Earnings per share

9 Months Ended

Mar. 30, 2013

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	Third Quarters Ended				Nine Months Ended
	March 30, 2013		March 31, 2012		March 30, 2013		March 31, 2012
	(Thousands, except per share data)
Numerator:
Net income	$	86,196	$	147,562	$	323,982	$	433,615
Denominator:
Weighted average common shares for basic earnings    per share	137,102		145,126		138,215		148,195
Net effect of dilutive stock options and performance    share awards	1,913		2,119		2,101		2,277
Weighted average common shares for diluted earnings    per share	139,015		147,245		140,316		150,472
Basic earnings per share	$	0.63	$	1.02	$	2.34	$	2.93
Diluted earnings per share	$	0.62	$	1.00	$	2.31	$	2.88

For the quarters ended March 30, 2013 and March 31, 2012, none of the outstanding options were excluded from the calculation of diluted earnings per share because all of the outstanding options were dilutive. Options to purchase 565,840 and 238,000 shares were excluded from the calculation of diluted earnings per share for the nine months ended March 30, 2013 and March 31, 2012, 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.