Earnings Per Share

12 Months Ended

Jun. 30, 2023

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,
	2023		2022		2021
Net income	$	384,735	$	366,794	$	457,443
Weighted-average number of basic shares outstanding during the period	23,196		23,446		24,705
Dilutive effect of RSUs after application of treasury stock method	217		231		287
Weighted-average number of diluted shares outstanding during the period	23,413		23,677		24,992
Basic earnings per share	$	16.59	$	15.64	$	18.52
Diluted earnings per share	$	16.43	$	15.49	$	18.30

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. On August 4, 2023, the ASR was completed and an additional 0.1 million shares of common stock were received which became treasury shares. In total, 0.8 million shares were repurchased at an average price per share of $303.57.

In addition to the ASR, during fiscal 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 June 30, 2023.