Earnings Per Share

3 Months Ended

Apr. 03, 2016

EARNINGS PER SHARE

We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period. Basic weighted average shares outstanding have decreased throughout 2016 and 2015 due to share repurchases. See Note J for additional details of our share repurchases. Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).

Basic and diluted weighted average shares outstanding were as follows (in thousands):



Three Months Ended	April 3, 2016	April 5, 2015
Basic weighted average shares outstanding	307,928	329,154
Dilutive effect of stock options and restricted stock/RSUs*	4,418	5,528
Diluted weighted average shares outstanding	312,346	334,682

* Excludes outstanding options to purchase shares of common stock because these options had exercise prices in excess of the average market price of our common stock during the period and therefore the effect of including these options would be antidilutive. These options totaled 2,948 and 722 for the three-month periods ended April 3, 2016, and April 5, 2015, respectively.