EARNINGS PER SHARE

12 Months Ended

Jul. 01, 2017

Earnings Per Share, Basic [Abstract]

The following table sets forth the computation of basic and diluted earnings per share:



	2017		2016		2015
	(In thousands, except for share and per share data)
Numerator:
Net earnings	$	1,142,503	$	949,622	$	686,773
Denominator:
Weighted-average basic shares outstanding	543,496,816		573,057,406		592,072,308
Dilutive effect of share-based awards	5,048,211		4,334,000		4,776,726
Weighted-average diluted shares outstanding	548,545,027		577,391,406		596,849,034
Basic earnings per share	$	2.10	$	1.66	$	1.16
Diluted earnings per share	$	2.08	$	1.64	$	1.15

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 4,194,173, 3,586,927 and 2,400,000 for fiscal 2017, 2016 and 2015, respectively.

Dividends declared were $700.9 million, $695.5 million and $705.5 million in fiscal 2017, 2016 and 2015, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $174.9 million, $174.1 million and $178.3 million in fiscal 2017, 2016 and 2015, respectively.