EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2016

NOTE 23. EARNINGS PER SHARE

Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):

	Year ended June 30,
	2016		2015		2014
Net income attributable to CACI	$	142,799	$	126,195	$	135,316
Weighted-average number of basic shares outstanding during the period		24,262		23,948		23,429
Dilutive effect of SSARs/stock options and RSUs/restricted shares after application of treasury stock method		540		384		441
Dilutive effect of the Convertible Notes		—		—		1,046
Dilutive effect of the Warrants		—		56		239
Weighted-average number of diluted shares outstanding during the period		24,802		24,388		25,155
Basic earnings per share	$	5.89	$	5.27	$	5.78
Diluted earnings per share	$	5.76	$	5.17	$	5.38

There were no anti-dilutive common stock equivalents for the years ended June 30, 2016, 2015, and 2014 because the Company’s average stock price exceeded the exercise price of all shares outstanding. The calculation of diluted earnings per share for the year ended June 30, 2016 includes the shares underlying the performance-based RSUs granted in September 2015, September 2014 and September 2013. On May 1, 2014 the Company issued 1.4 million shares of common stock in accordance with the Convertible Notes and received 1.4 million shares of our common stock pursuant to the terms of the call option hedge transaction. The contingently issuable shares that may have resulted from the conversion of the Convertible Notes were included in the Company’s diluted share count for the fiscal year ended June 30, 2014 because the Company’s average stock price during the first, second, and third quarters of the year ended June 30, 2014 was above the conversion price of $54.65 per share. During the year ended June 30, 2015 the Company issued 0.5 million shares of common stock in accordance with the Warrants. Pursuant to the terms of the Warrant transaction, the Warrants settled daily over 90 trading days which began in August 2014 and end in December 2014. The contingently issuable shares that may have resulted from the maturity of the Warrants were included in the computation of diluted earnings per share because the Company’s average stock price during the first and second quarters of the year ended June 30, 2015 and second, third, and fourth quarters of the year ended June 30, 2014 was greater than the Warrants’ exercise price of $68.31.