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Earnings Per Share (Tables) | 9 Months Ended
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Feb. 29, 2024
Earnings Per Share [Abstract] |
Schedule of 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 29, 2024 |  | February 28, 2023 |  | February 29, 2024 |  | February 28, 2023
Net income | $ | 397,579 |  |  | $ | 325,827 |  |  | $ | 1,157,277 |  |  | $ | 1,001,809 |
Less: net income allocated to participating securities | 1,543 |  |  | 1,351 |  |  | 4,486 |  |  | 4,155 |
Net income available to common shareholders | $ | 396,036 |  |  | $ | 324,476 |  |  | $ | 1,152,791 |  |  | $ | 997,654 |
Basic weighted average common shares outstanding | 101,477 |  |  | 101,714 |  |  | 101,681 |  |  | 101,589 |
Basic earnings per share | $ | 3.90 |  |  | $ | 3.19 |  |  | $ | 11.34 |  |  | $ | 9.82 |
| Three Months Ended |  | Nine Months Ended
Diluted Earnings per Share (In thousands except per share data) | February 29, 2024 |  | February 28, 2023 |  | February 29, 2024 |  | February 28, 2023
Net income | $ | 397,579 |  |  | $ | 325,827 |  |  | $ | 1,157,277 |  |  | $ | 1,001,809 |
Less: net income allocated to participating securities | 1,543 |  |  | 1,351 |  |  | 4,486 |  |  | 4,155 |
Net income available to common shareholders | $ | 396,036 |  |  | $ | 324,476 |  |  | $ | 1,152,791 |  |  | $ | 997,654 |
Basic weighted average common shares outstanding | 101,477 |  |  | 101,714 |  |  | 101,681 |  |  | 101,589 |
Effect of dilutive securities – employee stock options | 1,710 |  |  | 1,704 |  |  | 1,666 |  |  | 1,774 |
Diluted weighted average common shares outstanding | 103,187 |  |  | 103,418 |  |  | 103,347 |  |  | 103,363 |
Diluted earnings per share | $ | 3.84 |  |  | $ | 3.14 |  |  | $ | 11.15 |  |  | $ | 9.65 |
Schedule of Buyback Activity by Program | The following table summarizes the share buyback activity by program and period:
| Three Months Ended |  |  | Nine Months Ended
| February 29, 2024 |  |  | February 29, 2024
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 |
July 26, 2022 | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
| — |  |  | $ | — |  |  | $ | — |  |  |  | 658 |  |  | $ | 486.58 |  |  | $ | 320,266 |
Shares acquired for taxes due (1) | 74 |  |  | $ | 604.51 |  |  | $ | 45,018 |  |  |  | 277 |  |  | $ | 533.65 |  |  | $ | 147,880 |
Total repurchase of Cintas common stock |  |  |  | $ | 45,018 |  |  |  |  |  |  |  | $ | 468,146 |
| 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 |
(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 |  |  | Nine Months Ended
| February 29, 2024 |  |  | February 29, 2024
(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 | 58 |  |  | $ | 598.80 |  |  | $ | 34,723 |  |  |  | 244 |  |  | $ | 528.68 |  |  | $ | 129,023 |
| Three Months Ended |  |  | Nine Months Ended
| February 28, 2023 |  |  | February 28, 2023
| 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 |

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