Earnings per share

3 Months Ended

Sep. 29, 2012

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	First Quarters Ended
	September 29, 2012		October 1, 2011
	(Thousands, except per share data)
Numerator:
Net income	$	100,305	$	139,030
Denominator:
Weighted average common shares for basic earnings per share	140,767		152,270
Net effect of dilutive stock options and performance share awards	2,592		2,236
Weighted average common shares for diluted earnings per share	143,359		154,506
Basic earnings per share	$	0.71	$	0.91
Diluted earnings per share	$	0.70	$	0.90

Options to purchase 586,000 and 918,000 shares of the Company’s stock were excluded from the calculations of diluted earnings per share for the three months ended September 29, 2012 and October 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.