Earnings Per Share

6 Months Ended

Nov. 30, 2024

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. 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 (in each case as adjusted to reflect the Stock Split):



	Three Months Ended				Six Months Ended
Basic Earnings per Share (In thousands except per share data)	November 30, 2024		November 30, 2023		November 30, 2024		November 30, 2023

Net income	$	448,495	$	374,613	$	900,528	$	759,698
Less: net income allocated to participating securities	1,585		1,460		3,182		2,957
Net income available to common shareholders	$	446,910	$	373,153	$	897,346	$	756,741
Basic weighted average common shares outstanding	403,581		406,669		403,489		407,125

Basic earnings per share	$	1.11	$	0.92	$	2.22	$	1.86



	Three Months Ended				Six Months Ended
Diluted Earnings per Share (In thousands except per share data)	November 30, 2024		November 30, 2023		November 30, 2024		November 30, 2023

Net income	$	448,495	$	374,613	$	900,528	$	759,698
Less: net income allocated to participating securities	1,585		1,460		3,182		2,957
Net income available to common shareholders	$	446,910	$	373,153	$	897,346	$	756,741
Basic weighted average common shares outstanding	403,581		406,669		403,489		407,125
Effect of dilutive securities – employee stock options	7,086		6,397		7,124		6,548
Diluted weighted average common shares outstanding	410,667		413,066		410,613		413,673

Diluted earnings per share	$	1.09	$	0.90	$	2.19	$	1.83

For the three months ended November 30, 2024 and 2023, options granted to purchase 1.2 million and 2.0 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the six months ended November 30, 2024 and 2023, options granted to purchase 0.7 million and 1.3 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).

Cintas announced on July 27, 2021, July 26, 2022, and July 23, 2024, that the Board of Directors (the Board) authorized share buyback programs for $1.5 billion, $1.0 billion and $1.0 billion, respectively. None of the share buyback programs have an expiration date.

The following table summarizes the share buyback activity by program and period:
















	Three Months Ended					Six Months Ended
	November 30, 2024					November 30, 2024
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	—	$	—	$	—	—	$	—	$	—
July 26, 2022	—	—		—		2,732	173.40		473,617
July 23, 2024	—	—		—		—	—		—
	—	$	—	$	—	2,732	$	173.40	$	473,617

Shares acquired for taxes due (1)	174	$	211.44	$	36,716	918	$	193.79	$	177,901

Total repurchase of Cintas common stock				$	36,716				$	651,518

	Three Months Ended					Six Months Ended
	November 30, 2023					November 30, 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	2,633	$	121.64	$	320,266	2,633	$	121.64	$	320,266
July 26, 2022	—	—		—		—	—		—
July 23, 2024	—	—		—		—	—		—
	2,633	$	121.64	$	320,266	2,633	$	121.64	$	320,266

Shares acquired for taxes due (1)	228	$	129.69	$	29,586	810	$	126.89	$	102,862

Total repurchase of Cintas common stock				$	349,852				$	423,128

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

In addition to the share buyback activity presented above, 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:








	Three Months Ended					Six Months Ended
	November 30, 2024					November 30, 2024
(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	122	$	210.76	$	25,829	529	$	193.79	$	102,653

	Three Months Ended					Six Months Ended
	November 30, 2023					November 30, 2023
	Shares	Avg. Price per Share		Non-Cash Value		Shares	Avg. Price per Share		Non-Cash Value

Non-cash transaction activity	273	$	128.69	$	35,087	745	$	126.71	$	94,300

There were no share buybacks in the period subsequent to November 30, 2024, through January 8, 2025. From the inception of the July 26, 2022 share buyback program through January 8, 2025, Cintas has purchased 3.1 million shares of Cintas common stock in the aggregate, at an average price of $172.85 per share, for a total purchase price of $530.7 million. Cintas has made no purchases under the July 23, 2024 share buyback program.