Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Assumptions Used to Determine Fair Value of Options

The fair value of options was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions for the fiscal years ended May 31:

	2023		2022		2021
Risk-free interest rate	2.8	%	0.8	%	0.4	%
Dividend yield	1.1	%	1.2	%	1.1	%
Expected volatility of Cintas' common stock	26.0	%	25.2	%	23.5	%
Expected life of the option in years	5.5		5.5		5.5

Stock Options Granted and Outstanding

The information presented in the following table relates primarily to stock options granted and outstanding under either the 2016 Plan or under previously adopted plans:

	Shares	Weighted Average Exercise Price
Outstanding, June 1, 2020 (1,913,374 shares exercisable)	7,105,399	$	145.54
Granted	747,550	348.24
Canceled	(1,452)	59.51
Forfeited	(91,722)	193.94
Exercised	(1,704,251)	83.31
Outstanding, May 31, 2021 (1,548,867 shares exercisable)	6,055,524	191.11
Granted	531,963	398.92
Canceled	(877)	116.25
Forfeited	(260,249)	273.53
Exercised	(1,238,959)	118.21
Outstanding, May 31, 2022 (1,575,999 shares exercisable)	5,087,402	230.62
Granted	579,146	464.91
Canceled	(1,710)	65.79
Forfeited	(162,598)	339.49
Exercised	(1,074,488)	145.19
Outstanding, May 31, 2023 (1,546,346 shares exercisable)	4,427,752	$	278.01

Summary of Information Related to Stock Options Outstanding

The following table summarizes the information related to stock options outstanding at May 31, 2023:

		Outstanding Options			Exercisable Options
Range of Exercise Prices	Number Outstanding	Average Remaining Option Life	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$37.91 - $155.83	1,000,881	3.07	$	109.39	1,000,881	$	109.39
$155.84 - $216.78	736,299	5.21	203.60		369,557	202.04
$216.79 - $346.61	1,087,491	6.63	275.83		169,721	262.73
$346.62 - $472.14	1,603,081	9.05	418.95		6,187	426.55
$37.91 - $472.14	4,427,752	6.46	$	278.01	1,546,346	$	149.63

Restricted Stock Awards Granted and Outstanding

The information presented in the following table relates to restricted stock awards granted and outstanding under either the 2016 Plan or under previously adopted plans:

	Shares	Weighted Average Grant Price
Outstanding, unvested grants at June 1, 2020	1,625,215	$	199.73
Granted	274,843	352.68
Forfeited	(48,586)	241.95
Vested	(610,249)	147.32
Outstanding, unvested grants at May 31, 2021	1,241,223	264.63
Granted	189,874	398.30
Forfeited	(66,589)	323.00
Vested	(527,899)	213.36
Outstanding, unvested grants at May 31, 2022	836,609	331.95
Granted	187,750	470.11
Forfeited	(51,200)	384.61
Vested	(286,529)	267.65
Outstanding, unvested grants at May 31, 2023	686,630	$	392.02