Net Income Per Share

9 Months Ended

Sep. 26, 2020

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 these participating securities were not material for the fiscal quarters and fiscal year-to-date periods ended September 26, 2020 and September 28, 2019.

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


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net income, as reported	$	5,403	$	5,739	$	17,802	$	15,984
Less: net income attributable to participating shares	22		12		53		47
Net income available to common shareholders	$	5,381	$	5,727	$	17,749	$	15,937

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


	Fiscal Quarter Ended		Fiscal Year-to-Date Period Ended
	September 26, 2020	September 28, 2019	September 26, 2020	September 28, 2019
Basic weighted average shares outstanding	7,771	7,769	7,780	7,903
Dilutive stock options and restricted stock units	163	281	184	302
Diluted weighted average shares outstanding	7,934	8,050	7,964	8,205

For the fiscal quarter and fiscal year-to-date periods ended September 26, 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 76,399 and 62,808 shares, respectively. For the fiscal quarter and fiscal year-to-date periods ended September 28, 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 63,164 and 47,169 shares, respectively. These share-based awards each period were anti-dilutive because their exercise price exceeded the average market price over the respective period.