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Earnings Per Share
 3 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
6. 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. For the three months ended September 30, 2012, there were forty eight thousand weighted-average common stock equivalents excluded from the diluted per share computation due to their anti-dilutive effects. There were no anti-dilutive common stock equivalents for the three months ended September 30, 2013. The PRSUs granted in September 2013 are excluded from the calculation of diluted earnings per share as the underlying shares are considered to be contingently issuable shares. These shares will be included in the calculation of diluted earnings per share beginning in the first reporting period in which the performance metric is achieved. The shares underlying the Notes were included in the computation of diluted earnings per share for the three months ended September 30, 2013 and 2012 because the average share price was above the conversion price during both three month periods. The Warrants were excluded from the computation of diluted earnings per share during both 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 month periods ended September 30, 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
September 30,		  
     2013      2012  

Net income attributable to CACI

    $ 32,992       $ 35,708   
  

 

 

     

 

 

  

Weighted average number of basic shares outstanding during the period

      23,314         23,032   

Dilutive effect of SSARs/stock options and RSUs after application of treasury stock method

      526         935   

Dilutive effect of the Notes

      995         13   
  

 

 

     

 

 

  

Weighted average number of diluted shares outstanding during the period

      24,835         23,980   
  

 

 

     

 

 

  

Basic earnings per share

    $ 1.42       $ 1.55   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 1.33       $ 1.49