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Earnings Per Share (Tables) | 6 Months Ended
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Nov. 30, 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 |  | Six Months Ended
Basic Earnings per Share (In thousands except per share data) | November 30, 2023 |  | November 30, 2022 |  | November 30, 2023 |  | November 30, 2022
Net income | $ | 374,613 |  |  | $ | 324,293 |  |  | $ | 759,698 |  |  | $ | 675,982 |
Less: net income allocated to participating securities | 1,460 |  |  | 1,372 |  |  | 2,957 |  |  | 2,859 |
Net income available to common shareholders | $ | 373,153 |  |  | $ | 322,921 |  |  | $ | 756,741 |  |  | $ | 673,123 |
Basic weighted average common shares outstanding | 101,667 |  |  | 101,637 |  |  | 101,781 |  |  | 101,530 |
Basic earnings per share | $ | 3.67 |  |  | $ | 3.18 |  |  | $ | 7.43 |  |  | $ | 6.63 |
| Three Months Ended |  | Six Months Ended
Diluted Earnings per Share (In thousands except per share data) | November 30, 2023 |  | November 30, 2022 |  | November 30, 2023 |  | November 30, 2022
Net income | $ | 374,613 |  |  | $ | 324,293 |  |  | $ | 759,698 |  |  | $ | 675,982 |
Less: net income allocated to participating securities | 1,460 |  |  | 1,372 |  |  | 2,957 |  |  | 2,859 |
Net income available to common shareholders | $ | 373,153 |  |  | $ | 322,921 |  |  | $ | 756,741 |  |  | $ | 673,123 |
Basic weighted average common shares outstanding | 101,667 |  |  | 101,637 |  |  | 101,781 |  |  | 101,530 |
Effect of dilutive securities – employee stock options | 1,599 |  |  | 1,719 |  |  | 1,637 |  |  | 1,813 |
Diluted weighted average common shares outstanding | 103,266 |  |  | 103,356 |  |  | 103,418 |  |  | 103,343 |
Diluted earnings per share | $ | 3.61 |  |  | $ | 3.12 |  |  | $ | 7.32 |  |  | $ | 6.51 |
Buyback Activity by Program | The following table summarizes the share buyback activity by program and period:
| Three Months Ended |  |  | Six Months Ended
| November 30, 2023 |  |  | November 30, 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 | 658 |  |  | $ | 486.58 |  |  | $ | 320,266 |  |  |  | 658 |  |  | $ | 486.58 |  |  | $ | 320,266 |
July 26, 2022 | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
| 658 |  |  | $ | 486.58 |  |  | $ | 320,266 |  |  |  | 658 |  |  | $ | 486.58 |  |  | $ | 320,266 |
Shares acquired for taxes due (1) | 58 |  |  | $ | 518.89 |  |  | $ | 29,586 |  |  |  | 203 |  |  | $ | 507.61 |  |  | $ | 102,862 |
Total repurchase of Cintas common stock |  |  |  | $ | 349,852 |  |  |  |  |  |  |  | $ | 423,128 |
| Three Months Ended |  |  | Six Months Ended
| November 30, 2022 |  |  | November 30, 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 | 12 |  |  | $ | 377.66 |  |  | $ | 4,683 |  |  |  | 544 |  |  | $ | 395.97 |  |  | $ | 215,434 |
July 26, 2022 | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
| 12 |  |  | $ | 377.66 |  |  | $ | 4,683 |  |  |  | 544 |  |  | $ | 395.97 |  |  | $ | 215,434 |
Shares acquired for taxes due (1) | 56 |  |  | $ | 423.64 |  |  | $ | 23,665 |  |  |  | 326 |  |  | $ | 408.97 |  |  | $ | 133,248 |
Total repurchase of Cintas common stock |  |  |  | $ | 28,348 |  |  |  |  |  |  |  | $ | 348,682 |
(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:
| Three Months Ended |  |  | Six Months Ended
| November 30, 2023 |  |  | November 30, 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 | 68 |  |  | $ | 514.75 |  |  | $ | 35,087 |  |  |  | 186 |  |  | $ | 506.82 |  |  | $ | 94,300 |
| Three Months Ended |  |  | Six Months Ended
| November 30, 2022 |  |  | November 30, 2022
| Shares |  | Avg. Price per Share |  | Non-Cash Value |  |  | Shares |  | Avg. Price per Share |  | Non-Cash Value
Non-cash transaction activity | 66 |  |  | $ | 421.85 |  |  | $ | 27,975 |  |  |  | 260 |  |  | $ | 414.46 |  |  | $ | 107,566 |

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