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Net Income Per Share
 3 Months Ended
Apr. 04, 2015
Net Income Per Share  
Net Income per Share

 

12. Net Income per Share

        Basic net income per share represents net income per share attributable to CRA International, Inc. 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, unvested shares of restricted stock and unvested restricted stock units, 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 and restricted stock units, 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, shares of restricted stock and restricted stock units 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 and restricted stock units. 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 first quarter of fiscal 2015. A reconciliation of basic to diluted weighted average shares of common stock outstanding is as follows (in thousands):

                                                                                                                                                                                    

 

 

Quarter Ended

 

 

 

April 4,
2015

 

March 29,
2014

 

Basic weighted average shares outstanding

 

 
9,190 

 

 
10,029 

 

Common stock equivalents:

 

 

 

 

 

 

 

Stock options, restricted stock and restricted stock units

 

 
213 

 

 
79 

 

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Diluted weighted average shares outstanding

 

 
9,403 

 

 
10,108 

 

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        For the first quarters of fiscal 2015 and fiscal 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 391,733 and 1,287,614 shares, respectively. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period.

        On August 10, 2012, February 13, 2014, and October 23, 2014, CRA's Board of Directors authorized the repurchase of up to $5.0 million, $15.0 million, and $30.0 million, respectively, of CRA's common stock. CRA may repurchase shares under any of these programs in open market purchases (including through any Rule 10b5-1 plan adopted by CRA) or in privately negotiated transactions 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. During the first quarter of fiscal 2015, CRA repurchased and retired 144,900 shares under these share repurchase programs at an average price per share of $31.33. 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. There was approximately $16.4 million available for future repurchases under these programs as of April 4, 2015.