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Earnings Per Share | 9 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):
|  | Three Months Ended March 31, |  | Nine Months Ended March 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Net income |  | $ | 100,742 |  |  | $ | 95,417 |  |  | $ | 276,968 |  |  | $ | 273,825 |
Weighted-average number of basic shares outstanding during the period |  | 23,055 |  |  | 23,409 |  |  | 23,329 |  |  | 23,457 |
Dilutive effect of RSUs after application of treasury stock method |  | 222 |  |  | 207 |  |  | 217 |  |  | 230 |
Weighted-average number of diluted shares outstanding during the period |  | 23,277 |  |  | 23,616 |  |  | 23,546 |  |  | 23,687 |
Basic earnings per share |  | $ | 4.37 |  |  | $ | 4.08 |  |  | $ | 11.87 |  |  | $ | 11.67 |
Diluted earnings per share |  | $ | 4.33 |  |  | $ | 4.04 |  |  | $ | 11.76 |  |  | $ | 11.56 |
Share Repurchases On January 26, 2023, the Company’s Board of Directors authorized a share repurchase program of up to $750.0 million of the Company’s common stock (the "2023 Repurchase Program"). On January 30, 2023, CACI entered into an Accelerated Share Repurchase (ASR) Agreement with Citibank, N.A (Citibank). Under the ASR Agreement, we paid $250.0 million to Citibank and received an initial delivery of approximately 0.7 million shares of our common stock, which shares were recorded as a $200.0 million increase to treasury stock. The final number of shares to be repurchased will be based on the volume-weighted average stock price of our common stock during the term of the agreement, less a discount. This is evaluated as an unsettled forward contract indexed to our own stock, with $50.0 million classified within stockholders’ equity as additional paid-in-capital. The ASR Agreement is scheduled to settle prior to the end of the first quarter of fiscal year 2024. At final settlement, Citibank may be required to deliver additional shares of our common stock to us or, under certain circumstances, we may elect to make a cash payment or deliver shares of our common. In addition to the ASR, during the three months ended March 31, 2023, CACI repurchased forty-five thousand shares of its outstanding common stock for $12.7 million on the open market at an average share price of $282.98 including commissions paid. The total remaining authorization for future common share repurchases under the 2023 Repurchase Program was $487.3 million as of March 31, 2023.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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