Earnings Per Share (Tables)

6 Months Ended

Jul. 04, 2020

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 2020 and 2019 are as follows (in thousands, except per share amounts):

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 4, 2020			June 29, 2019			July 4, 2020			June 29, 2019
Basic net earnings per share:
Basic net earnings	$	108,881		$	386,483		$	129,212		$	888,289
Earnings allocated to participating securities		(792	)		(2,431	)		(1,423	)		(4,536	)
Net earnings available to common stockholders	$	108,089		$	384,052		$	127,789		$	883,753
Basic average shares outstanding		302,921			305,461			302,915			306,017
Basic net earnings per share	$	0.36		$	1.26		$	0.42		$	2.89
Diluted net earnings per share:
Diluted net earnings	$	108,881		$	386,483		$	129,212		$	888,289
Earnings allocated to participating securities		(792	)		(2,430	)		(1,423	)		(4,532	)
Net earnings available to common stockholders	$	108,089		$	384,053		$	127,789		$	883,757
Diluted average shares outstanding:
Basic average shares outstanding		302,921			305,461			302,915			306,017
Dilutive effect of stock options and other		12			491			17			542
		302,933			305,952			302,932			306,559
Diluted net earnings per share	$	0.36		$	1.26		$	0.42		$	2.88

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 2020 and 2019 because their effect would have been anti-dilutive (shares in thousands):

	Three Months (13 Weeks) Ended				Six Months (26 Weeks) Ended
	July 4, 2020		June 29, 2019		July 4, 2020		June 29, 2019
Anti-dilutive stock options:
Weighted-average shares		3,749		963		3,724		963
Weighted-average exercise price	$	50.69	$	60.92	$	51.04	$	60.92