EARNINGS PER SHARE

12 Months Ended

Jun. 27, 2020

Earnings Per Share, Basic [Abstract]

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


	2020		2019		2018
	(In thousands, except for share and per share data)
Numerator:
Net earnings	$	215,475	$	1,674,271	$	1,430,766
Denominator:
Weighted-average basic shares outstanding	510,121,071		516,890,581		522,926,914
Dilutive effect of share-based awards	3,904,903		6,490,543		6,162,940
Weighted-average diluted shares outstanding	514,025,974		523,381,124		529,089,854
Basic earnings per share	$	0.42	$	3.24	$	2.74
Diluted earnings per share	$	0.42	$	3.20	$	2.70

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 4,833,000, 2,338,000 and 2,303,000 for fiscal 2020, 2019 and 2018, respectively.

Dividends declared were $884.1 million, $793.2 million and $735.3 million in fiscal 2020, 2019 and 2018, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $228.7 million, $200.0 million and $187.4 million in fiscal 2020, 2019 and 2018, respectively.