Earnings Per Share

6 Months Ended

Dec. 31, 2015

9.	Earnings Per Share

ASC 260, Earnings Per Share (ASC 260), requires dual presentation of basic and diluted earnings per share on the face of the income statement. Basic earnings per share excludes dilution and is computed by dividing income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock but not securities that are anti-dilutive, including stock options and SSARs with an exercise price greater than the average market price of the Company’s common stock. Using the treasury stock method, diluted earnings per share include the incremental effect of SSARs, stock options, restricted shares, and those RSUs that are no longer subject to a market or performance condition. There were no anti-dilutive common stock equivalents for the three or six months ended December 31, 2014 and 2015. The PRSUs granted in September 2015 are excluded from the calculation of diluted earnings per share as the underlying shares are considered to be contingently issuable shares. These shares will be included in the calculation of diluted earnings per share beginning in the first reporting period in which the performance metric is achieved. The Warrants were included in the computation of diluted earnings per share during the three and six months ended December 31, 2014 because the strike price was lower than the average market price of a share of the Company stock during the period. The chart below shows the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2015		2014		2015		2014
Net income attributable to CACI	$	30,338	$	24,642	$	64,140	$	55,772
Weighted-average number of basic shares outstanding during the period		24,246		23,890		24,227		23,728
Dilutive effect of SSARs/stock options and RSUs after application of treasury stock method		435		331		428		370
Dilutive effect of the Warrants		—		93		—		112
Weighted-average number of diluted shares outstanding during the period		24,681		24,314		24,655		24,210
Basic earnings per share	$	1.25	$	1.03	$	2.65	$	2.35
Diluted earnings per share	$	1.23	$	1.01	$	2.60	$	2.30