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Earnings Per Share (Tables) | 9 Months Ended
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Feb. 28, 2023
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, 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 |
Buyback Activity by Program | 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. 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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