EARNINGS PER SHARE

12 Months Ended

Jun. 29, 2019

Earnings Per Share, Basic [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

	2019		2018		2017
	(In thousands, except for share and per share data)
Numerator:
Net earnings	$	1,674,271	$	1,430,766	$	1,142,503
Denominator:
Weighted-average basic shares outstanding	516,890,581		522,926,914		543,496,816
Dilutive effect of share-based awards	6,490,543		6,162,940		5,048,211
Weighted-average diluted shares outstanding	523,381,124		529,089,854		548,545,027
Basic earnings per share	$	3.24	$	2.74	$	2.10
Diluted earnings per share	$	3.20	$	2.70	$	2.08

The number of securities that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was approximately 2,338,000, 2,303,000 and 4,194,000 for fiscal 2019, 2018 and 2017, respectively.

Dividends declared were $793.2 million, $735.3 million and $700.9 million in fiscal 2019, 2018 and 2017, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $200.0 million, $187.4 million and $174.9 million in fiscal 2019, 2018 and 2017, respectively.