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)	2017		2016		2015

Basic Earnings per Share from Continuing Operations
Income from continuing operations	$	457,286	$	448,605	$	402,553
Less: income from continuing operations allocated to participating securities	8,168		7,131		3,771
Income from continuing operations available to common shareholders	$	449,118	$	441,474	$	398,782
Basic weighted average common shares outstanding	104,964		108,221		115,900

Basic earnings per share from continuing operations	$	4.27	$	4.08	$	3.44



(In thousands except per share data)	2017		2016		2015

Diluted Earnings per Share from Continuing Operations
Income from continuing operations	$	457,286	$	448,605	$	402,553
Less: income from continuing operations allocated to participating securities	8,168		7,131		3,771
Income from continuing operations available to common shareholders	$	449,118	$	441,474	$	398,782
Basic weighted average common shares outstanding	104,964		108,221		115,900
Effect of dilutive securities – employee stock options	2,819		1,735		1,643
Diluted weighted average common shares outstanding	107,783		109,956		117,543

Diluted earnings per share from continuing operations	$	4.17	$	4.02	$	3.39

Basic and diluted earnings per share from discontinued operations were calculated using the two-class method. Basic earnings per share from discontinued operations were $0.22, $2.22 and $0.24 for the fiscal years ended May 31, 2017, 2016 and 2015, respectively. Diluted earnings per share from discontinued operations were $0.21, $2.19 and $0.24 for the fiscal years ended May 31, 2017, 2016 and 2015, respectively.

For the fiscal years ended May 31, 2017, 2016 and 2015, options granted to purchase 0.6 million, 0.5 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 shares (anti-dilutive).

On July 30, 2013, Cintas 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 $500.0 million share buyback program. This program was completed in September 2015. On August 4, 2015, we announced that the Board of Directors authorized a $500.0 million share buyback program. This program was completed in June 2016. On August 6, 2016, 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)	2017					2016					2015
Buyback Program	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

July 30, 2013	—	$	—	$	—	—	$	—	$	—	3,981	$	75.49	$	300,500
January 13, 2015	—	$	—	$	—	3,078	$	85.44	$	262,928	2,870	$	82.60	$	237,072
August 4, 2015	39	$	94.09	$	3,691	5,649	$	87.85	$	496,309	—	$	—	$	—
August 6, 2016	—	$	—	$	—	—	$	—	$	—	—	$	—	$	—
	39	$	94.09	$	3,691	8,727	$	87.00	$	759,237	6,851	$	78.47	$	537,572

There were no share buybacks subsequent to May 31, 2017 through July 31, 2017.

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, 2017, Cintas acquired 0.2 million shares at an average price of $101.37 per share for a total purchase price of $17.0 million. For the fiscal year ended May 31, 2016, Cintas acquired 0.2 million shares at an average price of $86.07 per share for a total purchase price of $20.9 million.