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Earnings Per Share | 9 Months Ended
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Feb. 28, 2023
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 |  | Nine Months Ended
Basic Earnings per Share (In thousands except per share data) | February 28, 2023 |  | February 28, 2022 |  | February 28, 2023 |  | February 28, 2022
Net income | $ | 325,827 |  |  | $ | 315,448 |  |  | $ | 1,001,809 |  |  | $ | 941,296 |
Less: net income allocated to participating securities | 1,351 |  |  | 1,581 |  |  | 4,155 |  |  | 4,706 |
Net income available to common shareholders | $ | 324,476 |  |  | $ | 313,867 |  |  | $ | 997,654 |  |  | $ | 936,590 |
Basic weighted average common shares outstanding | 101,714 |  |  | 103,388 |  |  | 101,589 |  |  | 103,438 |
Basic earnings per share | $ | 3.19 |  |  | $ | 3.04 |  |  | $ | 9.82 |  |  | $ | 9.05 |
| Three Months Ended |  | Nine Months Ended
Diluted Earnings per Share (In thousands except per share data) | February 28, 2023 |  | February 28, 2022 |  | February 28, 2023 |  | February 28, 2022
Net income | $ | 325,827 |  |  | $ | 315,448 |  |  | $ | 1,001,809 |  |  | $ | 941,296 |
Less: net income allocated to participating securities | 1,351 |  |  | 1,581 |  |  | 4,155 |  |  | 4,706 |
Net income available to common shareholders | $ | 324,476 |  |  | $ | 313,867 |  |  | $ | 997,654 |  |  | $ | 936,590 |
Basic weighted average common shares outstanding | 101,714 |  |  | 103,388 |  |  | 101,589 |  |  | 103,438 |
Effect of dilutive securities – employee stock options | 1,704 |  |  | 2,253 |  |  | 1,774 |  |  | 2,458 |
Diluted weighted average common shares outstanding | 103,418 |  |  | 105,641 |  |  | 103,363 |  |  | 105,896 |
Diluted earnings per share | $ | 3.14 |  |  | $ | 2.97 |  |  | $ | 9.65 |  |  | $ | 8.84 |
For the three months ended February 28, 2023 and 2022, options granted to purchase 0.5 million and 0.6 million shares of Cintas common stock, respectively, were excluded from the computation of diluted earnings per share. For the nine months ended February 28, 2023 and 2022, options granted to purchase 1.0 million and 0.5 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 February 28, 2023, 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 |  |  | Nine Months Ended
| February 28, 2023 |  |  | February 28, 2023
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 | — |  |  | $ | — |  |  | $ | — |  |  |  | 544 |  |  | $ | 395.97 |  |  | $ | 215,434 |
July 26, 2022 | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
| — |  |  | $ | — |  |  | $ | — |  |  |  | 544 |  |  | $ | 395.97 |  |  | $ | 215,434 |
Shares acquired for taxes due (1) | 49 |  |  | $ | 448.79 |  |  | $ | 22,235 |  |  |  | 375 |  |  | $ | 414.23 |  |  | $ | 155,483 |
Total repurchase of Cintas common stock |  |  |  | $ | 22,235 |  |  |  |  |  |  |  | $ | 370,917 |
| 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 |
(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. The following tables summarizes Cintas' non-cash share buyback activity:
| Three Months Ended |  |  | Nine Months Ended
| February 28, 2023 |  |  | February 28, 2023
(In thousands except per share data) | Shares |  | Avg. Price per Share |  | Non-Cash Value |  |  | Shares |  | Avg. Price per Share |  | Non-Cash Value
Non-cash transaction activity | 54 |  |  | $ | 445.60 |  |  | $ | 23,852 |  |  |  | 313 |  |  | $ | 419.78 |  |  | $ | 131,418 |
| Three Months Ended |  |  | Nine Months Ended
| February 28, 2022 |  |  | February 28, 2022
| Shares |  | Avg. Price per Share |  | Non-Cash Value |  |  | Shares |  | Avg. Price per Share |  | Non-Cash Value
Non-cash transaction activity | 30 |  |  | $ | 391.03 |  |  | $ | 12,000 |  |  |  | 30 |  |  | $ | 391.03 |  |  | $ | 12,000 |

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