Earnings Per Share (Tables)

3 Months Ended

Apr. 04, 2020

Earnings Per Share [Abstract]

Computations of Basic and Diluted Net Earnings Per Share

The computations of basic and diluted net earnings per share for the first quarter of 2020 and 2019 are as follows (in thousands, except per share amounts):

	Three Months (13 Weeks) Ended
	April 4, 2020			March 30, 2019
Basic net earnings per share:
Basic net earnings	$	20,331		$	501,806
Earnings allocated to participating securities		(630	)		(1,968	)
Net earnings available to common stockholders	$	19,701		$	499,838
Average shares outstanding		302,909			306,585
Basic net earnings per share	$	0.07		$	1.63
Diluted net earnings per share:
Diluted net earnings	$	20,331		$	501,806
Earnings allocated to participating securities		(630	)		(1,964	)
Net earnings available to common stockholders	$	19,701		$	499,842
Diluted average shares outstanding:
Basic shares outstanding		302,909			306,585
Dilutive effect of stock options and other		23			595
		302,932			307,180
Diluted net earnings per share	$	0.07		$	1.63

Anti-dilutive Stock Options

The following stock options were excluded from the computation of diluted net earnings per share for the first quarter of 2020 and 2019 because their effect would have been anti-dilutive (shares in thousands):

	Three Months (13 Weeks) Ended
	April 4, 2020		March 30, 2019
Anti-dilutive stock options:
Weighted-average shares		3,701		963
Weighted-average exercise price	$	51.38	$	60.92