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Earnings Per Share (Tables) | 6 Months Ended
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Nov. 30, 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 |  | 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 |
Buyback Activity by Program | 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.

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