Item 5. Market for Registrant's Common Equity,
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Item 5. Market for Registrant's Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Cintas' common stock is traded on the NASDAQ Global Select Market under the symbol "CTAS." The following table shows the high and low sales prices of shares of Cintas' common stock by quarter during the last two fiscal years:
| Fiscal 2014 | |||||||
| Quarter Ended | High | Low | |||||
| May 2014 | $ | 62.26 | $ | 55.65 | |||
| February 2014 | 63.28 | 53.83 | |||||
| November 2013 | 57.99 | 47.64 | |||||
| August 2013 | 49.42 | 44.55 | |||||
| Fiscal 2013 | |||||||
| Quarter Ended | High | Low | |||||
| May 2013 | $ | 46.27 | $ | 42.11 | |||
| February 2013 | 45.29 | 40.13 | |||||
| November 2012 | 45.60 | 39.22 | |||||
| August 2012 | 41.64 | 35.41 |
Holders
At May 31, 2014, there were approximately 2,000 shareholders on record of Cintas' common stock. Cintas believes that this represents approximately 30,000 beneficial owners.
Dividends
Dividends on Cintas' outstanding common stock have been paid annually and amounted to $0.77 per share, $0.64 per share, and $0.54 per share in fiscal 2014, 2013 and 2012, respectively.
Stock Performance Graph
The following graph summarizes the cumulative return on $100 invested in Cintas' common stock, the S&P 500 Stock Index and the common stocks of a selected peer group of companies. Because our products and services are diverse, Cintas does not believe that any single published industry index is appropriate for comparing shareholder return. Therefore, the peer group used in the performance graph combines four publicly traded companies in the business services industry that have similar characteristics as Cintas, such as route based delivery of products and services. The companies included in the Peer Group are G & K Services, Inc., UniFirst Corporation, ABM Industries, Inc., and Iron Mountain, Inc.
Total shareholder return was based on the increase in the price of the common stock and assumed reinvestment of all dividends. Further, total return was weighted according to market capitalization of each company. The companies in the Peer Group are not the same as those considered by the Compensation Committee of the Board of Directors.
Total Shareholder Returns
Comparison of Five-Year Cumulative Total Return
Purchases of Equity Securities by the Issuer and Affiliated Purchases
| Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of the publicly announced plan (1) | Maximum approximate dollar value of shares that may yet be purchased under the plan (1) | |||||||||
| March 1 - 31, 2014 (2) | 4,411 | $ | 59.42 | — | $ | 504,736,132 | |||||||
| April 1 - 30, 2014 (3) | 477,684 | 57.96 | 465,100 | 477,790,737 | |||||||||
| May 1 - 31, 2014 (4) | 2,972,086 | 59.95 | 2,957,600 | 300,499,892 | |||||||||
| Total | 3,454,181 | $ | 59.68 | 3,422,700 | $ | 300,499,892 |
(1) On October 18, 2011, Cintas announced that the Board of Directors authorized a $500.0 million share buyback program at market prices. Beginning in April 2012, under the October 18, 2011 program, through April 28, 2014, Cintas purchased a total of 11.7 million shares of Cintas stock at an average price of $42.69 per share for a total purchase price of $500.0 million. These purchases completed the October 18, 2011 share buyback program. On July 30, 2013, Cintas announced that the Board of Directors approved an additional share buyback program of $500.0 million. The July 30, 2013 buyback program does not have an expiration date. Beginning in April 2014, under the July 30, 2013 program, through May 31, 2014, Cintas purchased a total of 3.3 million shares of Cintas stock at an average price of $59.72 per share for a total purchase price of $199.5 million.
(2) During March 2014, Cintas acquired 4,411 shares of Cintas common stock in trade for employee payroll taxes due on restricted stock awards that vested during the fiscal year. These shares were purchased at an average price of $59.42 per share for a total purchase price of $0.3 million.
(3) During April 2014, Cintas acquired 12,584 shares of Cintas common stock in trade for employee payroll taxes due on restricted stock awards that vested during the fiscal year. These shares were purchased at an average price of $58.91 per share for a total purchase price of $0.7 million.
(4) During May 2014, Cintas acquired 14,486 shares of Cintas common stock in trade for employee payroll taxes due on restricted stock awards that vested during the fiscal year. These shares were purchased at an average price of $62.11 per share for a total purchase price of $0.9 million.
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