Income per Common Share

6 Months Ended

Dec. 27, 2013

Earnings Per Share [Abstract]

Income per Common Share

3. Income per Common Share

The Company computes basic income per common share using net income and the weighted average number of common shares outstanding during the period. Diluted income per common share is computed using net income and the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include certain dilutive outstanding employee stock options, rights to purchase shares of common stock under the Company’s Employee Stock Purchase Plan (“ESPP”) and restricted stock unit awards (“RSUs”).

The following table illustrates the computation of basic and diluted income per common share (in millions, except per share data):

	Three Months Ended				Six Months Ended
	December 27, 2013		December 28, 2012		December 27, 2013		December 28, 2012
Net income	$	430	$	335	$	925	$	854
Weighted average shares outstanding:
Basic	236		242		236		244
Employee stock options and other	7		4		7		5
Diluted	243		246		243		249
Income per common share:
Basic	$	1.82	$	1.38	$	3.92	$	3.50
Diluted	$	1.77	$	1.36	$	3.81	$	3.43
Anti-dilutive potential common shares excluded*	2		7		1		6

* For purposes of computing diluted income per common share, certain potentially dilutive securities have been excluded from the calculation because their effect would have been anti-dilutive.