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Net Income per Share
 3 Months Ended
Mar. 29, 2014
Net Income per Share  
Net Income per Share

12. Net Income per Share

        Basic net income per share represents net income divided by the weighted average shares of common stock outstanding during the period. Diluted net income per share represents net income divided by the weighted average shares of common stock and common stock equivalents, if applicable, outstanding during the period. Common stock equivalents arise from stock options and unvested shares of restricted stock, using the treasury stock method. Under the treasury stock method, the amount CRA would receive on the exercise of stock options and the vesting of shares of restricted stock, the amount of compensation cost for future service that CRA has not yet recognized, and the amount of tax benefits that would be recorded in common stock when these stock options and shares of restricted stock become deductible, are assumed to be used to repurchase shares at the average share price over the applicable fiscal period, and these repurchased shares are netted against the shares underlying these stock options and these unvested shares of restricted stock. A reconciliation of basic to diluted weighted average shares of common stock outstanding is as follows (in thousands):

 
   Quarter Ended  
 
   March 29,
2014		   March 30,
2013		  

Basic weighted average shares outstanding

     10,029     9,994  

Common stock equivalents:

              

Stock options and restricted stock

     79     90  
           
​ ​ ​ ​ ​ ​ ​ ​

Diluted weighted average shares outstanding

     10,108     10,084  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

        For the first quarters of fiscal 2014 and fiscal 2013, the anti-dilutive share based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding amounted to 1,287,614 and 1,142,624 shares, respectively. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period.

        On August 30, 2011, CRA announced that its Board of Directors approved a share repurchase program of up to $7.5 million of CRA's common stock. On February 22, 2012, August 10, 2012, and February 13, 2014, the Board of Directors authorized the repurchase of up to an additional $4.45 million, $5.0 million, and $15.0 million, respectively, of CRA's common stock under these programs. During the first quarter of fiscal 2014, CRA repurchased and retired 95,600 shares under these share repurchase programs at an average price per share of $22.25. During the first quarter of fiscal 2013, CRA did not repurchase and retire any shares of its common stock under these programs. There was approximately $14.3 million available for future repurchases under these programs as of March 29, 2014. CRA may repurchase shares under these programs in open market purchases or in privately negotiated transactions in accordance with applicable insider trading and other securities laws and regulations.