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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jul. 01, 2017 | Jun. 25, 2016 | Jul. 01, 2017 | Jun. 25, 2016
Income Statement [Abstract] |  |  |  |
Net sales | $ 2,017,762 | $ 1,852,534 | $ 3,581,840 | $ 3,320,331
Cost of merchandise sold | 1,313,054 | 1,203,312 | 2,358,929 | 2,176,665
Gross profit | 704,708 | 649,222 | 1,222,911 | 1,143,666
Selling, general and administrative expenses | 405,736 | 365,916 | 787,850 | 718,588
Depreciation and amortization | 41,047 | 34,057 | 80,774 | 67,634
Operating income | 257,925 | 249,249 | 354,287 | 357,444
Interest expense, net | 3,092 | 1,910 | 5,869 | 3,035
Income before income taxes | 254,833 | 247,339 | 348,418 | 354,409
Income tax expense | 94,184 | 90,914 | 127,458 | 130,316
Net income | $ 160,649 | $ 156,425 | $ 220,960 | $ 224,093
Net income per share – basic | $ 1.25 | $ 1.17 | $ 1.71 | $ 1.68
Net income per share – diluted | $ 1.25 | $ 1.16 | $ 1.70 | $ 1.66
Weighted average shares outstanding: |  |  |  |
Basic | 128,186 | 133,564 | 129,231 | 133,597
Diluted | 128,722 | 134,562 | 129,906 | 134,635
Dividends declared per common share outstanding | $ 0.27 | $ 0.24 | $ 0.51 | $ 0.44

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- Definition Total costs related to goods produced and sold during the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(a)) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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