15. 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 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 participating securities were not significant for the third quarter of fiscal 2018 and fiscal 2017.

The following table presents a reconciliation from net income attributable to CRA International, Inc. to net income available to common shareholders (in thousands):


					Fiscal Year- to-Date
	Quarter Ended				Period Ended
	September 29,		September 30,		September 29,		September 30,
	2018		2017		2018		2017
Net income, as reported	$	3,908	$	3,214	$	15,633	$	9,880
Less: net income attributable to participating shares		15		21		82		66
Net income available to common shareholders	$	3,893	$	3,193	$	15,551	$	9,814

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


			Fiscal Year- to-Date
	Quarter Ended		Period Ended
	September 29,	September 30,	September 29,	September 30,
	2018	2017	2018	2017
Basic weighted average shares outstanding	8,048	8,149	8,129	8,332
Stock options and restricted stock units	500	204	486	198
Diluted weighted average shares outstanding	8,548	8,353	8,615	8,530

For the fiscal quarter and fiscal year-to-date period ended September 29, 2018, 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 8,256 and 13,443 shares, respectively. For the fiscal quarter and fiscal year-to-date period 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. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period.

On May 3, 2017 and February 15, 2018, CRA announced its 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 such purchases 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 fiscal quarter ended September 29, 2018, CRA did not repurchase any shares under these share repurchase programs. During the fiscal year-to-date period ended September 29, 2018, CRA repurchased and retired 378,477 shares under these share repurchase programs at an average price per share of $53.90. During the fiscal quarter 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. As of September 29, 2018, there was approximately $9.1 million available for future repurchases under these programs.