Earnings Per Share

9 Months Ended

Mar. 29, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER SHARE

Basic earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and assumed issuance of common stock under the employee stock purchase plans using the treasury stock method.

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

	Three Months Ended				Nine Months Ended
	March 29, 2014		March 30, 2013		March 29, 2014		March 30, 2013
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Net income	$	122,544	$	131,388	$	270,017	$	335,898
Denominator for basic earnings per share	282,627		292,888		283,315		292,048
Effect of dilutive securities:
Stock options, ESPP and RSUs	5,948		7,194		5,807		6,773
Denominator for diluted earnings per share	288,575		300,082		289,122		298,821
Earnings per share: basic
From continuing operations	$	0.43	$	0.44	$	0.95	$	1.14
From discontinued operations	—		0.01		—		0.01
Basic	$	0.43	$	0.45	$	0.95	$	1.15
Earnings per share: diluted
From continuing operations	$	0.42	$	0.43	$	0.93	$	1.11
From discontinued operations	—		0.01		—		0.01
Diluted	$	0.42	$	0.44	$	0.93	$	1.12

Approximately 9.8 million and 9.0 million stock options were excluded from the calculation of diluted earnings per share for the three months ended March 29, 2014 and March 30, 2013, respectively. Approximately 9.8 million and 10.6 million stock options were excluded from the calculation of diluted earnings per share for the nine months ended March 29, 2014 and March 30, 2013, respectively. These options were excluded because they were determined to be antidilutive. However, such options could be dilutive in the future and, under those circumstances, would be included in the calculation of diluted earnings per share.