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Earnings per Share (Tables)
6 Months Ended
Nov. 30, 2011
Earnings per Share  
Computation of basic and diluted earnings per share

 

 

(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