Earnings Per Share

6 Months Ended

Jun. 26, 2011

Earnings Per Share (Thousands of Dollars and Shares Except Per Share Data) [Abstract]

Earnings Per Share

(2) Earnings Per Share

Net earnings per share data for the quarters and six months ended June 26, 2011 and June 27, 2010 were computed as follows:

	2011		2010
	-----------------		-----------------
Quarter ----------	Basic -------	Diluted --------	Basic -------	Diluted --------
Net earnings	$ 58,051	58,051	43,631	43,631
Effect of dilutive securities:
Interest expense on contingent convertible
debentures due 2021, net of tax	-	-	-	107
	------------	------------	------------	------------
Adjusted net earnings	$ 58,051	58,051	43,631	43,738
	=======	=======	=======	=======
Average shares outstanding	136,073	136,073	143,801	143,801
Effect of dilutive securities:
Contingent convertible debentures
due 2021	-	-	-	1,106
Options and other share-based awards	-	3,168	-	3,567
	------------	------------	------------	------------
Equivalent shares	136,073	139,241	143,801	148,474
	=======	=======	=======	=======
Net earnings per common share	$    0.43	0.42	0.30	0.29
	=======	=======	=======	=======

	2011		2010
	-----------------		-----------------
Six Months ---------------	Basic -------	Diluted ---------	Basic -------	Diluted ---------
Net earnings	$ 75,247	75,247	102,574	102,574
Effect of dilutive securities:
Interest expense on contingent convertible
debentures due 2021, net of tax	-	-	-	1,124
	------------	------------	------------	------------
Adjusted net earnings	$ 75,247	75,247	102,574	103,698
	=======	=======	=======	=======
Average shares outstanding	136,859	136,859	140,560	140,560
Effect of dilutive securities:
Contingent convertible debentures
due 2021	-	-	-	6,048
Options and other share-based awards	-	3,238	-	3,270
	------------	------------	------------	------------
Equivalent shares	136,859	140,097	140,560	149,878
	=======	=======	=======	=======
Net earnings per common share	$    0.55	0.54	0.73	0.69
	=======	=======	=======	=======

For the quarter and six month periods ended June 27, 2010, the effect of the Company’s contingent convertible debt was dilutive and, accordingly, for the diluted earnings per share calculation, the numerator includes an adjustment to earnings to exclude the interest expense incurred for these debentures and the denominator includes an adjustment to include the shares issuable upon conversion. As of June 27, 2010, substantially all of these debentures were converted into shares of common stock, with the remainder redeemed for cash.

For the quarters ended June 26, 2011 and June 27, 2010, options to acquire shares totaling 1,157 and 707, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive. For the six month periods ended June 26, 2011 and June 27, 2010, 1,165 and 1,517 options to acquire shares, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive.