XML 40 R20.htm IDEA: XBRL DOCUMENT
v3.24.2

Earnings per Share | 12 Months Ended
--- | ---
May 31, 2024
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. See Note 12 entitled Stock-Based Compensation for additional information on 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 for the fiscal years ended May 31:
Basic Earnings per Share (In thousands except per share data) | 2024 |  | 2023 |  | 2022
Net income | $ | 1,571,592 |  |  | $ | 1,348,010 |  |  | $ | 1,235,757 |
Less: net income allocated to participating securities | 5,928 |  |  | 5,463 |  |  | 6,132 |
Net income available to common shareholders | $ | 1,565,664 |  |  | $ | 1,342,547 |  |  | $ | 1,229,625 |
Basic weighted average common shares outstanding | 101,653 |  |  | 101,645 |  |  | 103,172 |
Basic earnings per share | $ | 15.40 |  |  | $ | 13.21 |  |  | $ | 11.92 |
Diluted Earnings per Share (In thousands except per share data) | 2024 |  | 2023 |  | 2022
Net income | $ | 1,571,592 |  |  | $ | 1,348,010 |  |  | $ | 1,235,757 |
Less: net income allocated to participating securities | 5,928 |  |  | 5,463 |  |  | 6,132 |
Net income available to common shareholders | $ | 1,565,664 |  |  | $ | 1,342,547 |  |  | $ | 1,229,625 |
Basic weighted average common shares outstanding | 101,653 |  |  | 101,645 |  |  | 103,172 |
Effect of dilutive securities – employee stock options | 1,714 |  |  | 1,732 |  |  | 2,351 |
Diluted weighted average common shares outstanding | 103,367 |  |  | 103,377 |  |  | 105,523 |
Diluted earnings per share | $ | 15.15 |  |  | $ | 12.99 |  |  | $ | 11.65 |
For the fiscal years ended May 31, 2024, 2023 and 2022, options granted to purchase 0.4 million, 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 shares (anti-dilutive). On October 29, 2019, we announced the Board authorized a $1.0 billion share buyback program, which was completed during the first quarter of fiscal 2022. On July 27, 2021, we announced that the Board authorized a $1.5 billion share buyback program, which was completed during the fourth quarter of fiscal 2024. From the inception of the July 27, 2021 share buyback program through May, 2024, Cintas has purchased a total of 3.6 million shares of Cintas common stock at an average price of $421.77 per share for a total purchase price of $1.5 billion. On July 26, 2022, Cintas announced that the Board authorized a new $1.0 billion share buyback program, which does not have an expiration date. The following table summarizes the buyback activity by program and fiscal years ended May 31:
| 2024 |  | 2023 |  | 2022
Buyback Program (In thousands except per share data) | Shares |  | Average Price per Share |  | Purchase Price |  | Shares |  | Average Price per Share |  | Purchase Price |  | Shares |  | Average Price per Share |  | Purchase Price
October 29, 2019 | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 1,590 |  |  | $ | 365.41 |  |  | $ | 581,220 |
July 27, 2021 | 856 |  |  | 535.21 |  |  | 458,284 |  |  | 550 |  |  | 396.69 |  |  | 218,288 |  |  | 2,150 |  |  | 383.01 |  |  | 823,429 |
July 26, 2022 | 85 |  |  | 673.78 |  |  | 57,104 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 941 |  |  | $ | 547.69 |  |  | $ | 515,388 |  |  | 550 |  |  | $ | 396.69 |  |  | $ | 218,288 |  |  | 3,740 |  |  | $ | 375.53 |  |  | $ | 1,404,649 |
Shares acquired for taxes due (1) | 331 |  |  | $ | 557.34 |  |  | $ | 184,645 |  |  | 430 |  |  | $ | 420.21 |  |  | $ | 180,577 |  |  | 305 |  |  | $ | 397.16 |  |  | $ | 121,224 |
Total repurchase of Cintas common stock |  |  |  | $ | 700,033 |  |  |  |  |  |  | $ | 398,865 |  |  |  |  |  |  | $ | 1,525,873 |
(1) Shares of Cintas stock acquired for employee-partner payroll taxes due on options exercised and vested restricted stock awards. In addition to the share buyback activity presented above, beginning in fiscal 2022, Cintas acquired shares of Cintas common stock, via non-cash transactions, in connection with net-share settlements of option exercises. The following table summarizes Cintas' non-cash share buyback activity for the fiscal years ended May 31:
| 2024 |  | 2023 |  | 2022
Buyback Program (In thousands except per share data) | Shares |  | Average Price per Share |  | Non-Cash Value |  | Shares |  | Average Price per Share |  | Non-Cash Value |  | Shares |  | Average Price per Share |  | Non-Cash Value
Non-cash transaction activity | 283 |  |  | $ | 548.74 |  |  | $ | 155,403 |  |  | 360 |  |  | $ | 424.86 |  |  | $ | 152,983 |  |  | 71 |  |  | $ | 402.73 |  |  | $ | 28,670 |
In the period subsequent to May 31, 2024, through July 25, 2024, under the July 26, 2022 share buyback plan, we purchased 0.7 million shares of Cintas common stock at an average price of $693.58 for a total purchase price of $473.6 million. From the inception of the July 26, 2022 share buyback program through July 25, 2024, Cintas has purchased 0.8 million shares of Cintas common stock in the aggregate, at an average price of $691.40 per share, for a total purchase price of $530.7 million. Common Stock Split On May 2, 2024, the Company announced a 4-for-1 split of its common stock. Shareholders of record, as of September 4, 2024, will receive three additional shares for each share held, which will be distributed after market close on September 11, 2024. The Company's shares are expected to begin trading on a post-split basis at the market open on September 12, 2024. The following table presents unaudited proforma earnings per share on a post-split basis for the fiscal years ended May 31:
(In thousands except per share data) | 2024 |  | 2023 |  | 2022
Net income allocated to common shareholders, as reported | $ | 1,565,664 |  |  | $ | 1,342,547 |  |  | $ | 1,229,625 |
Proforma basic weighted average common shares outstanding | 406,612 |  |  | 406,580 |  |  | 412,688 |
Proforma effect of dilutive securities - employee stock options | 6,856 |  |  | 6,928 |  |  | 9,404 |
Proforma diluted weighted average common shares outstanding | 413,468 |  |  | 413,508 |  |  | 422,092 |
Proforma basic earnings per share | $ | 3.85 |  |  | $ | 3.30 |  |  | $ | 2.98 |
Proforma diluted earnings per share | $ | 3.79 |  |  | $ | 3.25 |  |  | $ | 2.91 |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration