Earnings Per Share

12 Months Ended

Jul. 02, 2016

17.

Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased with the proceeds from the exercise of stock options under the treasury stock method.

For fiscal 2015 and fiscal 2014, the Company’s calculation of weighted-average number of common shares includes Class A and Class B common stock. All shares of Class A and Class B common stock entitle the holders thereof to the same rights, preferences, and privileges in respect of dividends.

A reconciliation of the numerators and denominators for the basic and diluted EPS computations is as follows:


(In millions, except share and per share amounts)	For the fiscal year ended July 2, 2016		For the fiscal year ended June 27, 2015		For the fiscal year ended June 28, 2014
Numerator:
Net Income	$	68.3	$	56.5	$	15.5

Denominator:
Weighted-average common shares outstanding		96,451,931		86,874,727		86,868,452
Dilutive effect of share-based awards		1,676,695		738,971		664,872

Weighted-average dilutive shares outstanding		98,128,626		87,613,698		87,533,324

Basic earnings per share	$	0.71	$	0.65	$	0.18

Diluted earnings per share	$	0.70	$	0.64	$	0.18