Earnings Per Share (Tables)

9 Months Ended

Feb. 28, 2023

Computation of Basic and Diluted Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas’ common shares:



	Three Months Ended				Nine Months Ended
Basic Earnings per Share (In thousands except per share data)	February 28, 2023		February 28, 2022		February 28, 2023		February 28, 2022

Net income	$	325,827	$	315,448	$	1,001,809	$	941,296
Less: net income allocated to participating securities	1,351		1,581		4,155		4,706
Net income available to common shareholders	$	324,476	$	313,867	$	997,654	$	936,590
Basic weighted average common shares outstanding	101,714		103,388		101,589		103,438

Basic earnings per share	$	3.19	$	3.04	$	9.82	$	9.05



	Three Months Ended				Nine Months Ended
Diluted Earnings per Share (In thousands except per share data)	February 28, 2023		February 28, 2022		February 28, 2023		February 28, 2022

Net income	$	325,827	$	315,448	$	1,001,809	$	941,296
Less: net income allocated to participating securities	1,351		1,581		4,155		4,706
Net income available to common shareholders	$	324,476	$	313,867	$	997,654	$	936,590
Basic weighted average common shares outstanding	101,714		103,388		101,589		103,438
Effect of dilutive securities – employee stock options	1,704		2,253		1,774		2,458
Diluted weighted average common shares outstanding	103,418		105,641		103,363		105,896

Diluted earnings per share	$	3.14	$	2.97	$	9.65	$	8.84

Buyback Activity by Program

The following tables summarize the share buyback activity by program and period:


	Three Months Ended					Nine Months Ended
	February 28, 2023					February 28, 2023
Buyback Activity (In thousands except per share data)	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

July 27, 2021	—	$	—	$	—	544	$	395.97	$	215,434
July 26, 2022	—	—		—		—	—		—
	—	$	—	$	—	544	$	395.97	$	215,434

Shares acquired for taxes due (1)	49	$	448.79	$	22,235	375	$	414.23	$	155,483

Total repurchase of Cintas common stock				$	22,235				$	370,917


	Three Months Ended					Nine Months Ended
	February 28, 2022					February 28, 2022
Buyback Activity (In thousands except per share data)	Shares	Avg. Price per Share		Purchase Price		Shares	Avg. Price per Share		Purchase Price

October 29, 2019	—	$	—	$	—	1,590	$	365.41	$	581,220
July 27, 2021	1,386	388.03		537,655		1,386	388.03		537,655
	1,386	$	388.03	$	537,655	2,976	$	375.94	$	1,118,875

Shares acquired for taxes due (1)	50	$	390.60	$	19,460	261	$	394.84	$	102,966

Total repurchase of Cintas common stock				$	557,115				$	1,221,841

(1) Shares of Cintas common stock acquired for employee payroll taxes due on options exercised and vested restricted stock awards.

The following tables summarizes Cintas' non-cash share buyback activity:


	Three Months Ended					Nine Months Ended
	February 28, 2023					February 28, 2023
(In thousands except per share data)	Shares	Avg. Price per Share		Non-Cash Value		Shares	Avg. Price per Share		Non-Cash Value

Non-cash transaction activity	54	$	445.60	$	23,852	313	$	419.78	$	131,418

	Three Months Ended					Nine Months Ended
	February 28, 2022					February 28, 2022
	Shares	Avg. Price per Share		Non-Cash Value		Shares	Avg. Price per Share		Non-Cash Value

Non-cash transaction activity	30	$	391.03	$	12,000	30	$	391.03	$	12,000