12. Net Income per Share

CRA calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings for the period had been distributed. CRA's participating securities consist of unvested share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares as of the balance sheet date, as adjusted for the potential dilutive effect of non-participating share-based awards. Net earnings allocable to these participating securities were not significant for the first quarter of fiscal 2016 or fiscal 2015.

The following table presents a reconciliation from net income to the net income available to common shareholders (in thousands):

	April 2, 2016		April 4, 2015
Net income, as reported	$	2,423	$	2,779
Less: net income attributable to participating shares		18		4

Net income available to common shareholders	$	2,405	$	2,775

The following is a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands) for the first quarter of fiscal 2016 and fiscal 2015:

	April 2, 2016		April 4, 2015
Basic weighted average shares outstanding		8,871		9,190
Common stock equivalents:
Stock options, restricted stock, and restricted stock units		56		213

Diluted weighted average shares outstanding		8,927		9,403

For the first quarter ended April 2, 2016, 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 346,245 shares. For the first quarter ended April 4, 2015, 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 shares. These share-based awards each period were anti-dilutive because their exercise price exceeded the average market price over the respective period.

On October 23, 2014 and March 21, 2016, CRA's Board of Directors authorized the repurchase of up to $30.0 million and $20.0 million, respectively, of CRA's common stock. Repurchases under these programs are discretionary and CRA may make such repurchases under any of these programs in the open market (including under any Rule 10b5-1 plan adopted by CRA) or in privately negotiated transactions, in each case 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 ended April 2, 2016, there were no shares repurchased or retired under these share repurchase programs. During the first quarter ended April 4, 2015, CRA repurchased and retired 144,900 shares under these share repurchase programs at an average price per share of $31.33. As of April 2, 2016, there was approximately $28.1 million shares available for future repurchases under these programs.

On February 22, 2016, CRA announced the commencement of a modified "Dutch auction" self-tender offer to purchase for cash up to $30.0 million in value of shares of its common stock at a price within (and including) the range of $18.00 to $19.75 per share. The tender offer expired on Monday, March 21, 2016. A total of 1,164 shares of common stock were tendered at the final purchase price of $19.75 per share.