Earnings Per Share

3 Months Ended

Sep. 28, 2014

Earnings Per Share [Abstract]

Earnings Per Share

3. 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 and 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
	September 28,		September 29,
In thousands, except per share amounts	2014		2013
Numerator-net income	$	129,459	$	107,868
Denominator for basic earnings
per share-weighted average shares		244,145		238,146
Effect of dilutive securities-
employee stock options		656		1,182
Denominator for diluted earnings
per share		244,801		239,328
Basic earnings per share	$	0.53	$	0.45
Diluted earnings per share	$	0.53	$	0.45

For the quarter ended September 28, 2014, there were no out-of-the-money stock options that had to be excluded from the weighted average diluted common shares outstanding.  The weighted average diluted common shares outstanding for the quarter ended September 29, 2013 excludes the effect of 2.1 million out-of-the-money stock options, that if included would be anti-dilutive.