Net Income Per Share

6 Months Ended

Jun. 29, 2024

CRA 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 and fiscal year-to-date periods ended June 29, 2024 and July 1, 2023.

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 and fiscal year-to-date periods ended June 29, 2024 and July 1, 2023.

The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net income — basic	$	6,538	$	9,508	$	20,229	$	18,426
Less: net income attributable to participating shares	22		34		68		69
Net income — diluted	$	6,516	$	9,474	$	20,161	$	18,357
Denominator:
Weighted average shares outstanding — basic	6,834		6,983		$	6,880	$	7,051
Effect of dilutive stock options and restricted stock units	77		97		81		115
Weighted average shares outstanding — diluted	6,911		7,080		6,961		7,166
Net income per share:
Basic	$	0.96	$	1.36	$	2.93	$	2.61
Diluted	$	0.94	$	1.34	$	2.90	$	2.56

For the fiscal quarter and fiscal year-to-date period ended June 29, 2024, there were no anti-dilutive share-based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average outstanding shares. For the fiscal quarter and fiscal-year-to-date ended July 1, 2023, 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 17,120 and 4,329 shares, respectively.