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Earnings per Share | 12 Months Ended
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May 31, 2012
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Cintas' common shares:
(In thousands except per share data) | 2012 |  | 2011 |  | 2010
Basic Earnings per Share |  |  |  |  |
Net income | $ | 297,637 |  |  | $ | 246,989 |  |  | $ | 215,620 |
Less dividends to: |  |  |  |  |
Common shares | $ | 70,055 |  |  | $ | 71,197 |  |  | $ | 73,377 |
Unvested shares | 765 |  |  | 615 |  |  | 583 |
Total dividends | $ | 70,820 |  |  | $ | 71,812 |  |  | $ | 73,960 |
Undistributed net income | $ | 226,817 |  |  | $ | 175,177 |  |  | $ | 141,660 |
Less: net income allocated to participating unvested securities | 1,880 |  |  | 1,097 |  |  | 661 |
Net income available to common shareholders | $ | 224,937 |  |  | $ | 174,080 |  |  | $ | 140,999 |
Basic weighted average common shares outstanding | 129,891 |  |  | 146,586 |  |  | 152,858 |
Basic earnings per share: |  |  |  |  |
Common shares — distributed earnings | $ | 0.54 |  |  | $ | 0.49 |  |  | $ | 0.48 |
Common shares — undistributed earnings | 1.73 |  |  | 1.19 |  |  | 0.92 |
Total common shares | $ | 2.27 |  |  | $ | 1.68 |  |  | $ | 1.40 |
Unvested shares — distributed earnings | $ | 0.54 |  |  | $ | 0.49 |  |  | $ | 0.48 |
Unvested shares — undistributed earnings | 1.73 |  |  | 1.19 |  |  | 0.92 |
Total unvested shares | $ | 2.27 |  |  | $ | 1.68 |  |  | $ | 1.40 |
(In thousands except per share data) | 2012 |  | 2011 |  | 2010
Diluted Earnings per Share |  |  |  |  |
Net income | $ | 297,637 |  |  | $ | 246,989 |  |  | $ | 215,620 |
Less dividends to: |  |  |  |  |
Common shares | $ | 70,055 |  |  | $ | 71,197 |  |  | $ | 73,377 |
Unvested shares | 765 |  |  | 615 |  |  | 583 |
Total dividends | $ | 70,820 |  |  | $ | 71,812 |  |  | $ | 73,960 |
Undistributed net income | $ | 226,817 |  |  | $ | 175,177 |  |  | $ | 141,660 |
Less: net income allocated to participating unvested securities | 1,880 |  |  | 1,097 |  |  | 661 |
Net income available to common shareholders | $ | 224,937 |  |  | $ | 174,080 |  |  | $ | 140,999 |
Basic weighted average common shares outstanding | 129,891 |  |  | 146,586 |  |  | 152,858 |
Effect of dilutive securities — employee stock options | 142 |  |  | — |  |  | — |
Diluted weighted average common shares outstanding | 130,033 |  |  | 146,586 |  |  | 152,858 |
Diluted earnings per share: |  |  |  |  |
Common shares — distributed earnings | $ | 0.54 |  |  | $ | 0.49 |  |  | $ | 0.48 |
Common shares — undistributed earnings | 1.73 |  |  | 1.19 |  |  | 0.92 |
Total common shares | $ | 2.27 |  |  | $ | 1.68 |  |  | $ | 1.40 |
Unvested shares — distributed earnings | $ | 0.54 |  |  | $ | 0.49 |  |  | $ | 0.48 |
Unvested shares — undistributed earnings | 1.73 |  |  | 1.19 |  |  | 0.92 |
Total unvested shares | $ | 2.27 |  |  | $ | 1.68 |  |  | $ | 1.40 |
For the fiscal years ended May 31, 2012, 2011 and 2010, options granted to purchase 2.0 million, 3.9 million and 4.5 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). We completed the October 26, 2010 share buyback program by purchasing 8.1 million shares of Cintas common stock in June and July 2011 for a total of $259.5 million. On October 18, 2011, we announced that the Board of Directors authorized an additional $500.0 million share buyback program at market prices. Beginning in April 2012, under this new program, we purchased 3.3 million shares of Cintas common stock for a total purchase price of $129.6 million. During fiscal 2012, Cintas purchased a total of 11.4 million shares of Cintas common stock at an average price of $34.24 per share for a total purchase price of $389.1 million. In July 2012, we purchased 0.6 million shares of Cintas stock for $23.7 million. From the inception of the October 18, 2011 share buyback program through July 30, 2012, Cintas has purchased a total of 3.9 million shares of Cintas common stock at an average price of $38.86 per share for a total purchase price of $153.3 million. In addition, for the fiscal year ended May 31, 2012, Cintas acquired 0.1 million shares of Cintas common stock in trade for employee payroll taxes due on restricted stock awards that vested during the fiscal year. These shares were acquired at an average price of $32.05 per share for a total purchase price of $3.2 million.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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