Cintas uses the two-class method to calculate basic and diluted earnings per share as a result of outstanding participating securities in the form of restricted stock awards. See Note 12 entitled Stock-Based Compensation for additional information on restricted stock awards. 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 fiscal years ended May 31:


Basic Earnings per Share (In thousands except per share data)	2024		2023		2022

Net income	$	1,571,592	$	1,348,010	$	1,235,757
Less: net income allocated to participating securities	5,928		5,463		6,132
Net income available to common shareholders	$	1,565,664	$	1,342,547	$	1,229,625
Basic weighted average common shares outstanding	101,653		101,645		103,172

Basic earnings per share	$	15.40	$	13.21	$	11.92


Diluted Earnings per Share (In thousands except per share data)	2024		2023		2022

Net income	$	1,571,592	$	1,348,010	$	1,235,757
Less: net income allocated to participating securities	5,928		5,463		6,132
Net income available to common shareholders	$	1,565,664	$	1,342,547	$	1,229,625
Basic weighted average common shares outstanding	101,653		101,645		103,172
Effect of dilutive securities – employee stock options	1,714		1,732		2,351
Diluted weighted average common shares outstanding	103,367		103,377		105,523

Diluted earnings per share	$	15.15	$	12.99	$	11.65

For the fiscal years ended May 31, 2024, 2023 and 2022, options granted to purchase 0.4 million, 1.0 million and 0.5 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 shares (anti-dilutive).

On October 29, 2019, we announced the Board authorized a $1.0 billion share buyback program, which was completed during the first quarter of fiscal 2022. On July 27, 2021, we announced that the Board authorized a $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal 2024. From the inception of the July 27, 2021 share buyback program through May, 2024, Cintas has purchased a total of 3.6 million shares of Cintas common stock at an average price of $421.77 per share for a total purchase price of

$1.5 billion. On July 26, 2022, Cintas announced that the Board authorized a new $1.0 billion share buyback program, which does not have an expiration date.


	2024					2023					2022
Buyback Program (In thousands except per share data)	Shares	Average Price per Share		Purchase Price		Shares	Average Price per Share		Purchase Price		Shares	Average Price per Share		Purchase Price

October 29, 2019	—	$	—	$	—	—	$	—	$	—	1,590	$	365.41	$	581,220
July 27, 2021	856	535.21		458,284		550	396.69		218,288		2,150	383.01		823,429
July 26, 2022	85	673.78		57,104		—	—		—		—	—		—

	941	$	547.69	$	515,388	550	$	396.69	$	218,288	3,740	$	375.53	$	1,404,649

Shares acquired for taxes due (1)	331	$	557.34	$	184,645	430	$	420.21	$	180,577	305	$	397.16	$	121,224

Total repurchase of Cintas common stock				$	700,033				$	398,865				$	1,525,873

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

In addition to the share buyback activity presented above, beginning in fiscal 2022, Cintas acquired shares of Cintas common stock, via non-cash transactions, in connection with net-share settlements of option exercises. The following table summarizes Cintas' non-cash share buyback activity for the fiscal years ended May 31:


	2024					2023					2022
Buyback Program (In thousands except per share data)	Shares	Average Price per Share		Non-Cash Value		Shares	Average Price per Share		Non-Cash Value		Shares	Average Price per Share		Non-Cash Value

Non-cash transaction activity	283	$	548.74	$	155,403	360	$	424.86	$	152,983	71	$	402.73	$	28,670

In the period subsequent to May 31, 2024, through July 25, 2024, under the July 26, 2022 share buyback plan, we purchased 0.7 million shares of Cintas common stock at an average price of $693.58 for a total purchase price of $473.6 million. From the inception of the July 26, 2022 share buyback program through July 25, 2024, Cintas has purchased 0.8 million shares of Cintas common stock in the aggregate, at an average price of $691.40 per share, for a total purchase price of $530.7 million.

On May 2, 2024, the Company announced a 4-for-1 split of its common stock. Shareholders of record, as of September 4, 2024, will receive three additional shares for each share held, which will be distributed after market close on September 11, 2024. The Company's shares are expected to begin trading on a post-split basis at the market open on September 12, 2024.


(In thousands except per share data)	2024		2023		2022

Net income allocated to common shareholders, as reported	$	1,565,664	$	1,342,547	$	1,229,625

Proforma basic weighted average common shares outstanding	406,612		406,580		412,688
Proforma effect of dilutive securities - employee stock options	6,856		6,928		9,404
Proforma diluted weighted average common shares outstanding	413,468		413,508		422,092

Proforma basic earnings per share	$	3.85	$	3.30	$	2.98
Proforma diluted earnings per share	$	3.79	$	3.25	$	2.91