Earnings Per Share

12 Months Ended

Jun. 28, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER SHARE

Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and assumed issuance of common stock under the employee stock purchase plans using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share:

	For the Year Ended
	June 28, 2014		June 29, 2013		June 30, 2012
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Income from continuing operations	$	354,810	$	452,309	$	354,918
Income from discontinued operations, net of tax	—		2,603		31,809
Net income	$	354,810	$	454,912	$	386,727
Denominator for basic earnings per share	283,344		291,835		292,810
Effect of dilutive securities:
Stock options, ESPP and RSUs	5,764		6,761		7,192
Denominator for diluted earnings per share	289,108		298,596		300,002
Earnings per share: Basic
From continuing operations	$	1.25	$	1.55	$	1.21
From discontinued operations	—		0.01		0.11
Basic	$	1.25	$	1.56	$	1.32
Earnings per share: Diluted
From continuing operations	$	1.23	$	1.51	$	1.18
From discontinued operations	—		0.01		0.11
Diluted	$	1.23	$	1.52	$	1.29

Approximately 9.4 million, 10.3 million, and 13.8 million stock options were excluded from the calculation of diluted earnings per share for the fiscal years ended 2014, 2013 and 2012, respectively. These options were excluded because they were determined to be antidilutive. However, such options could be dilutive in the future and, under those circumstances, would be included in the calculation of diluted earnings per share.