8. Net Income Per Share

CRA calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of 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. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. Net earnings allocable to participating securities were not material for the first quarter of fiscal 2020 or the first quarter of fiscal 2019.

The following table presents a reconciliation from net income to the net income available to common shareholders (in thousands):


	Fiscal Quarter Ended
	March 28,		March 30,
	2020		2019
Net income, as reported	$	6,468	$	4,665
Less: net income attributable to participating shares		26		16
Net income available to common shareholders	$	6,442	$	4,649

The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands):


	March 28,	March 30,
	2020	2019
Basic weighted average shares outstanding	7,805	8,015
Dilutive stock options and restricted stock units	232	331
Diluted weighted average shares outstanding	8,037	8,346

For the fiscal quarter ended March 28, 2020, 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 73,647 shares. For the fiscal quarter ended March 30, 2019, 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 20,078 shares. These share-based awards each period were anti-dilutive because their exercise price exceeded the average market price over the respective period.