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
Basic Earnings per Share from Continuing Operations (in thousands except per share data)	November 30, 2017		November 30, 2016		November 30, 2017		November 30, 2016

Income from continuing operations	$	137,737	$	121,950	$	298,845	$	258,158
Less: income from continuing operations allocated to participating securities	2,111		1,923		5,298		4,775
Income from continuing operations available to common shareholders	$	135,626	$	120,027	$	293,547	$	253,383
Basic weighted average common shares outstanding	106,340		104,957		106,039		104,719

Basic earnings per share from continuing operations	$	1.27	$	1.15	$	2.77	$	2.42



	Three Months Ended				Six Months Ended
Diluted Earnings per Share from Continuing Operations (in thousands except per share data)	November 30, 2017		November 30, 2016		November 30, 2017		November 30, 2016

Income from continuing operations	$	137,737	$	121,950	$	298,845	$	258,158
Less: income from continuing operations allocated to participating securities	2,111		1,923		5,298		4,775
Income from continuing operations available to common shareholders	$	135,626	$	120,027	$	293,547	$	253,383
Basic weighted average common shares outstanding	106,340		104,957		106,039		104,719
Effect of dilutive securities – employee stock options	3,478		2,690		2,899		2,559
Diluted weighted average common shares outstanding	109,818		107,647		108,938		107,278

Diluted earnings per share from continuing operations	$	1.24	$	1.12	$	2.69	$	2.36

For the three months ended November 30, 2017, both basic and diluted loss per share from discontinued operations were $0.01. Both basic and diluted earnings per share from discontinued operations were $0.17 for the three months ended November 30, 2016. For the six months ended November 30, 2017, basic and diluted earnings per share from discontinued operations were $0.51 and $0.50, respectively. Both basic and diluted earnings per share from discontinued operations were $0.19 for the six months ended November 30, 2016.

For the three months ended November 30, 2017 and 2016, options granted to purchase 0.5 million and 0.7 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For both the six months ended November 30, 2017 and 2016, options granted to purchase 0.6 million shares of Cintas common stock 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 2, 2016, Cintas announced that the Board of Directors authorized a $500.0 million share buyback program, which does not have an expiration date. As of November 30, 2017, no share buybacks have occurred under the August 2, 2016 program and there were no share buybacks under this program subsequent to November 30, 2017 through January 5, 2018.

For the six months ended November 30, 2017, Cintas acquired 0.3 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the six months ended November 30, 2017. These shares were acquired at an average price of $129.01 per share for a total purchase price of $35.7 million.