Earnings Per Share

9 Months Ended

Sep. 25, 2011

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

(2) Earnings Per Share

Net earnings per share data for the quarters and nine months ended September 25, 2011 and September 26, 2010 were computed as follows:

	2011		2010
	-----------------		-----------------
Quarter ----------	Basic -------	Diluted --------	Basic -------	Diluted --------
Net earnings	$ 170,990	170,990	155,164	155,164
	=======	=======	=======	=======

Average shares outstanding	132,448	132,448	138,199	138,199
Effect of dilutive securities:
Options and other share-based awards	-	2,476	-	3,516
	------------	------------	------------	------------
Equivalent shares	132,448	134,924	138,199	141,715
	=======	=======	=======	=======

Net earnings per common share	$ 1.29	1.27	1.12	1.09
	=======	=======	=======	=======

	2011		2010
	-----------------		-----------------
Nine Months ---------------	Basic -------	Diluted ---------	Basic -------	Diluted ---------
Net earnings	$ 246,237	246,237	257,738	257,738
Effect of dilutive securities:
Interest expense on contingent convertible
debentures due 2021, net of tax	-	-	-	1,124
	------------	------------	------------	------------
Adjusted net earnings	$ 246,237	246,237	257,738	258,862
	=======	=======	=======	=======

Average shares outstanding	135,388	135,388	139,773	139,773
Effect of dilutive securities:
Contingent convertible debentures
due 2021	-	-	-	4,032
Options and other share-based awards	-	2,985	-	3,352
	------------	------------	------------	------------
Equivalent shares	135,388	138,373	139,773	147,157
	=======	=======	=======	=======

Net earnings per common share	$ 1.82	1.78	1.84	1.76
	=======	=======	=======	=======

For the nine month period ended September 26, 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. During the second quarter of 2010, substantially all of these debentures were converted into shares of common stock, with the remainder redeemed for cash and as such, were not dilutive for the quarter ended September 26, 2010.

For the quarters ended September 25, 2011 and September 26, 2010, 1,851 and 931 restricted stock-based awards and options to acquire shares, for each period, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive. For the nine month periods ended September 25, 2011 and September 26, 2010, 1,394 and 1,322 restricted stock-based awards and options to acquire shares, for each period, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive.