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Earnings Per Share
 9 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

8. Earnings Per Share

ASC 260, Earnings Per Share (ASC 260), requires dual presentation of basic and diluted earnings per share on the face of the income statement. Basic earnings per share exclude dilution and are computed by dividing income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock but not securities that are anti-dilutive, including stock options and SSARs with an exercise price greater than the average market price of the Company's common stock. Using the treasury stock method, diluted earnings per share include the incremental effect of SSARs, stock options, restricted shares, and those RSUs that are no longer subject to a market or performance condition. The total number of weighted-average common stock equivalents excluded from the diluted per share computations due to their anti-dilutive effects were thirty thousand and 0.6 million for the three months ended March 31, 2013 and 2012, respectively and 0.1 million and 0.7 million for the nine months ended March 31, 2013 and 2012, respectively. The PRSUs granted in September 2012 are excluded from the calculation of diluted earnings per share as the underlying shares are considered to be contingently issuable shares. These shares would be included in the calculation of diluted earnings per share beginning in the first reporting period in which the performance metric is achieved, however the Company has determined it is not probable that the performance metric will be achieved. The shares underlying the Notes were included in the computation of diluted earnings per share for the three and nine months ended March 31, 2013 and 2012 because the average share price was above the conversion price during those periods.

The Warrants were excluded from the computation of diluted earnings per share during all periods presented because the Warrants' exercise price of $68.31 was greater than the average market price of a share of Company common stock during the three and nine months periods ended March 31, 2013 and 2012. The chart below shows the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

  Three Months Ended Nine Months Ended
  March 31, March 31,
    2013   2012   2013   2012
Net income attributable to CACI $ 38,367 $ 40,856 $ 113,751 $ 124,057
 
Weighted average number of basic shares outstanding                
during the period   23,021   26,537   22,968   27,303
Dilutive effect of SSARs/stock options and                
RSUs/restricted shares after application of treasury                
stock method   683   932   771   893
Dilutive effect of the Notes   2   441   1   148
Dilutive effect of accelerated share repurchase                
agreement   —   176   —   58
Weighted average number of diluted shares outstanding                
during the period   23,706   28,086   23,740   28,402
 
Basic earnings per share $ 1.67 $ 1.54 $ 4.95 $ 4.54
 
Diluted earnings per share $ 1.62 $ 1.45 $ 4.79 $ 4.37

 

During the year ended June 30, 2012, the Company repurchased 6 million shares of its common stock under two share repurchase plans previously approved by its Board of Directors to repurchase up to 8 million shares in total. The remaining 2 million shares as of June 30, 2012 were repurchased in July 2012.