XML 28 R16.htm IDEA: XBRL DOCUMENT

Net Income Per Share

6 Months Ended

Jun. 27, 2020

8. 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 outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. Net earnings allocable to these participating securities were not material for the fiscal quarters and fiscal year-to-date periods ended June 27, 2020 and June 29, 2019.

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


					Fiscal Year-to-Date
	Fiscal Quarter Ended				Period Ended
	June 27,		June 29,		June 27,		June 29,
	2020		2019		2020		2019
Net income, as reported	$	5,931	$	5,580	$	12,399	$	10,245
Less: net income attributable to participating shares		22		24		49		34
Net income available to common shareholders	$	5,909	$	5,556	$	12,350	$	10,211

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


			Fiscal Year-to-Date
	Fiscal Quarter Ended		Period Ended
	June 27,	June 29,	June 27,	June 29,
	2020	2019	2020	2019
Basic weighted average shares outstanding	7,764	7,925	7,784	7,970
Dilutive stock options and restricted stock units	156	293	195	312
Diluted weighted average shares outstanding	7,920	8,218	7,979	8,282

For the fiscal quarter and fiscal year-to-date period ended June 27, 2020, 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 106,018 and 44,069 shares, respectively. For the fiscal quarter and fiscal year-to-date period ended June 29, 2019, 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 45,200 and 31,378 shares, respectively. These share-based awards each period were anti-dilutive because their exercise price exceeded the average market price over the respective period.