Earnings Per Share

12 Months Ended

Jun. 27, 2015

EARNINGS PER SHARE

Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding for each respective year. Diluted earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding during those respective years adjusted for the dilutive effect of share-based awards outstanding using the treasury stock method.

A reconciliation of the numerators and the denominators of the basic and diluted earnings per share computations for the periods presented follows:



	2015		2014		2013
	(In thousands, except for share and per share data)
Numerator:
Net earnings	$	686,773	$	931,533	$	992,427
Denominator:
Weighted-average basic shares outstanding	592,072,308		585,988,084		589,397,807
Dilutive effect of share-based awards	4,776,726		4,228,136		3,277,303
Weighted-average diluted shares outstanding	596,849,034		590,216,220		592,675,110

Basic earnings per share:	$	1.16	$	1.59	$	1.68

Diluted earnings per share:	$	1.15	$	1.58	$	1.67

The number of options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was approximately 2,400,000, 2,100,000 and 18,200,000 for fiscal 2015, 2014 and 2013, respectively.

Dividends declared were $705.5 million, $673.6 million and $654.9 million in fiscal 2015, 2014 and 2013, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $178.3 million, $171.6 million and $165.8 million in fiscal 2015, 2014 and 2013, respectively.