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Net Income Per Share
9 Months Ended
Oct. 01, 2022
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per ShareCRA calculates basic earnings per share using the two-class method. CRA calculates diluted earnings per share using the more dilutive of either the two-class method or treasury stock method. The two-class method was more dilutive for the fiscal quarters ended October 1, 2022 and October 2, 2021.
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. Net earnings allocable to these participating securities were not material for the fiscal quarters ended October 1, 2022 and October 2, 2021.
The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):
Fiscal Quarter EndedFiscal Year-to-Date
Period Ended
October 1,
2022
October 2,
2021
October 1,
2022
October 2,
2021
Numerator:
Net income — basic$11,877 $10,945 $34,946 $33,012 
Less: net income attributable to participating shares42 43 130 128 
Net income — diluted$11,835 $10,902 $34,816 $32,884 
Denominator:
Weighted average shares outstanding — basic7,119 7,375 7,247 7,440 
Effect of dilutive stock options and restricted stock units127 185 129 203 
Weighted average shares outstanding — diluted7,246 7,560 7,376 7,643 
Net income per share:
Basic$1.66 $1.48 $4.81 $4.42 
Diluted$1.63 $1.44 $4.72 $4.31 
For the fiscal quarter and fiscal year-to-date period ended October 1, 2022, 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 997 and 249 shares, respectively. There were no anti-dilutive share-based awards for the fiscal quarter and fiscal year-to-date period ended October 2, 2021.