Earnings Per Share

9 Months Ended

Oct. 03, 2020

Earnings Per Share [Abstract]

Earnings Per Share

17. Earnings Per Share

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

	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	Oct. 3, 2020			Sept. 28, 2019			Oct. 3, 2020			Sept. 28, 2019
Basic net earnings per share:
Basic net earnings	$	193,415		$	275,031		$	322,627		$	1,163,320
Earnings allocated to participating securities		(1,201	)		(1,655	)		(2,182	)		(6,295	)
Net earnings available to common stockholders	$	192,214		$	273,376		$	320,445		$	1,157,025
Basic average shares outstanding		303,394			304,637			303,072			305,553
Basic net earnings per share	$	0.63		$	0.90		$	1.06		$	3.79
Diluted net earnings per share:
Diluted net earnings	$	193,415		$	275,031		$	322,627		$	1,163,320
Earnings allocated to participating securities		(1,202	)		(1,656	)		(2,182	)		(6,295	)
Net earnings available to common stockholders	$	192,213		$	273,375		$	320,445		$	1,157,025
Diluted average shares outstanding:
Basic average shares outstanding		303,394			304,637			303,072			305,553
Dilutive effect of stock options and other		47			343			27			476
		303,441			304,980			303,099			306,029
Diluted net earnings per share	$	0.63		$	0.90		$	1.06		$	3.78

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

	Three Months (13 Weeks) Ended				Nine Months (39 Weeks) Ended
	Oct. 3, 2020		Sept. 28, 2019		Oct. 3, 2020		Sept. 28, 2019
Anti-dilutive stock options:
Weighted-average shares		3,463		963		3,638		963
Weighted-average exercise price	$	51.38	$	60.92	$	51.15	$	60.92