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Earnings Per Share
 3 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
7. 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 excludes dilution and is computed by dividing income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects 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. There were no anti-dilutive common stock equivalents for the three months ended September 30, 2013 and 2014. The PRSUs granted in September 2014 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 Convertible Notes were included in the computation of diluted earnings per share for the three months ended September 30, 2013 because the average share price was above the conversion price during the three month period. The Warrants were excluded from the computation of diluted earnings per share during the three months ended September 30, 2013 because the Warrants’ strike price of $68.31 was greater than the average market price of a share of Company common stock during that period. The Warrants were included in the computation of diluted earnings per share during the three months ended September 30, 2014 because the strike price was lower than the average market price of a share of the Company stock during the period. The chart below shows the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

Three Months Ended
September 30,
2014 2013

Net income attributable to CACI

 $ 31,130 $ 32,992

Weighted average number of basic shares outstanding during the period

 23,565 23,314

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

 408 526

Diluted effect of the Convertible Notes

 — 995

Dilutive effect of the Warrants

 131 —

Weighted average number of diluted shares outstanding during the period

 24,104 24,835

Basic earnings per share

 $ 1.32 $ 1.42

Diluted earnings per share

 $ 1.29 $ 1.33