Earnings per share

6 Months Ended

Dec. 29, 2012

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	Second Quarters Ended				Six Months Ended
	December 29, 2012		December 31, 2011		December 29, 2012		December 31, 2011
	(Thousands, except per share data)
Numerator:
Net income	$	137,481	$	147,023	$	237,786	$	286,053
Denominator:
Weighted average common shares for basic earnings    per share	136,776		147,188		138,772		149,729
Net effect of dilutive stock options and performance    share awards	1,799		2,478		2,195		2,357
Weighted average common shares for diluted earnings    per share	138,575		149,666		140,967		152,086
Basic earnings per share	$	1.01	$	1.00	$	1.71	$	1.91
Diluted earnings per share	$	0.99	$	0.98	$	1.69	$	1.88

Options to purchase 238,000 shares of the Company’s stock were excluded from the calculations of diluted earnings per share for the three months ended December 29, 2012 and December 31, 2011, and 586,000 and 585,000 shares were excluded for the six months ended December 29, 2012 and December 31, 2011, respectively, because the exercise price for those options was above the average market price of the Company’s stock for those periods and inclusion of these options in the diluted earnings per share calculation would have had an anti-dilutive effect.