Earnings Per Share and Certain Related Information

9 Months Ended

Jul. 01, 2016

Earnings Per Share Reconciliation [Abstract]

Earnings Per Share and Certain Related Information

The following table (i) reconciles the denominator used to compute basic earnings per share (“EPS”) to the denominator used to compute diluted EPS for the three and nine months ended July 1, 2016 and June 26, 2015; (ii) provides information regarding the number of non-qualified stock options and shares of restricted stock that were antidilutive and therefore disregarded in calculating the weighted average number of shares outstanding used in computing diluted EPS; and (iii) provides the number of shares of common stock issued from the exercise of stock options and the release of restricted stock (in thousands):

	For the Three Months Ended				For the Nine Months Ended
	July 1, 2016		June 26, 2015		July 1, 2016		June 26, 2015
Shares used to calculate EPS:
Weighted average shares outstanding (denominator used to compute basic EPS)		119,850		123,392		120,330		126,004
Effect of stock options and restricted stock		1,596		1,209		1,198		1,235
Denominator used to compute diluted EPS		121,446		124,601		121,528		127,239
Antidilutive stock options and restricted stock		2,152		3,094		2,871		3,847
Shares of common stock issued from the exercise of stock options and the release of restricted stock		534		649		1,049		1,288

Share Repurchases

On July 23, 2015, the Company’s Board of Directors authorized a share repurchase program of up to $500 million of the Company’s common stock. The following table summarizes the activity under this program from the authorization date (in thousands, except per-share amounts):

Amount Authorized

Average Price Per

Share (1)

Total Shares

Retired

Repurchased

500,000

41.88

2,446

(1)	Includes commissions paid and calculated at the average price per share since the repurchase program authorization date.

Share repurchases may be executed through various means including, without limitation, open market transactions, privately negotiated transactions or otherwise. The share repurchase program does not obligate the Company to purchase any shares and expires on July 22, 2018. The authorization for the share repurchase program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing of share repurchases may depend upon market conditions, other uses of capital, and other factors.