Earnings per share

12 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

Basic earnings per share is computed based on the weighted average number of common shares outstanding and excludes any potential dilution. Diluted earnings per share reflect potential dilution from the exercise or conversion of securities into common stock.

	Years Ended
	June 30, 2012		July 2, 2011		July 3, 2010
	(Thousands, except per share data)
Numerator:
Net income for basic and diluted earnings per share	$	567,019	$	669,069	$	410,370
Denominator:
Weighted average common shares for basic earnings per share	147,278		152,481		151,629
Net effect of dilutive stock options and performance share awards	2,275		1,856		1,464
Weighted average common shares for diluted earnings per share	149,553		154,337		153,093
Basic earnings per share	$	3.85	$	4.39	$	2.71
Diluted earnings per share	$	3.79	$	4.34	$	2.68

Options to purchase 238,000 shares of the Company's stock for both fiscal 2012 and 2011 and 700,000 shares for fiscal 2010, were excluded from the calculations of diluted earnings per shares because the exercise price for those options was above the average market price of the Company’s stock during those periods. Inclusion of these options in the diluted earnings per share calculation would have had an anti-dilutive effect.