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 of 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 share 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 second quarter of fiscal 2016 and fiscal 2015.

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

	Quarter Ended				Fiscal Year to Date Period Ended
	July 2, 2016		July 4, 2015		July 2, 2016		July 4, 2015
Net income, as reported	$	5,215	$	3,325	$	7,637	$	6,104
Common stock equivalents:
Less: net income attributable to participating shares		37		24		54		46

Net income available to common shareholders	$	5,178	$	3,301	$	7,583	$	6,058

The following is a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands):

	Quarter Ended				Fiscal Year to Date Period Ended
	July 2, 2016		July 4, 2015		July 2, 2016		July 4, 2015
Basic weighted average shares outstanding		8,695		9,034		8,783		9,112
Common stock equivalents:
Stock options, restricted shares, and restricted stock units		84		219		42		216

Diluted weighted average shares outstanding		8,779		9,253		8,825		9,328

For the second quarter and fiscal year-to-date period ended July 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 532,734 and 958,857 shares, respectively. For the second quarter and fiscal year-to-date period ended July 4, 2015, the anti-dilutive share based awards that were excluded from the calculation of common stock equivalent for purposes of computing diluted weighted average shares outstanding amounted to 371,421 and 381,577 shares, respectively. These share-based awards 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 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 second quarter and first half of fiscal 2016, CRA repurchased and retired 672,795 shares, under these share repurchase programs at an average price per share of $24.09. During the second quarter and first half of fiscal 2015, CRA repurchased and retired 118,900 shares and 263,800 shares, respectively, under these share repurchase programs at an average price per share of $28.90 and $30.23, respectively. There was approximately $11.9 million available for future repurchases under these programs as of July 2, 2016.