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Earnings per share | 12 Months Ended
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Jun. 29, 2013
Earnings Per Share [Abstract] |
Earnings per share | Earnings per share Basic earnings per share is computed based on the weighted average number of common shares outstanding and excludes any potential dilution. Diluted earnings per share reflect potential dilution from the exercise or conversion of securities into common stock.
| Years Ended
| June 29, 2013 |  | June 30, 2012 |  | July 2, 2011
| (Thousands, except per share data)
Numerator: |  |  |  |  |
Net income for basic and diluted earnings per share | $ | 450,073 |  |  | $ | 567,019 |  |  | $ | 669,069 |
Denominator: |  |  |  |  |
Weighted average common shares for basic earnings per share | 137,951 |  |  | 147,278 |  |  | 152,481 |
Net effect of dilutive stock options and performance share awards | 2,052 |  |  | 2,275 |  |  | 1,856 |
Weighted average common shares for diluted earnings per share | 140,003 |  |  | 149,553 |  |  | 154,337 |
Basic earnings per share | $ | 3.26 |  |  | $ | 3.85 |  |  | $ | 4.39 |
Diluted earnings per share | $ | 3.21 |  |  | $ | 3.79 |  |  | $ | 4.34 |
Options to purchase 565,840 shares of the Company's stock for fiscal 2013 and 238,000 shares for both fiscal 2012 and 2011, were excluded from the calculations of diluted earnings per shares because the exercise price for those options was above the average market price of the Company’s stock during those periods. Inclusion of these options in the diluted earnings per share calculation would have had an anti-dilutive effect.

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