Earnings per share

12 Months Ended

Jun. 29, 2013

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 29, 2013		June 30, 2012		July 2, 2011
	(Thousands, except per share data)
Numerator:
Net income for basic and diluted earnings per share	$	450,073	$	567,019	$	669,069
Denominator:
Weighted average common shares for basic earnings per share	137,951		147,278		152,481
Net effect of dilutive stock options and performance share awards	2,052		2,275		1,856
Weighted average common shares for diluted earnings per share	140,003		149,553		154,337
Basic earnings per share	$	3.26	$	3.85	$	4.39
Diluted earnings per share	$	3.21	$	3.79	$	4.34

Options to purchase 565,840 shares of the Company's stock for fiscal 2013 and 238,000 shares for both fiscal 2012 and 2011, 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.