Earnings Per Share

12 Months Ended

Jun. 28, 2014

Earnings Per Share [Abstract]

Earnings Per Share

16.  EARNINGS PER SHARE

Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding for each respective year.  Diluted earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding during those respective years adjusted for the dilutive effect of share-based awards outstanding using the treasury stock method.

A reconciliation of the numerators and the denominators of the basic and diluted earnings per share computations for the periods presented follows:

	2014		2013		2012
	(In thousands, except for share and per share data)
Numerator:
Net earnings	$	931,533	$	992,427	$	1,121,585
Denominator:
Weighted-average basic shares outstanding		585,988,084		589,397,807		587,726,343
Dilutive effect of share-based awards		4,228,136		3,277,303		1,265,098
Weighted-average diluted shares outstanding		590,216,220		592,675,110		588,991,441
Basic earnings per share:	$	1.59	$	1.68	$	1.91
Diluted earnings per share:	$	1.58	$	1.67	$	1.90

The number of options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was approximately 2,100,000,18,200,000 and 49,100,000 for fiscal 2014,  2013 and 2012, respectively.

Dividends declared were $673.6 million, $654.9 million and $628.0 million in fiscal 2014, 2013 and 2012, respectively.  Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $171.6 million, $165.8 million and $159.4 million in fiscal 2014,  2013 and 2012, respectively.