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Earnings per Share (Tables) | 12 Months Ended
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May 31, 2024
Earnings Per Share [Abstract] |
Schedule of Computation of Basic and Diluted Earnings Per Share For Continuing Operations | 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 |
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 |
Schedule of Buyback Activity by Program | 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. 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 |

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