Earnings Per Share
 9 Months Ended
Apr. 06, 2013
Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is computed as net earnings divided by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through the exercise of dilutive stock options.

The following is a reconciliation of the number of shares used in the basic and diluted earnings per share computations:

 

     Three Months Ended      Nine Months Ended  
     April 6, 2013      March 31,
2012		      April 6, 2013      March 31,
2012		  
     (In thousands)  

Basic weighted average number of shares outstanding

      80,108         84,280         82,778         84,198   

Incremental shares from the assumed issuance of stock options

      0        0        0        245   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average number of shares outstanding

      80,108         84,280         82,778         84,443   
  

 

 

     

 

 

     

 

 

     

 

 

  

Excluded from the computation of the number of diluted weighted average shares outstanding were options to purchase 6,116,252 and 1,820,788 shares of common stock for the three months ended April 6, 2013 and March 31, 2012, respectively, and 5,439,196 and 2,739,179 for the nine months ended April 6, 2013 and March 31, 2012, respectively, which would have been anti-dilutive.