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Earnings Per Share (Tables) | 9 Months Ended
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Feb. 28, 2022
Earnings Per Share [Abstract] |
Computation of Basic and Diluted Earnings Per Share | 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 |  | Nine Months Ended
Basic Earnings per Share (In thousands except per share data) | February 28, 2022 |  | February 28, 2021 |  | February 28, 2022 |  | February 28, 2021
Net income | $ | 315,448 |  |  | $ | 258,384 |  |  | $ | 941,296 |  |  | $ | 843,246 |
Less: income allocated to participating securities | 1,581 |  |  | 1,894 |  |  | 4,706 |  |  | 5,908 |
Income available to common shareholders | $ | 313,867 |  |  | $ | 256,490 |  |  | $ | 936,590 |  |  | $ | 837,338 |
Basic weighted average common shares outstanding | 103,388 |  |  | 105,264 |  |  | 103,438 |  |  | 104,782 |
Basic earnings per share | $ | 3.04 |  |  | $ | 2.44 |  |  | $ | 9.05 |  |  | $ | 7.99 |
| Three Months Ended |  | Nine Months Ended
Diluted Earnings per Share (In thousands except per share data) | February 28, 2022 |  | February 28, 2021 |  | February 28, 2022 |  | February 28, 2021
Net income | $ | 315,448 |  |  | $ | 258,384 |  |  | $ | 941,296 |  |  | $ | 843,246 |
Less: income allocated to participating securities | 1,581 |  |  | 1,894 |  |  | 4,706 |  |  | 5,908 |
Income available to common shareholders | $ | 313,867 |  |  | $ | 256,490 |  |  | $ | 936,590 |  |  | $ | 837,338 |
Basic weighted average common shares outstanding | 103,388 |  |  | 105,264 |  |  | 103,438 |  |  | 104,782 |
Effect of dilutive securities – employee stock options | 2,253 |  |  | 2,732 |  |  | 2,458 |  |  | 2,914 |
Diluted weighted average common shares outstanding | 105,641 |  |  | 107,996 |  |  | 105,896 |  |  | 107,696 |
Diluted earnings per share | $ | 2.97 |  |  | $ | 2.37 |  |  | $ | 8.84 |  |  | $ | 7.78 |
Buyback Activity by Program | The following tables summarize the share buyback activity by program and period:
| Three Months Ended |  |  | Nine Months Ended
| February 28, 2022 |  |  | February 28, 2022
Buyback Activity (In thousands except per share data) | Shares |  | Avg. Price per Share |  | Purchase Price |  |  | Shares |  | Avg. Price per Share |  | Purchase Price
October 29, 2019 | — |  |  | $ | — |  |  | $ | — |  |  |  | 1,590 |  |  | $ | 365.41 |  |  | $ | 581,220 |
July 27, 2021 | 1,386 |  |  | 388.03 |  |  | 537,655 |  |  |  | 1,386 |  |  | 388.03 |  |  | 537,655 |
| 1,386 |  |  | $ | 388.03 |  |  | $ | 537,655 |  |  |  | 2,976 |  |  | $ | 375.94 |  |  | $ | 1,118,875 |
Shares acquired for taxes due (1) | 50 |  |  | $ | 390.60 |  |  | $ | 19,460 |  |  |  | 261 |  |  | $ | 394.84 |  |  | $ | 102,966 |
Total repurchase of Cintas common stock |  |  |  |  | $ | 557,115 |  |  |  |  |  |  |  | $ | 1,221,841 |
| Three Months Ended |  |  | Nine Months Ended
| February 28, 2021 |  |  | February 28, 2021
Buyback Activity (In thousands except per share data) | Shares |  | Avg. Price per Share |  | Purchase Price |  |  | Shares |  | Avg. Price per Share |  | Purchase Price
October 30, 2018 | 190 |  |  | $ | 319.88 |  |  | $ | 60,877 |  |  |  | 190 |  |  | $ | 319.88 |  |  | $ | 60,877 |
October 29, 2019 | 66 |  |  | $ | 321.51 |  |  | $ | 21,080 |  |  |  | 66 |  |  | $ | 321.51 |  |  | $ | 21,080 |
| 256 |  |  | $ | 320.30 |  |  | $ | 81,957 |  |  |  | 256 |  |  | $ | 320.30 |  |  | $ | 81,957 |
Shares acquired for taxes due (1) | 4 |  |  | $ | 332.73 |  |  | $ | 1,151 |  |  |  | 241 |  |  | $ | 301.49 |  |  | $ | 72,533 |
Total repurchase of Cintas common stock |  |  |  |  | $ | 83,108 |  |  |  |  |  |  |  | $ | 154,490 |
(1) Shares of Cintas stock acquired for employee payroll taxes due on options exercised and vested restricted stock awards.

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