Earnings per share

9 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	Third Quarters Ended				Nine Months Ended
	March 31, 2012		April 2, 2011		March 31, 2012		April 2, 2011
	(Thousands, except per share data)
Numerator:
Net income	$	147,562	$	151,031	$	433,615	$	430,239
Denominator:
Weighted average common shares for basic earnings per share	145,126		152,859		148,195		152,333
Net effect of dilutive stock options and performance share awards	2,119		1,752		2,277		1,839
Weighted average common shares for diluted earnings per share	147,245		154,611		150,472		154,172
Basic earnings per share	$	1.02	$	0.99	$	2.93	$	2.82
Diluted earnings per share	$	1.00	$	0.98	$	2.88	$	2.79

Options to purchase 238,000 shares of the Company’s stock were excluded from the calculations of diluted earnings per share for both the nine months ended March 31, 2012 and April 2, 2011, 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. For the quarters ended March 31, 2012 and April 2, 2011, none of the outstanding options were excluded from the calculation of diluted earnings per share because all of the outstanding options were dilutive.