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
Basic Earnings per Share from Continuing Operations (in thousands except per share data)	August 31, 2018		August 31, 2017

Income from continuing operations	$	212,547	$	161,108
Less: income from continuing operations allocated to participating securities	2,945		3,187
Income from continuing operations available to common shareholders	$	209,602	$	157,921
Basic weighted average common shares outstanding	106,835		105,740

Basic earnings per share from continuing operations	$	1.96	$	1.50



	Three Months Ended
Diluted Earnings per Share from Continuing Operations (in thousands except per share data)	August 31, 2018		August 31, 2017

Income from continuing operations	$	212,547	$	161,108
Less: income from continuing operations allocated to participating securities	2,945		3,187
Income from continuing operations available to common shareholders	$	209,602	$	157,921
Basic weighted average common shares outstanding	106,835		105,740
Effect of dilutive securities – employee stock options	3,813		2,797
Diluted weighted average common shares outstanding	110,648		108,537

Diluted earnings per share from continuing operations	$	1.89	$	1.45

For the three months ended August 31, 2018, both basic and diluted earnings per share from discontinued operations were $0.00. Basic and diluted earnings per share from discontinued operations were $0.52 and $0.51, respectively, for the three months ended August 31, 2017.

For the three months ended August 31, 2018 and 2017, options granted to purchase 0.3 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 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. For the three months ended August 31, 2018, we purchased 0.4 million shares of Cintas common stock at an average price of $200.97 per share for a total purchase price of $78.5 million. In the period subsequent to August 31, 2018 through October 5, 2018, we purchased 0.8 million shares of Cintas common stock at an average price of $198.35 for a total purchase price of $156.3 million. From the inception of the August 2, 2016 share buyback program through October 5, 2018, Cintas has purchased a total of 1.7 million shares of Cintas common stock at an average price of $191.36 for a total purchase price of $324.7 million.

For the three months ended August 31, 2018, Cintas acquired 0.3 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the three months ended August 31, 2018. These shares were acquired at an average price of $204.39 per share for a total purchase price of $61.0 million.