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Earnings per Share | 12 Months Ended
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May 31, 2022
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. See Note 13 entitled Stock-Based Compensation for additional information on restricted stock awards. The following tables set 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 for the fiscal years ended May 31:
Basic Earnings per Share from Continuing Operations (In thousands except per share data) | 2022 |  | 2021 |  | 2020
Income from continuing operations | $ | 1,235,757 |  |  | $ | 1,110,968 |  |  | $ | 876,360 |
Less: income from continuing operations allocated to participating securities | 6,132 |  |  | 7,623 |  |  | 8,158 |
Income from continuing operations available to common shareholders | $ | 1,229,625 |  |  | $ | 1,103,345 |  |  | $ | 868,202 |
Basic weighted average common shares outstanding | 103,172 |  |  | 104,874 |  |  | 103,816 |
Basic earnings per share from continuing operations | $ | 11.92 |  |  | $ | 10.52 |  |  | $ | 8.36 |
Diluted Earnings per Share from Continuing Operations (In thousands except per share data) | 2022 |  | 2021 |  | 2020
Income from continuing operations | $ | 1,235,757 |  |  | $ | 1,110,968 |  |  | $ | 876,360 |
Less: income from continuing operations allocated to participating securities | 6,132 |  |  | 7,623 |  |  | 8,158 |
Income from continuing operations available to common shareholders | $ | 1,229,625 |  |  | $ | 1,103,345 |  |  | $ | 868,202 |
Basic weighted average common shares outstanding | 103,172 |  |  | 104,874 |  |  | 103,816 |
Effect of dilutive securities – employee stock options | 2,351 |  |  | 2,833 |  |  | 3,196 |
Diluted weighted average common shares outstanding | 105,523 |  |  | 107,707 |  |  | 107,012 |
Diluted earnings per share from continuing operations | $ | 11.65 |  |  | $ | 10.24 |  |  | $ | 8.11 |
Basic and diluted earnings per share from discontinued operations were calculated using the two-class method. There were no discontinued operations for the fiscal years ended May 31, 2022 and 2021. Basic and diluted earnings per share from discontinued operations rounded to $0.00 for the fiscal year ended May 31, 2020. For the fiscal years ended May 31, 2022, 2021 and 2020, options granted to purchase 0.5 million, 0.2 million and 0.2 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). On October 30, 2018, we announced that the Board of Directors authorized a $1.0 billion share buyback program, which was completed during the third quarter of fiscal 2021. On October 29, 2019, we announced the Board of Directors authorized a $1.0 billion share buyback program, which was completed during the first quarter of fiscal 2022. On July 27, 2021, we announced that the Board of Directors authorized a new $1.5 billion share buyback program, which does not have an expiration date. The following table summarizes the buyback activity by program and fiscal year ended May 31:
| 2022 |  | 2021 |  | 2020
Buyback Program (In thousands except per share data) | Shares |  | Average Price per Share |  | Purchase Price |  | Shares |  | Average Price per Share |  | Purchase Price |  | Shares |  | Average Price per Share |  | Purchase Price
October 30, 2018 | — |  |  | $ | — |  |  | $ | — |  |  | 190 |  |  | $ | 319.88 |  |  | $ | 60,877 |  |  | 1,607 |  |  | $ | 246.19 |  |  | $ | 395,681 |
October 29, 2019 | 1,590 |  |  | 365.41 |  |  | 581,220 |  |  | 1,196 |  |  | 350.31 |  |  | 418,779 |  |  | — |  |  | — |  |  | — |
July 27, 2021 | 2,150 |  |  | 383.01 |  |  | 823,429 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 3,740 |  |  | $ | 375.53 |  |  | $ | 1,404,649 |  |  | 1,386 |  |  | $ | 346.13 |  |  | $ | 479,656 |  |  | 1,607 |  |  | $ | 246.19 |  |  | $ | 395,681 |
Shares acquired for taxes due (1) | 305 |  |  | $ | 397.16 |  |  | $ | 121,224 |  |  | 246 |  |  | $ | 302.52 |  |  | $ | 74,465 |  |  | 264 |  |  | $ | 260.89 |  |  | $ | 68,837 |
Total repurchase of Cintas common stock |  |  |  |  | $ | 1,525,873 |  |  |  |  |  |  | $ | 554,121 |  |  |  |  |  |  | $ | 464,518 |
(1) Shares of Cintas stock acquired for employee payroll taxes due on options exercised and vested restricted stock awards. In addition to the share buyback activity presented above, Cintas acquired shares of Cintas common stock, via non-cash transactions, in connection with net-share settlements of option exercises. During the fiscal year ended May 31, 2022, Cintas acquired 0.1 million shares of Cintas common stock via such non-cash transactions at an average price of $402.73 for a total non-cash value of $28.7 million. In the period subsequent to May 31, 2022, through July 27, 2022, we purchased 0.5 million shares of Cintas common stock at an average price of $396.39 for a total purchase price of $210.8 million. From the inception of the July 27, 2021 share buyback program through July 27, 2022, Cintas has purchased 2.7 million shares of Cintas common stock in the aggregate, at an average price of $385.66 per share, for a total purchase price of $1.0 billion.

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