Earnings per share

12 Months Ended

Jul. 02, 2011

Earnings per share [Abstract]

Earnings per share

14. Earnings per share

Basic earnings per share is computed based on the weighted average number of common shares outstanding and excludes any potential dilution. Diluted earnings per share reflect potential dilution from the exercise or conversion of securities into common stock.

	Years Ended
	July 2,		July 3,		June 27,
	2011		2010		2009
	(Thousands, except per share data)
Numerator:
Net income (loss) for basic and diluted earnings per share	$	669,069	$	410,370	$	(1,129,712	)
Denominator:
Weighted average common shares for basic earnings (loss) per share		152,481		151,629		150,898
Net effect of dilutive stock options and performance share awards		1,856		1,464		—
Weighted average common shares for diluted earnings per share		154,337		153,093		150,898
Basic earnings (loss) per share	$	4.39	$	2.71	$	(7.49	)
Diluted earnings (loss) per share	$	4.34	$	2.68	$	(7.49	)

Options to purchase 238,000 and 700,000 shares of the Company’s stock were excluded from the calculations of diluted earnings per shares in fiscal 2011 and 2010, respectively, because the exercise price for those options was above the average market price of the Company’s stock during those periods. Inclusion of these options in the diluted earnings per share calculation would have had an anti-dilutive effect.

For fiscal 2009, dilutive effects of stock options, stock awards and shares issuable upon conversion of the Company’s 2% Convertible Debentures were excluded from the computation of earnings per diluted share because the Company recognized a net loss and inclusion of these items would have had an anti-dilutive effect. The Convertible Debentures were repaid in March 2009.