Earnings Per Share

12 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

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,
		2013		2012		2011
Net income attributable to CACI	$	151,689	$	167,454	$	144,218
Weighted-average number of basic shares outstanding during the period		23,010		27,077		30,281
Dilutive effect of SSARs/stock options and RSUs/restricted shares after
application of treasury stock method		743		879		816
Dilutive effect of the Notes		132		111		203
Dilutive effect of accelerated share repurchase agreement		—		44		—
Weighted-average number of diluted shares outstanding during the period		23,885		28,111		31,300
Basic earnings per share	$	6.59	$	6.18	$	4.76
Diluted earnings per share	$	6.35	$	5.96	$	4.61

     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, 2013, 2012 and 2011, were seventeen thousand, 0.7 million, and 1.9 million, respectively. The shares underlying the performance-based RSUs granted in September 2012 are not included in the calculation of diluted earnings per share for the year ended June 30, 2013, as the NATP performance metric associated with the shares was not met and no shares will be issued under this grant. The shares underlying the performance-based RSUs granted in September 2011 are included in the calculation of diluted earnings per share for the years ended June 30, 2013 and 2012 and the shares underlying the performance-based RSUs granted in September 2010 are included in the calculation of diluted earnings per share for the years ended June 30, 2013, 2012 and 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, 2013, 2012 and 2011 because CACI's average stock price during the first, third and fourth quarters of the year ended June 30, 2013, during the third quarter of the year ended June 30, 2012 and during the third and fourth quarters of the year ended June 30, 2011 was above the conversion price of $54.65 per share. 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 all periods presented.

     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 four 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 four million shares of CACI's common stock. The Company entered into two 10b5-1 plans under which the Company repurchased two million shares of CACI's common stock in June 2012 and two million shares of CACI's common stock in July 2012, at an average price of $53.72 per share.

     Shares outstanding during the year ended June 30, 2013 and 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 year ended June 30, 2011 reflect the repurchase of shares under other approved share repurchase programs.