Earnings Per Share

12 Months Ended

Jun. 27, 2015

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 stock options, RSUs and MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and MSUs 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 27, 2015		June 28, 2014		June 29, 2013
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Income from continuing operations	$	206,038	$	354,810	$	452,309
Income from discontinued operations, net of tax	—		—		2,603
Net income	$	206,038	$	354,810	$	454,912

Denominator for basic earnings per share	283,675		283,344		291,835
Effect of dilutive securities:
Stock options, ESPP, RSUs and MSUs	5,274		5,764		6,761

Denominator for diluted earnings per share	288,949		289,108		298,596

Earnings per share: Basic
From continuing operations	$	0.73	$	1.25	$	1.55
From discontinued operations	—		—		0.01
Basic	$	0.73	$	1.25	$	1.56

Earnings per share: Diluted
From continuing operations	$	0.71	$	1.23	$	1.51
From discontinued operations	—		—		0.01
Diluted	$	0.71	$	1.23	$	1.52

Approximately 3.6 million, 9.4 million, and 10.3 million stock options were excluded from the calculation of diluted earnings per share for the fiscal years ended 2015, 2014 and 2013, 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.