Earnings Per Share

3 Months Ended

Sep. 30, 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 September 30,
	2023		2022
Net income	$	86,047	$	89,125
Weighted-average number of basic shares outstanding during the period	22,647		23,420
Dilutive effect of RSUs after application of treasury stock method	247		258
Weighted-average number of diluted shares outstanding during the period	22,894		23,678
Basic earnings per share	$	3.80	$	3.81
Diluted earnings per share	$	3.76	$	3.76

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 became treasury shares. 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 the three months ended September 30, 2023, CACI repurchased 0.4 million shares of its outstanding common stock for $137.6 million on the open market at an average share price of $319.24 including commissions paid. The total remaining authorization for future common share repurchases under the 2023 Repurchase Program was $349.7 million as of September 30, 2023.