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Earnings Per Share | 6 Months Ended
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Nov. 30, 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. 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 |  | Six Months Ended
Basic Earnings per Share (In thousands except per share data) | November 30, 2022 |  | November 30, 2021 |  | November 30, 2022 |  | November 30, 2021
Net income | $ | 324,293 |  |  | $ | 294,669 |  |  | $ | 675,982 |  |  | $ | 625,848 |
Less: net income allocated to participating securities | 1,372 |  |  | 1,495 |  |  | 2,859 |  |  | 3,179 |
Net income available to common shareholders | $ | 322,921 |  |  | $ | 293,174 |  |  | $ | 673,123 |  |  | $ | 622,669 |
Basic weighted average common shares outstanding | 101,637 |  |  | 103,646 |  |  | 101,530 |  |  | 103,463 |
Basic earnings per share | $ | 3.18 |  |  | $ | 2.83 |  |  | $ | 6.63 |  |  | $ | 6.02 |
| Three Months Ended |  | Six Months Ended
Diluted Earnings per Share (In thousands except per share data) | November 30, 2022 |  | November 30, 2021 |  | November 30, 2022 |  | November 30, 2021
Net income | $ | 324,293 |  |  | $ | 294,669 |  |  | $ | 675,982 |  |  | $ | 625,848 |
Less: net income allocated to participating securities | 1,372 |  |  | 1,495 |  |  | 2,859 |  |  | 3,179 |
Net income available to common shareholders | $ | 322,921 |  |  | $ | 293,174 |  |  | $ | 673,123 |  |  | $ | 622,669 |
Basic weighted average common shares outstanding | 101,637 |  |  | 103,646 |  |  | 101,530 |  |  | 103,463 |
Effect of dilutive securities – employee stock options | 1,719 |  |  | 2,476 |  |  | 1,813 |  |  | 2,563 |
Diluted weighted average common shares outstanding | 103,356 |  |  | 106,122 |  |  | 103,343 |  |  | 106,026 |
Diluted earnings per share | $ | 3.12 |  |  | $ | 2.76 |  |  | $ | 6.51 |  |  | $ | 5.87 |
For the three months ended November 30, 2022 and 2021, options granted to purchase 1.1 million and 0.1 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the six months ended November 30, 2022 and 2021, options granted to purchase 0.9 million and 0.1 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 October 29, 2019, we announced that 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, Cintas announced that the Board of Directors authorized a $1.5 billion share buyback program, which does not have an expiration date. From the inception of the July 27, 2021 share buyback program through November 30, 2022, Cintas purchased a total of 2.7 million shares of Cintas common stock at an average price of $385.62 per share for a total purchase price of $1.0 billion. On July 26, 2022, Cintas announced that the Board of Directors authorized a new $1.0 billion share buyback program, which does not have an expiration date. The following tables summarize the share buyback activity by program and period:
| Three Months Ended |  |  | Six Months Ended
| November 30, 2022 |  |  | November 30, 2022
Buyback Activity (In thousands except per share data) | Shares |  | Avg. Price per Share |  | Purchase Price |  |  | Shares |  | Avg. Price per Share |  | Purchase Price
July 27, 2021 | 12 |  |  | $ | 377.66 |  |  | $ | 4,683 |  |  |  | 544 |  |  | $ | 395.97 |  |  | $ | 215,434 |
July 26, 2022 | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
| 12 |  |  | $ | 377.66 |  |  | $ | 4,683 |  |  |  | 544 |  |  | $ | 395.97 |  |  | $ | 215,434 |
Shares acquired for taxes due (1) | 56 |  |  | $ | 423.64 |  |  | $ | 23,665 |  |  |  | 326 |  |  | $ | 408.97 |  |  | $ | 133,248 |
Total repurchase of Cintas common stock |  |  |  | $ | 28,348 |  |  |  |  |  |  |  | $ | 348,682 |
| Three Months Ended |  |  | Six Months Ended
| November 30, 2021 |  |  | November 30, 2021
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 | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
| — |  |  | $ | — |  |  | $ | — |  |  |  | 1,590 |  |  | $ | 365.41 |  |  | $ | 581,220 |
Shares acquired for taxes due (1) | 13 |  |  | $ | 420.87 |  |  | $ | 5,483 |  |  |  | 211 |  |  | $ | 395.84 |  |  | $ | 83,506 |
Total repurchase of Cintas common stock |  |  |  | $ | 5,483 |  |  |  |  |  |  |  | $ | 664,726 |
(1) Shares of Cintas common 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 three months ended November 30, 2022, Cintas acquired 0.1 million shares of Cintas common stock via such non-cash transactions at an average price of $421.85 for a total non-cash value of $28.0 million. During the six months ended November 30, 2022, Cintas acquired 0.3 million shares of Cintas common stock via such non-cash transactions at an average price of $414.46 for a total non-cash value of $107.6 million. During the three and six months ended November 30, 2021, there were no shares of Cintas common stock acquired via non-cash transactions, in connection with net-share settlements of option exercises.

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