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Net Income per Share | 9 Months Ended
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Sep. 27, 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. CRA's unvested shares of restricted stock that contain rights to receive non-forfeitable dividends are considered participating securities, but net earnings available to these participating securities were not significant for the third quarter and fiscal year-to-date period ended September 27, 2014. A reconciliation of basic to diluted weighted average shares of common stock outstanding is as follows (in thousands):
|  | Quarter Ended |  | Fiscal Year to Date Period Ended |
|  | September 27, 2014 |  | September 28, 2013 |  | September 27, 2014 |  | September 28, 2013 |
Basic weighted average shares outstanding |  |  | 9,729 |  |  | 10,093 |  |  | 9,892 |  |  | 10,088 |
Common stock equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options and restricted shares |  |  | 190 |  |  | 99 |  |  | 126 |  |  | 92 |
Diluted weighted average shares outstanding |  |  | 9,919 |  |  | 10,192 |  |  | 10,018 |  |  | 10,180 |
For the fiscal quarter and fiscal year-to-date period ended September 27, 2014, 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 319,564 and 831,975 shares, respectively. For the fiscal quarter and fiscal year-to-date period ended September 28, 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 1,048,432 and 1,085,432 shares, respectively. These share-based awards were antidilutive because their exercise price exceeded the average market price for the applicable period. On August 10, 2012 and February 13, 2014, the Board of Directors authorized the repurchase of up to $5.0 million and $15.0 million, respectively, of CRA's common stock. During the third quarter and fiscal year-to-date period ended September 28, 2013, CRA repurchased and retired 33,775 shares under these share repurchase programs at an average price per share of $18.70. During the third quarter of fiscal 2014, CRA repurchased and retired 279,094 shares under these share repurchase programs at an average price per share of $25.73. During the fiscal year-to-date period ended September 27, 2014, CRA repurchased and retired 531,694 shares under these share repurchase programs at an average price per share of $23.91. There was approximately $3.7 million available for future repurchases under these programs as of September 27, 2014. On October 23, 2014, CRA announced that its Board of Directors approved a share repurchase program of up to $30 million of CRA's common stock, in addition to the share repurchase programs discussed above. CRA may repurchase shares under any of these programs in open market purchases in privately negotiated transactions (including through any 10b 5-1 plan adopted by CRA) in accordance with applicable insider trading and other securities laws and regulations. CRA records the retirement of its repurchased shares as a reduction to common stock.

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