XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Earnings Per Share | 9 Months Ended
--- | ---
Feb. 29, 2016
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share from continuing operations using the two-class method for amounts attributable to Cintas’ common shares:
| Three Months Ended |  | Nine Months Ended
(In thousands except per share data) | February 29, 2016 |  | February 28, 2015 |  | February 29, 2016 |  | February 28, 2015
Basic Earnings per Share from Continuing Operations |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 117,279 |  |  | $ | 100,331 |  |  | $ | 338,930 |  |  | $ | 309,937 |
Less: income from continuing operations allocated to participating securities | 1,871 |  |  | 733 |  |  | 5,500 |  |  | 2,666 |
Income from continuing operations available to common shareholders | $ | 115,408 |  |  | $ | 99,598 |  |  | $ | 333,430 |  |  | $ | 307,271 |
Basic weighted average common shares outstanding | 107,843 |  |  | 116,178 |  |  | 108,923 |  |  | 116,653 |
Basic earnings per share from continuing operations | $ | 1.07 |  |  | $ | 0.86 |  |  | $ | 3.06 |  |  | $ | 2.64 |
| Three Months Ended |  | Nine Months Ended
(In thousands except per share data) | February 29, 2016 |  | February 28, 2015 |  | February 29, 2016 |  | February 28, 2015
Diluted Earnings per Share from Continuing Operations |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 117,279 |  |  | $ | 100,331 |  |  | $ | 338,930 |  |  | $ | 309,937 |
Less: income from continuing operations allocated to participating securities | 1,871 |  |  | 733 |  |  | 5,500 |  |  | 2,666 |
Income from continuing operations available to common shareholders | $ | 115,408 |  |  | $ | 99,598 |  |  | $ | 333,430 |  |  | $ | 307,271 |
Basic weighted average common shares outstanding | 107,843 |  |  | 116,178 |  |  | 108,923 |  |  | 116,653 |
Effect of dilutive securities – employee stock options | 1,620 |  |  | 1,689 |  |  | 1,689 |  |  | 1,561 |
Diluted weighted average common shares outstanding | 109,463 |  |  | 117,867 |  |  | 110,612 |  |  | 118,214 |
Diluted earnings per share from continuing operations | $ | 1.05 |  |  | $ | 0.85 |  |  | $ | 3.01 |  |  | $ | 2.60 |
Both basic and diluted earnings per share from discontinued operations were $0.00 for the three months ended February 29, 2016, and both basic and diluted losses per share were $0.05 for the three months ended February 28, 2015. Basic and diluted earnings per share from discontinued operations were $2.02 and $1.99, respectively, for the nine months ended February 29, 2016, and both basic and diluted earnings per share from discontinued operations were $0.13 for the nine months ended February 28, 2015. For the three months ended February 29, 2016 and February 28, 2015, options granted to purchase 0.3 million and 0.4 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the nine months ended February 29, 2016 and February 28, 2015, options granted to purchase 0.3 million and 0.7 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). On January 13, 2015, we announced that the Board of Directors authorized a $500.0 million share buyback program, which does not have an expiration date. The January 13, 2015 share buyback program was completed during the second quarter of fiscal 2016. From the inception of the January 13, 2015 share buyback program through September 2015, Cintas purchased a total of 5.9 million shares of Cintas common stock at an average price of $84.07 per share for a total purchase price of $500.0 million. On August 4, 2015, we announced that the Board of Directors authorized a new $500.0 million share buyback program. The following table summarizes the buyback activity by program and fiscal period:
(In thousands except per share data) | Three Months Ended February 29, 2016 |  | Nine Months Ended February 29, 2016
Buyback Program | Shares |  | Avg. Price per Share |  | Purchase Price |  | Shares |  | Avg. Price per Share |  | Purchase Price
January 13, 2015 | — |  |  | $ | — |  |  | $ | — |  |  | 3,078 |  |  | $ | 85.44 |  |  | $ | 262,937 |
August 4, 2015 | 1,188 |  |  | $ | 84.15 |  |  | $ | 99,997 |  |  | 2,584 |  |  | $ | 85.11 |  |  | $ | 219,978 |
| 1,188 |  |  | $ | 84.15 |  |  | $ | 99,997 |  |  | 5,662 |  |  | $ | 85.29 |  |  | $ | 482,915 |
In the period subsequent to February 29, 2016 through April 8, 2016, Cintas purchased 0.5 million shares of Cintas Common stock for a total purchase price of $47.8 million. In addition, for the nine months ended February 29, 2016, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the nine months ended February 29, 2016. These shares were acquired at an average price of $85.62 per share for a total purchase price of $19.5 million. Of the total purchase price, $0.1 million occurred in the three months ended February 29, 2016.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 2: 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 3: 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=7655603&loc=d3e1252-109256 Reference 4: 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=32703322&loc=d3e4984-109258 Reference 5: 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=26872669&loc=d3e20235-122688 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration