Earnings Per Share

9 Months Ended

Mar. 31, 2024

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,
	2024		2023		2024		2023
Net income	$	115,350	$	100,742	$	285,267	$	276,968
Weighted-average number of basic shares outstanding during the period	22,292		23,055		22,407		23,329
Dilutive effect of RSUs after application of treasury stock method	186		222		186		217
Weighted-average number of diluted shares outstanding during the period	22,478		23,277		22,593		23,546
Basic earnings per share	$	5.17	$	4.37	$	12.73	$	11.87
Diluted earnings per share	$	5.13	$	4.33	$	12.63	$	11.76

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 nine months ended March 31, 2024, CACI repurchased 0.5 million shares of its outstanding common stock for $150.0 million on the open market at an average share price of $318.99 including commissions paid. The total remaining authorization for future common share repurchases under the 2023 Repurchase Program was $337.3 million as of March 31, 2024.