Earnings Per Share

3 Months Ended

Aug. 31, 2019

The following tables set 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, 2019		August 31, 2018

Income from continuing operations	$	250,812	$	212,547
Less: income from continuing operations allocated to participating securities	2,016		2,945
Income from continuing operations available to common shareholders	$	248,796	$	209,602
Basic weighted average common shares outstanding	103,543		106,835

Basic earnings per share from continuing operations	$	2.40	$	1.96



	Three Months Ended
Diluted Earnings per Share from Continuing Operations (in thousands except per share data)	August 31, 2019		August 31, 2018

Income from continuing operations	$	250,812	$	212,547
Less: income from continuing operations allocated to participating securities	2,016		2,945
Income from continuing operations available to common shareholders	$	248,796	$	209,602
Basic weighted average common shares outstanding	103,543		106,835
Effect of dilutive securities – employee stock options	3,540		3,813
Diluted weighted average common shares outstanding	107,083		110,648

Diluted earnings per share from continuing operations	$	2.32	$	1.89

There were no amounts recorded in discontinued operations for the three months ended August 31, 2019. For the three months ended August 31, 2018, both basic and diluted earnings per share from discontinued operations rounded to zero.

For the three months ended August 31, 2019 and 2018, options granted to purchase 0.2 million and 0.3 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 October 30, 2018, Cintas announced that the Board of Directors authorized a $1.0 billion share buyback program, which does not have an expiration date. For the three months ended August 31, 2019, we purchased 0.8 million shares of Cintas common stock at an average price of $230.66 per share for a total purchase price of $193.1 million. There were no share buybacks in the period subsequent to August 31, 2019 through October 8, 2019. From the inception of the October 30, 2018 share buyback program through October 8, 2019, Cintas has purchased a total of 3.5 million shares of Cintas common stock at an average price of $209.82 for a total purchase price of $736.5 million.

For the three months ended August 31, 2019, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes dues on restricted stock awards that vested during the three months ended August 31, 2019. These shares were acquired at an average price of $260.83 per share for a total purchase price of $63.7 million.