Earnings Per Share (Tables)

3 Months Ended

Aug. 31, 2023

Earnings Per Share [Abstract]

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 for the three months ended August 31:

Basic Earnings per Share (In thousands except per share data)	2023		2022
Net income	$	385,085	$	351,689
Less: net income allocated to participating securities	1,560		1,520
Net income available to common shareholders	$	383,525	$	350,169
Basic weighted average common shares outstanding	101,895		101,428
Basic earnings per share	$	3.76	$	3.45

Diluted Earnings per Share (In thousands except per share data)	2023		2022
Net income	$	385,085	$	351,689
Less: net income allocated to participating securities	1,560		1,520
Net income available to common shareholders	$	383,525	$	350,169
Basic weighted average common shares outstanding	101,895		101,428
Effect of dilutive securities – employee stock options	1,677		1,909
Diluted weighted average common shares outstanding	103,572		103,337
Diluted earnings per share	$	3.70	$	3.39

Buyback Activity by Program

The following table summarizes the share buyback activity by program and period for the three months ended August 31:

	2023					2022
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	—	$	—	$	—	532	$	396.39	$	210,751
July 26, 2022	—	—		—		—	—		—
	—	$	—	$	—	532	$	396.39	$	210,751
Shares acquired for taxes due (1)	145	$	503.20	$	73,276	270	$	405.93	$	109,583
Total repurchase of Cintas common stock				$	73,276				$	320,334

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

The following table summarizes Cintas' non-cash share buyback activity for the three months ended August 31:

	2023					2022
(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	118	$	502.24	$	59,212	193	$	411.93	$	79,591