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, 2016		November 30, 2015		November 30, 2016		November 30, 2015

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	123,454	$	115,453	$	261,545	$	221,651
Less: income from continuing operations allocated to participating securities	2,228		1,887		4,955		3,629
Income from continuing operations available to common shareholders	$	121,226	$	113,566	$	256,590	$	218,022
Basic weighted average common shares outstanding	104,957		108,301		104,719		109,455

Basic earnings per share from continuing operations	$	1.16	$	1.05	$	2.45	$	1.99



	Three Months Ended				Six Months Ended
(In thousands except per share data)	November 30, 2016		November 30, 2015		November 30, 2016		November 30, 2015

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	123,454	$	115,453	$	261,545	$	221,651
Less: income from continuing operations allocated to participating securities	2,228		1,887		4,955		3,629
Income from continuing operations available to common shareholders	$	121,226	$	113,566	$	256,590	$	218,022
Basic weighted average common shares outstanding	104,957		108,301		104,719		109,455
Effect of dilutive securities – employee stock options	2,690		1,812		2,559		1,685
Diluted weighted average common shares outstanding	107,647		110,113		107,278		111,140

Diluted earnings per share from continuing operations	$	1.13	$	1.03	$	2.39	$	1.96

Basic and diluted income per share from discontinued operations were $0.16 for the three months ended November 30, 2016. Basic and diluted income per share from discontinued operations were $2.06 and $2.03, respectively, for the three months ended November 30, 2015. For the six months ended November 30, 2016, basic and diluted income per share from discontinued operations were $0.16. For the six months ended November 30, 2015, basic and diluted income per share from discontinued operations were $2.01 and $1.98, respectively.

For the three months ended November 30, 2016 and 2015, options granted to purchase 0.7 million and 0.3 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the six months ended November 30, 2016 and 2015, options granted to purchase 0.6 million and 0.4 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 August 4, 2015, we announced that the Board of Directors authorized a $500.0 million share buyback program. In June 2016, we purchased less than 0.1 million shares at an average price of $94.09 per share for a total purchase price of $3.7 million. This completed the August 4, 2015 program through which Cintas purchased a total of 5.7 million shares of Cintas common stock at an average price of $87.89 per share for a total purchase price of $500.0 million. On August 2, 2016, Cintas announced that the Board of Directors authorized a new $500.0 million share buyback program, which does not have an expiration date.

For the six months ended November 30, 2016, 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, 2016. These shares were acquired at an average price of $99.88 per share for a total purchase price of $15.5 million.