85.94	$	119,981	1,396	$	85.94	$	119,981
	2,109	$	85.53	$	180,390	4,474	$	85.59	$	382,918

In the period subsequent to November 30, 2015 through January 8, 2016, we did not purchase any shares of Cintas common stock. In addition, for the six months ended November 30, 2015, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the six months ended November 30, 2015. These shares were acquired at an average price of $85.63 per share for a total purchase price of $19.4 million. Of the total purchase price, $0.3 million occurred in the three months ended November 30, 2015.