Earnings Per Share (Tables)

6 Months Ended

Jun. 29, 2019

Computations of Basic and Diluted Net Earnings Per Share

The computations of basic and diluted net earnings per share for the second quarter and first six months of 2019 and 2018 are as follows (in thousands, except per share amounts):

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Basic net earnings per share:
Basic net earnings	$	386,483		$	683,153		$	888,289		$	1,037,332
Earnings allocated to participating securities		(2,431	)		(2,919	)		(4,536	)		(3,940	)
Net earnings available to common stockholders	$	384,052		$	680,234		$	883,753		$	1,033,392
Average shares outstanding		305,461			318,467			306,017			318,941
Basic net earnings per share	$	1.26		$	2.14		$	2.89		$	3.24
Diluted net earnings per share:
Diluted net earnings	$	386,483		$	683,153		$	888,289		$	1,037,332
Earnings allocated to participating securities		(2,430	)		(2,909	)		(4,532	)		(3,926	)
Net earnings available to common stockholders	$	384,053		$	680,244		$	883,757		$	1,033,406
Diluted average shares outstanding:
Basic shares outstanding		305,461			318,467			306,017			318,941
Dilutive effect of stock options and other		491			924			542			989
		305,952			319,391			306,559			319,930
Diluted net earnings per share	$	1.26		$	2.13		$	2.88		$	3.23

Anti-dilutive Stock Options

The following stock options were excluded from the computation of diluted net earnings per share for the second quarter and first six months of 2019 and 2018 because their effect would have been anti-dilutive (shares in thousands):

	Three Months (13 Weeks) Ended				Six Months (26 Weeks) Ended
	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Anti-dilutive stock options:
Weighted-average shares		963		265		963		133
Weighted-average exercise price	$	60.92	$	65.80	$	60.92	$	65.80