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Earnings Per Share | 3 Months Ended
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Aug. 31, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share 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.
| Three Months Ended |  |  |  |  |  |
Basic Earnings per Share (in thousands except per share data) | August 31, 2020 |  | August 31, 2019 |  |  |  |
Net income | $ | 300,005 |  |  | $ | 250,812 |  |  |  |  |
Less: income allocated to participating securities | 2,173 |  |  | 2,016 |  |  |  |  |
Income available to common shareholders | $ | 297,832 |  |  | $ | 248,796 |  |  |  |  |
Basic weighted average common shares outstanding | 104,110 |  |  | 103,543 |  |  |  |  |
Basic earnings per share | $ | 2.86 |  |  | $ | 2.40 |  |  |  |  |
| Three Months Ended |  |  |  |  |  |
Diluted Earnings per Share (in thousands except per share data) | August 31, 2020 |  | August 31, 2019 |  |  |  |
Net income | $ | 300,005 |  |  | $ | 250,812 |  |  |  |  |
Less: income allocated to participating securities | 2,173 |  |  | 2,016 |  |  |  |  |
Income available to common shareholders | $ | 297,832 |  |  | $ | 248,796 |  |  |  |  |
Basic weighted average common shares outstanding | 104,110 |  |  | 103,543 |  |  |  |  |
Effect of dilutive securities – employee stock options | 3,019 |  |  | 3,540 |  |  |  |  |
Diluted weighted average common shares outstanding | 107,129 |  |  | 107,083 |  |  |  |  |
Diluted earnings per share | $ | 2.78 |  |  | $ | 2.32 |  |  |  |  |
For both the three months ended August 31, 2020 and 2019, options granted to purchase 0.2 million shares of Cintas common stock 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 October 30, 2018, Cintas announced that the Board of Directors authorized a $1.0 billion share buyback program, which does not have an expiration date. On October 29, 2019, we announced that the Board of Directors authorized a new $1.0 billion share buyback program, which does not have an expiration date. The following table summarizes the buyback activity by program and for the three months ended August 31:
| 2020 |  |  |  |  |  | 2019 |  |  |  |
Buyback Program (In thousands except per share data) | Shares |  | Avg. Price per Share |  | Purchase Price |  | Shares |  | Avg. Price per Share |  | Purchase Price
October 30, 2018 | — |  |  | $ | — |  |  | $ | — |  |  | 837 |  |  | $ | 230.66 |  |  | $ | 193,109 |
October 29, 2019 | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |
| — |  |  | $ | — |  |  | $ | — |  |  | 837 |  |  | $ | 230.66 |  |  | $ | 193,109 |
There were no share buybacks in the period subsequent to August 31, 2020, through October 9, 2020, under any share buyback program. From the inception of the October 30, 2018 program through October 9, 2020, Cintas has purchased a total of 4.3 million shares of Cintas common stock at an average price of $219.42 per share for a total purchase price of $939.1 million. For the three months ended August 31, 2020, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes due on restricted stock awards that vested during the three months ended August 31, 2020. These shares were acquired at an average price of $300.01 per share for a total purchase price of $69.0 million. For the three months ended August 31, 2019, Cintas acquired 0.2 million shares of Cintas common stock for employee payroll taxes dues on restricted stock awards that vested during the three months ended August 31, 2019. These shares were acquired at an average price of $260.83 per share for a total purchase price of $63.7 million.

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