Earnings Per Share

9 Months Ended

Mar. 31, 2023

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Net income	$	100,742	$	95,417	$	276,968	$	273,825
Weighted-average number of basic shares outstanding during the period	23,055		23,409		23,329		23,457
Dilutive effect of RSUs after application of treasury stock method	222		207		217		230
Weighted-average number of diluted shares outstanding during the period	23,277		23,616		23,546		23,687
Basic earnings per share	$	4.37	$	4.08	$	11.87	$	11.67
Diluted earnings per share	$	4.33	$	4.04	$	11.76	$	11.56

Share Repurchases

On January 26, 2023, the Company’s Board of Directors authorized a share repurchase program of up to $750.0 million of the Company’s common stock (the "2023 Repurchase Program").

On January 30, 2023, CACI entered into an Accelerated Share Repurchase (ASR) Agreement with Citibank, N.A (Citibank). Under the ASR Agreement, we paid $250.0 million to Citibank and received an initial delivery of approximately 0.7 million shares of our common stock, which shares were recorded as a $200.0 million increase to treasury stock. The final number of shares to be repurchased will be based on the volume-weighted average stock price of our common stock during the term of the agreement, less a discount. This is evaluated as an unsettled forward contract indexed to our own stock, with $50.0 million classified within stockholders’ equity as additional paid-in-capital. The ASR Agreement is scheduled to settle prior to the end of the first quarter of fiscal year 2024. At final settlement, Citibank may be required to deliver additional shares of our common stock to us or, under certain circumstances, we may elect to make a cash payment or deliver shares of our common.

In addition to the ASR, during the three months ended March 31, 2023, CACI repurchased forty-five thousand shares of its outstanding common stock for $12.7 million on the open market at an average share price of $282.98 including commissions paid. The total remaining authorization for future common share repurchases under the 2023 Repurchase Program was $487.3 million as of March 31, 2023.