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Earnings Per Share (Tables) | 3 Months Ended
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Aug. 31, 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 for the three months ended August 31:
Basic Earnings per Share (In thousands except per share data) | 2023 |  | 2022 |  |  |  |
Net income | $ | 385,085 |  |  | $ | 351,689 |  |  |  |  |
Less: net income allocated to participating securities | 1,560 |  |  | 1,520 |  |  |  |  |
Net income available to common shareholders | $ | 383,525 |  |  | $ | 350,169 |  |  |  |  |
Basic weighted average common shares outstanding | 101,895 |  |  | 101,428 |  |  |  |  |
Basic earnings per share | $ | 3.76 |  |  | $ | 3.45 |  |  |  |  |
Diluted Earnings per Share (In thousands except per share data) | 2023 |  | 2022 |  |  |  |
Net income | $ | 385,085 |  |  | $ | 351,689 |  |  |  |  |
Less: net income allocated to participating securities | 1,560 |  |  | 1,520 |  |  |  |  |
Net income available to common shareholders | $ | 383,525 |  |  | $ | 350,169 |  |  |  |  |
Basic weighted average common shares outstanding | 101,895 |  |  | 101,428 |  |  |  |  |
Effect of dilutive securities – employee stock options | 1,677 |  |  | 1,909 |  |  |  |  |
Diluted weighted average common shares outstanding | 103,572 |  |  | 103,337 |  |  |  |  |
Diluted earnings per share | $ | 3.70 |  |  | $ | 3.39 |  |  |  |  |
Buyback Activity by Program | The following table summarizes the share buyback activity by program and period for the three months ended August 31:
| 2023 |  |  | 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 | — |  |  | $ | — |  |  | $ | — |  |  |  | 532 |  |  | $ | 396.39 |  |  | $ | 210,751 |
July 26, 2022 | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
| — |  |  | $ | — |  |  | $ | — |  |  |  | 532 |  |  | $ | 396.39 |  |  | $ | 210,751 |
Shares acquired for taxes due (1) | 145 |  |  | $ | 503.20 |  |  | $ | 73,276 |  |  |  | 270 |  |  | $ | 405.93 |  |  | $ | 109,583 |
Total repurchase of Cintas common stock |  |  |  | $ | 73,276 |  |  |  |  |  |  |  | $ | 320,334 |
(1) Shares of Cintas common stock acquired for employee payroll taxes due on options exercised and vested restricted stock awards. The following table summarizes Cintas' non-cash share buyback activity for the three months ended August 31:
| 2023 |  |  | 2022
(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 | 118 |  |  | $ | 502.24 |  |  | $ | 59,212 |  |  |  | 193 |  |  | $ | 411.93 |  |  | $ | 79,591 |

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