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Net Income per Share | 9 Months Ended
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Sep. 30, 2017
Net Income per Share |
Net Income per Share | 14. 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 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 participating securities were not significant for the third quarter of fiscal 2017 and fiscal 2016. The following table presents a reconciliation from net income attributable to CRA International, Inc. to net income available to common shareholders (in thousands):
|  | Quarter Ended |  | Fiscal Year-to-Date Period Ended |
|  | September 30, 2017 |  | October 1, 2016 |  | September 30, 2017 |  | October 1, 2016 |
Net income, as reported |  | $ | 3,214 |  | $ | 3,193 |  | $ | 9,880 |  | $ | 10,830 |
Less: net income attributable to participating shares |  |  | 21 |  |  | 24 |  |  | 66 |  |  | 74 |
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Net income available to common shareholders |  | $ | 3,193 |  | $ | 3,169 |  | $ | 9,814 |  | $ | 10,756 |
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The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands):
|  | Quarter Ended |  | Fiscal Year-to-Date Period Ended |
|  | September 30, 2017 |  | October 1, 2016 |  | September 30, 2017 |  | October 1, 2016 |
Basic weighted average shares outstanding |  |  | 8,149 |  |  | 8,177 |  |  | 8,332 |  |  | 8,581 |
Stock options |  |  | 204 |  |  | 132 |  |  | 198 |  |  | 72 |
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Diluted weighted average shares outstanding |  |  | 8,353 |  |  | 8,309 |  |  | 8,530 |  |  | 8,653 |
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For the third quarter and fiscal year-to-date periods ended September 30, 2017, 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 40,439 and 66,470 shares, respectively. For the third quarter and fiscal year-to-date periods ended October 1, 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 205,015 and 680,950 shares, respectively. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period. On March 21, 2016 and May 3, 2017, CRA's Board of Directors authorized the repurchase of up to an additional $20.0 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 third quarter of fiscal year 2017 and fiscal year-to-date period ended September 30, 2017, CRA repurchased and retired 165,629 shares and 554,708 shares, respectively, under these share repurchase programs at an average price per share of $36.63 and $35.23, respectively. During the third quarter and fiscal year-to-date period ended October 1, 2016, CRA repurchased and retired 110,908 shares and 783,703 shares, respectively, under these share repurchase programs at an average price per share of $25.84 and $24.33, respectively. There was approximately $9.5 million available for future repurchases under these programs as of September 30, 2017.

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