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 29, 2016		February 28, 2015		February 29, 2016		February 28, 2015

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	117,279	$	100,331	$	338,930	$	309,937
Less: income from continuing operations allocated to participating securities	1,871		733		5,500		2,666
Income from continuing operations available to common shareholders	$	115,408	$	99,598	$	333,430	$	307,271
Basic weighted average common shares outstanding	107,843		116,178		108,923		116,653

Basic earnings per share from continuing operations	$	1.07	$	0.86	$	3.06	$	2.64



	Three Months Ended				Nine Months Ended
(In thousands except per share data)	February 29, 2016		February 28, 2015		February 29, 2016		February 28, 2015

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	117,279	$	100,331	$	338,930	$	309,937
Less: income from continuing operations allocated to participating securities	1,871		733		5,500		2,666
Income from continuing operations available to common shareholders	$	115,408	$	99,598	$	333,430	$	307,271
Basic weighted average common shares outstanding	107,843		116,178		108,923		116,653
Effect of dilutive securities – employee stock options	1,620		1,689		1,689		1,561
Diluted weighted average common shares outstanding	109,463		117,867		110,612		118,214

Diluted earnings per share from continuing operations	$	1.05	$	0.85	$	3.01	$	2.60

Both basic and diluted earnings per share from discontinued operations were $0.00 for the three months ended February 29, 2016, and both basic and diluted losses per share were $0.05 for the three months ended February 28, 2015. Basic and diluted earnings per share from discontinued operations were $2.02 and $1.99, respectively, for the nine months ended February 29, 2016, and both basic and diluted earnings per share from discontinued operations were $0.13 for the nine months ended February 28, 2015.

For the three months ended February 29, 2016 and February 28, 2015, options granted to purchase 0.3 million and 0.4 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the nine months ended February 29, 2016 and February 28, 2015, options granted to purchase 0.3 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 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 February 29, 2016					Nine Months Ended February 29, 2016
Buyback Program	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

January 13, 2015	—	$	—	$	—	3,078	$	85.44	$	262,937
August 4, 2015	1,188	$	84.15	$	99,997	2,584	$	85.11	$	219,978
	1,188	$	84.15	$	99,997	5,662	$	85.29	$	482,915

In the period subsequent to February 29, 2016 through April 8, 2016, Cintas purchased 0.5 million shares of Cintas Common stock for a total purchase price of $47.8 million. In addition, for the nine months ended February 29, 2016, 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 29, 2016. These shares were acquired at an average price of $85.62 per share for a total purchase price of $19.5 million. Of the total purchase price, $0.1 million occurred in the three months ended February 29, 2016.