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, 2018		November 30, 2017		November 30, 2018		November 30, 2017

Income from continuing operations	$	242,994	$	137,737	$	455,541	$	298,845
Less: income from continuing operations allocated to participating securities	3,376		2,111		6,308		5,298
Income from continuing operations available to common shareholders	$	239,618	$	135,626	$	449,233	$	293,547
Basic weighted average common shares outstanding	106,475		106,340		106,652		106,039

Basic earnings per share from continuing operations	$	2.25	$	1.27	$	4.21	$	2.77



	Three Months Ended				Six Months Ended
Diluted Earnings per Share from Continuing Operations (in thousands except per share data)	November 30, 2018		November 30, 2017		November 30, 2018		November 30, 2017

Income from continuing operations	$	242,994	$	137,737	$	455,541	$	298,845
Less: income from continuing operations allocated to participating securities	3,376		2,111		6,308		5,298
Income from continuing operations available to common shareholders	$	239,618	$	135,626	$	449,233	$	293,547
Basic weighted average common shares outstanding	106,475		106,340		106,652		106,039
Effect of dilutive securities – employee stock options	3,399		3,478		3,605		2,899
Diluted weighted average common shares outstanding	109,874		109,818		110,257		108,938

Diluted earnings per share from continuing operations	$	2.18	$	1.24	$	4.07	$	2.69

For the three and six months ended November 30, 2018, both basic and diluted earnings per share from discontinued operations were $0.00. Both basic and diluted loss per share from discontinued operations were $0.01 for the three months ended November 30, 2017. For the six months ended November 30, 2017, basic and diluted earnings per share from discontinued operations were $0.51 and $0.50, respectively.

For the three months ended November 30, 2018 and 2017, options granted to purchase 0.4 million and 0.5 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the six months ended November 30, 2018 and 2017, options granted to purchase 0.4 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. The August 2, 2016 share buyback program was completed during the second quarter of fiscal 2019. From the inception of the August 2, 2016 share buyback program through November 2018, Cintas purchased a total of 2.6 million shares of Cintas common stock at an average price of $188.82 per share for a total purchase price of $500.0 million. On October 30, 2018, we announced that the Board of Directors authorized a new $1.0 billion share buyback program, which does not have an expiration date. The following table summarizes the buyback activity by program and fiscal period.



(In thousands except per share data)	Three Months Ended November 30, 2018					Six Months Ended November 30, 2018
Buyback Program	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

August 2, 2016	1,740	$	190.66	$	331,547	2,130	$	192.55	$	410,003
October 30, 2018	201	$	181.41	$	36,579	201	$	181.41	$	36,579
	1,941	$	189.69	$	368,126	2,331	$	191.58	$	446,582

In the period subsequent to November 30, 2018 through January 8, 2019, we purchased 0.6 million shares of Cintas common stock under the new share buyback program at an average price of $167.32 for a total purchase price of $100.0 million. From the inception of the October 30, 2018 share buyback program through January 8, 2019, Cintas has purchased a total of 0.8 million shares of Cintas common stock at an average price of $170.87 for a total purchase price of $136.6 million.

For the three months ended November 30, 2018, Cintas acquired less than 0.1 million shares of Cintas common stock for employee payroll taxes dues on restricted stock awards that vested during the three months ended November 30, 2018. These shares were acquired at an average price of $194.14 per share for a total purchase price of $0.4 million. During the six months ended November 30, 2018, 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, 2018. These shares were acquired at an average price of $204.32 per share for a total purchase price of $61.5 million.