Earnings Per Share

3 Months Ended

Apr. 01, 2012

Earnings Per Share [Abstract]

Earnings Per Share

13. Earnings Per Share

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
	April 1, 2012		March 27, 2011
Numerator:
Income from continuing operations used in computing basic and diluted earnings per share	$	172,035	$	119,260
Denominator:
Denominator for basic earnings per share- weighted-average common shares		228,988		233,820
Effect of dilutive securities—employee stock compensation plan		2,296		2,083
Denominator for diluted earnings per share- adjusted weighted-average shares outstanding		231,284		235,903
Earnings per common share from continuing operations:
Basic	$	0.75	$	0.51
Diluted	$	0.74	$	0.51

Outstanding options to purchase 2.4 million and 3.3 million shares of common stock for the three months ended April 1, 2012 and March 27, 2011, 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.

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 April 1, 2012 and March 27, 2011.