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Earnings per Share | 6 Months Ended
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Nov. 30, 2011
Earnings per Share |
Earnings per Share |
4. 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) |  | Three Months Ended |  |  | Six Months Ended |
|  | November 30, |  |  | November 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Basic Earnings per Share |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ 74,350 |  |  | $ 55,866 |  |  | $142,988 |  |  | $ 117,143 |
Less dividends to: |  |  |  |  |  |  |  |  |  |  |  |
Common shares |  | $ 70,055 |  |  | $ 71,197 |  |  | $ 70,055 |  |  | $ 71,197 |
Unvested shares |  | 765 |  |  | 683 |  |  | 765 |  |  | 683 |
Total dividends |  | $ 70,820 |  |  | $ 71,880 |  |  | $ 70,820 |  |  | $ 71,880 |
Undistributed net income (loss) |  | $ 3,530 |  |  | $ (16,014) |  |  | $ 72,168 |  |  | $ 45,263 |
Less: net income (loss) allocated to participating unvested securities |  | 21 |  |  | (74) |  |  | 448 |  |  | 204 |
Net income (loss) available to common shareholders |  | $ 3,509 |  |  | $ (15,940) |  |  | $ 71,720 |  |  | $ 45,059 |
Basic weighted average common shares outstanding |  | 129,727 |  |  | 145,511 |  |  | 130,522 |  |  | 148,856 |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Common shares – distributed earnings |  | $ 0.54 |  |  | $ 0.49 |  |  | $ 0.54 |  |  | $ 0.49 |
Common shares – undistributed earnings |  | 0.03 |  |  | (0.11) |  |  | 0.55 |  |  | 0.29 |
Total common shares |  | $ 0.57 |  |  | $ 0.38 |  |  | $ 1.09 |  |  | $ 0.78 |
Unvested shares - distributed earnings |  | $ 0.54 |  |  | $ 0.49 |  |  | $ 0.54 |  |  | $ 0.49 |
Unvested shares - undistributed earnings |  | 0.03 |  |  | (0.11) |  |  | 0.55 |  |  | 0.29 |
Total unvested shares |  | $ 0.57 |  |  | $ 0.38 |  |  | $ 1.09 |  |  | $ 0.78 |
CINTAS CORPORATION NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited)
(In thousands except per share data) |  | Three Months Ended |  |  | Six Months Ended |
|  | November 30, |  |  | November 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Diluted Earnings per Share |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ 74,350 |  |  | $ 55,866 |  |  | $142,988 |  |  | $ 117,143 |
Less dividends to: |  |  |  |  |  |  |  |  |  |  |  |
Common shares |  | $ 70,055 |  |  | $ 71,197 |  |  | $ 70,055 |  |  | $ 71,197 |
Unvested shares |  | 765 |  |  | 683 |  |  | 765 |  |  | 683 |
Total dividends |  | $ 70,820 |  |  | $ 71,880 |  |  | $ 70,820 |  |  | $ 71,880 |
Undistributed net income (loss) |  | $ 3,530 |  |  | $ (16,014) |  |  | $ 72,168 |  |  | $ 45,263 |
Less: net income (loss) allocated to participating unvested securities |  | 21 |  |  | (74) |  |  | 448 |  |  | 204 |
Net income (loss) available to common shareholders |  | $ 3,509 |  |  | $ (15,940) |  |  | $ 71,720 |  |  | $ 45,059 |
Basic weighted average common shares outstanding |  | 129,727 |  |  | 145,511 |  |  | 130,522 |  |  | 148,856 |
Effect of dilutive securities – employee stock options |  | 13 |  |  | ---- |  |  | 21 |  |  | ---- |
Diluted weighted average common shares outstanding |  | 129,740 |  |  | 145,511 |  |  | 130,543 |  |  | 148,856 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Common shares – distributed earnings |  | $ 0.54 |  |  | $ 0.49 |  |  | $ 0.54 |  |  | $ 0.49 |
Common shares – undistributed earnings |  | 0.03 |  |  | (0.11) |  |  | 0.55 |  |  | 0.29 |
Total common shares |  | $ 0.57 |  |  | $ 0.38 |  |  | $ 1.09 |  |  | $ 0.78 |
Unvested shares - distributed earnings |  | $ 0.54 |  |  | $ 0.49 |  |  | $ 0.54 |  |  | $ 0.49 |
Unvested shares - undistributed earnings |  | 0.03 |  |  | (0.11) |  |  | 0.55 |  |  | 0.29 |
Total unvested shares |  | $ 0.57 |  |  | $ 0.38 |  |  | $ 1.09 |  |  | $ 0.78 |
For the three months ended November 30, 2011 and 2010, 3.3 million and 3.5 million options granted to purchase shares of Cintas common stock were excluded from the computation of diluted earnings per share, respectively. For the six months ended November 30, 2011 and 2010, 2.6 million and 3.9 million options granted to purchase shares of Cintas common stock were excluded from the computation of diluted earnings per share, respectively. The exercise prices of these options were greater than the average market price of the common stock (anti-dilutive). On October 26, 2010, we announced that the Board of Directors authorized an additional $500.0 million share buyback program at market prices. 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 an aggregate purchase price of $259.5 million. From the inception of the October 26, 2010 share buyback program through July 29, 2011, Cintas purchased a total of 15.8 million shares of Cintas common stock at an average price of $31.70 per share for a total aggregate purchase price of $500.0 million. On October 18, 2011, we announced that the Board of Directors authorized a new $500.0 million share buyback program at market prices. This new share buyback program does not have an expiration date, and purchases will be made at the discretion of the Board of Directors.

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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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