Earnings per share

12 Months Ended

Jun. 28, 2014

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	Years Ended
	June 28, 2014		June 29, 2013		June 30, 2012
	(Thousands, except per share data)
Numerator:
Net income	$	545,604	$	450,073	$	567,019
Denominator:
Weighted average common shares for basic earnings per share	137,991		137,951		147,278
Net effect of dilutive stock options, restricted incentive shares and performance shares	2,128		2,052		2,275
Weighted average common shares for diluted earnings per share	140,119		140,003		149,553
Basic earnings per share	$	3.95	$	3.26	$	3.85
Diluted earnings per share	$	3.89	$	3.21	$	3.79

None of the Company's outstanding stock options were excluded from the calculation of diluted earnings per share in fiscal 2014. Options to purchase 0.6 million and 0.2 million shares for fiscal years 2013 and 2012, respectively, were excluded from the calculations of diluted earnings per shares because the exercise price for those options was above the average market price of the Company’s stock during such fiscal years. Inclusion of these options in the respective diluted earnings per share calculations would have had an anti-dilutive effect.