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. 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

For both the three months ended February 29, 2024 and February 28, 2023, options granted to purchase 0.5 million shares of Cintas common stock were excluded from the computation of diluted earnings per share. For the nine months ended February 29, 2024 and February 28, 2023, options granted to purchase 0.4 million and 1.0 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 stock (anti-dilutive).

On July 27, 2021, Cintas announced that the Board of Directors authorized a $1.5 billion share buyback program, which does not have an expiration date. On July 26, 2022, Cintas announced that the Board of Directors authorized a new $1.0 billion share buyback program, which does not have an expiration date.


	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

In addition to the share buyback activity presented above, 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:


	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