NOTE 23. EARNINGS PER SHARE

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,
	2012		2011		2010
Net income attributable to CACI	$	167,454	$	144,218	$	106,515
Weighted-average number of basic shares outstanding during the period		27,077		30,281		30,138
Dilutive effect of SSARs/stock options and RSUs/restricted shares after application of treasury stock method		879		816		538
Dilutive effect of the Notes		111		203		—
Dilutive effect of accelerated share repurchase agreement		44		—		—
Weighted-average number of diluted shares outstanding during the period		28,111		31,300		30,676
Basic earnings per share	$	6.18	$	4.76	$	3.53
Diluted earnings per share	$	5.96	$	4.61	$	3.47

The total number of weighted-average common stock equivalents excluded from the diluted per share computations due to their anti-dilutive effects for the years ended June 30, 2012, 2011 and 2010, were 0.7 million, 1.9 million, and 2.4 million, respectively. The shares underlying the performance-based RSUs granted in September 2011 are included in the calculation of diluted earnings per share for the year ended June 30, 2012, as the NATP performance metric associated with the shares was met and as if the performance metric based on the share price was computed as of June 30, 2012. The shares earned under the performance-based RSUs granted in September 2010 are included in the calculation of diluted earnings per share for the year ended June 30, 2012, as all performance metrics associated with the shares were met and the final share calculation was determined. The shares underlying the performance-based RSUs granted in September 2010 are included in the calculation of diluted earnings per share for the year ended June 30, 2011, as the NATP performance metric associated with the shares was met during that period and as if the performance metric based on the share price was computed as of June 30, 2011. The contingently issuable shares that may result from the conversion of the Notes were included in CACI's diluted share count for the fiscal years ended June 30, 2012 and 2011 because CACI's average stock price during the third quarter of the year ended June 30, 2012 and the third and fourth quarters of the year ended June 30, 2011 was above the conversion price of $54.65 per share. The contingently issuable shares were not included in CACI's diluted share count for the year ended June 30, 2010 because CACI's average stock price during each three month period in that year was below the conversion price. The Warrants were excluded from the computation of diluted earnings per share because the Warrants' exercise price of $68.31 was greater than the average market price of a share of Company common stock during the periods in which the Warrants were outstanding.

On August 29, 2011, the Company entered into an accelerated share repurchase agreement with Bank of America N.A. (BofA) under which it paid an initial $209.7 million for 4 million shares of the Company's common stock. The Company settled the accelerated share repurchase agreement in May 2012 by paying BofA an additional $16.3 million. The Company recorded the total amount paid to BofA of $226.0 million as treasury stock in its consolidated balance sheet as of June 30, 2012. This represents an average price of $56.51 per share under the accelerated share repurchase agreement.

In June 2012, the Company's Board of Directors approved a share repurchase program of up to 4 million shares of CACI's common stock. The Company entered into two 10b5-1 plans under which the Company repurchased 2 million shares of CACI's common stock at an average price of $51.43 per share as of June 30, 2012. The Company completed the purchase of the remaining 2 million shares in July 2012.

During the year ended June 30, 2012, the Company repurchased 6 million shares of its common stock under these two programs for $328.9 million, of which 0.2 million shares purchased for $12.3 million were settled and paid for in the first quarter of the year ending June 30, 2013.

Shares outstanding during the year ended June 30, 2012, reflect the repurchase of shares of CACI's common stock under the accelerated share repurchase agreement and the 10b5-1 plans described above. Shares outstanding during the years ended June 30, 2011 and 2010 reflect the repurchase of shares under other approved share repurchase programs.