XML 54 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 6 Months Ended
Dec. 29, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

Basic earnings per share is calculated using the weighted average shares of common stock and unvested restricted stock outstanding during the period.  Diluted earnings per share is calculated using the weighted average shares of common stock outstanding, plus the dilutive effect of stock options using the treasury stock method.  The following table sets forth the reconciliation of weighted average common shares outstanding used in the computation of basic and diluted earnings per share:

 
Three Months Ended
 
Six Months Ended
In thousands, except per share amounts
December 29,
2013

December 30,
2012
 
December 29,
2013
 
December 30,
2012
Numerator-net income
$
104,751

 
$
88,834

 
$
212,619

 
$
194,016

Denominator for basic earnings
  per share-weighted
  average shares
239,206

 
235,852

 
238,857

 
235,613

Effect of dilutive securities-
employee stock options
1,147

 
998

 
1,143

 
1,023

Effect of dilutive securities-
convertible senior notes
317

 
—

 
—

 
—

Denominator for diluted earnings
per share
240,670

 
236,850

 
240,000

 
236,636

Basic earnings per share
$
0.44

 
$
0.38

 
$
0.89

 
$
0.82

Diluted earnings per share
$
0.44

 
$
0.38

 
$
0.89

 
$
0.82



The weighted average diluted common shares outstanding for the quarter and the six months ended December 29, 2013 excludes the effect of 0.6 million and 1.5 million, respectively, out-of-the-money stock options, that if included would be anti-dilutive. The weighted average diluted common shares outstanding for the quarter and the six months ended December 30, 2012 excludes the effect of 4.8 million and 5.0 million, respectively, out-of-the-money stock options, that if included would be anti-dilutive.

The Company included the dilutive effect of the conversion premium related to the convertible senior notes in the calculation of diluted earnings per common share because the average per share market price of the Company's common stock was above the conversion price during the quarter ended December 29, 2013. The convertible senior notes were not included in the calculation of diluted earnings per common share in the six months ended December 29, 2013 and prior year periods because the average per share market prices were below the conversion prices during these periods. The Company would exclude the convertible senior notes in the future if the average market price fell below the conversion price.