Earnings per share

6 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	Second Quarters Ended				Six Months Ended
	December 31, 2011		January 1, 2011		December 31, 2011		January 1, 2011
	(Thousands, except per share data)
Numerator:
Net income	$	147,023	$	141,034	$	286,053	$	279,208
Denominator:
Weighted average common shares for basic earnings per share	147,188		152,137		149,729		152,071
Net effect of dilutive stock options and performance share awards	2,478		2,122		2,357		1,881
Weighted average common shares for diluted earnings per share	149,666		154,259		152,086		153,952
Basic earnings per share	$	1.00	$	0.93	$	1.91	$	1.84
Diluted earnings per share	$	0.98	$	0.91	$	1.88	$	1.81

Options to purchase 238,000 and 252,000 shares of the Company’s stock were excluded from the calculations of diluted earnings per share for the quarters ended December 31, 2011 and January 1, 2011, respectively, and 585,000 and 610,000 shares were excluded for the six months ended December 31, 2011 and January 1, 2011, respectively, because the exercise price for those options was above the average market price of the Company’s stock for those periods and inclusion of these options in the diluted earnings per share calculation would have had an anti-dilutive effect.