11. Net Income per Share

Basic net income per share represents net income divided by the weighted average shares of common stock outstanding during the period. Diluted net income per share represents net income divided by the weighted average shares of common stock and common stock equivalents, if applicable, outstanding during the period. Common stock equivalents arise from stock options and unvested shares of restricted stock, using the treasury stock method. Under the treasury stock method, the amount CRA would receive on the exercise of stock options and the vesting of shares of restricted stock, the amount of compensation cost for future service that CRA has not yet recognized, and the amount of tax benefits that would be recorded in common stock when these stock options and shares of restricted stock become deductible, are assumed to be used to repurchase shares at the average share price over the applicable fiscal period, and these repurchased shares are netted against the shares underlying these stock options and these unvested shares of restricted stock. CRA's unvested shares of restricted stock that contain rights to receive non-forfeitable dividends are considered participating securities, but net earnings available to these participating securities were not significant for the second quarter and the first half of fiscal 2014. A reconciliation of basic to diluted weighted average shares of common stock outstanding is as follows (in thousands):

	Quarter Ended				Fiscal Year to Date Period Ended

	June 28, 2014		June 29, 2013		June 28, 2014		June 29, 2013
Basic weighted average shares outstanding		9,919		10,100		9,974		10,085
Common stock equivalents:
Stock options and restricted shares		107		88		93		89


Diluted weighted average shares outstanding		10,026		10,188		10,067		10,174

For the second quarter and fiscal year-to-date period ended June 28, 2014, certain share-based awards, which amounted to 888,746 and 1,088,180 shares, respectively, were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding because they were anti-dilutive. For the second quarter and fiscal year to date period ended June 29, 2013, 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 1,065,240 and 1,103,932 shares, respectively. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period.

On August 10, 2012 and February 13, 2014, the Board of Directors authorized the repurchase of up to $5.0 million and $15.0 million, respectively, of CRA's common stock. During the second quarter of fiscal 2014, CRA repurchased and retired 157,000 shares under these share repurchase programs at an average price per share of $21.70. During the first half of fiscal 2014, CRA repurchased and retired 252,600 shares under these share repurchase programs at an average price per share of $21.91. During the first half of fiscal 2013, CRA did not repurchase and retire any shares of its common stock under these programs. There was approximately $10.9 million available for future repurchases under these programs as of June 28, 2014. CRA may repurchase shares under these programs in open market purchases or in privately negotiated transactions in accordance with applicable insider trading and other securities laws and regulations.