Earnings Per Share

6 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

8.Earnings Per Share

ASC 260, Earnings Per Share(ASC 260), requires dual presentation of basic and diluted earnings per share on the face of the income statement.  Basic earnings per share exclude dilution and are computed by dividing income by the weighted average number of common shares outstanding for the period.  Diluted earnings per share reflect potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock but not securities that are anti-dilutive, including stock options and SSARs with an exercise price greater than the average market price of the Company's common stock. Using the treasury stock method, diluted earnings per share include the incremental effect of SSARs, stock options, restricted shares, and those RSUs that are no longer subject to a market or performance condition.  The total number of weighted-average common stock equivalents excluded from the diluted per share computations due to their anti-dilutive effects were 0.3million and 0.8 million for the three months ended December  31,  2012 and 2011, respectively and 0.3million and 2.2 million for the six months ended December 31, 2012 and 2011, respectively.  The PRSUs granted in September 2012 are excluded from the calculation of diluted earnings per share as the underlying shares are considered to be contingently issuable shares.  These shares will be included in the calculation of diluted earnings per share beginning in the first reporting period in which the performance metric is achieved.  The shares underlying the Notes were not included in the computation of diluted earnings per share for the three months ended December 31, 2012 because the average share price was below the conversion price during that period.  The shares underlying the Notes were included in the computation of diluted earnings per share for the six months ended December 31, 2012 because the average share price was above the conversion price during the three month period ended September 30, 2012 and included in the computation of diluted earnings per share for the three and six months ended December 31, 2011 because the average share price was above the conversion price during those periods.

The Warrants were excluded from the computation of diluted earnings per share during both periods presented because the Warrants' exercise price of $68.31 was greater than the average market price of a share of Company common stock during the three and six months periods ended December  31, 2012 and 2011.  The chart below shows the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended December 31,		Six Months Ended December 31,
	2012	2011	2012	2011
Net income attributable to CACI	$39,676	$41,061	$75,384	$83,201
Weighted average number of basic shares outstanding during the period...	22,852	26,450	22,942	27,683
Dilutive effect of SSARs/stock options and RSUs/restricted shares after application of treasury stock method	685	816	810	871
Dilutive effect of the Notes	—	4	6	2
Weighted average number of diluted shares outstanding during the period.	23,537	27,270	23,758	28,556
Basic earnings per share	$1.74	$1.55	$3.29	$3.01
Diluted earnings per share	$1.69	$1.51	$3.17	$2.91

During the year ended June 30, 2012, the Company repurchased 6 million shares of its common stock under two share repurchase plans previously approved by its Board of Directors to repurchase up to 8 million shares in total.  The remaining 2 million shares as of June 30, 2012 were repurchased in July 2012.