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Earnings Per Share
9 Months Ended
Sep. 25, 2011
Earnings Per Share [Abstract] 
Earnings Per Share

15. Earnings Per Share

The Company has a share-based compensation plan under which employees may be granted share-based awards including shares of restricted stock and restricted stock units (RSUs). Non-forfeitable dividends are paid on unvested shares of restricted stock and non-forfeitable dividend equivalents are paid on unvested RSUs. As such, shares of restricted stock and RSUs are considered participating securities under the two-class method of calculating earnings per share as described in ASC Topic 260, "Earnings per Share." The two-class method of calculating earnings per share did not have a material impact on the Company's earnings per share calculation as of September 25, 2011 and September 26, 2010.

The following table sets forth the computation for basic and diluted earnings per share from continuing operations (in thousands, except per share amounts):

 

     Three months ended      Nine months ended  
      September 25,
2011		      September 26,
2010		      September 25,
2011		      September 26,
2010		  

Numerator:

            

Income from continuing operations used in computing basic and diluted earnings per share

    $ 183,594       $ 93,717       $ 493,434       $ 301,745   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Denominator for basic earnings per share- weighted-average common shares

      233,800         233,504         233,989         233,232   

Effect of dilutive securities - employee stock compensation plan

      2,061         1,282         1,992         1,395   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator for diluted earnings per share- adjusted weighted-average shares outstanding

      235,861         234,786         235,981         234,627   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per common share from continuing operations:

            

Basic

    $ 0.79       $ 0.40       $ 2.11       $ 1.29   

Diluted

    $ 0.78       $ 0.40       $ 2.09       $ 1.29   

Outstanding options to purchase 3.8 million and 4.1 million shares of common stock for the three months ended September 25, 2011 and September 26, 2010, respectively, and 3.7 million and 4.2 million shares of common stock for the nine months ended September 25, 2011 and September 26, 2010, respectively, were not included in the Company's computation of dilutive securities because the exercise price was greater than the market price and therefore the effect would have been anti-dilutive.