Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.8
Earnings Per Share
 6 Months Ended
Jun. 28, 2014
Earnings Per Share

Note L – Earnings Per Share

 

In thousands, except per share amounts    Three Months Ended June      Six Months Ended June  
   2014      2013      2014      2013  

Earnings per share – basic:

            

Net income

    $ 157,682       $ 138,274       $ 454,875       $ 408,691   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding

      429,940         437,096         434,115         438,684   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per common share

    $ 0.37       $ 0.32       $ 1.05       $ 0.93   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per share – diluted:

            

Net income

    $ 157,682       $ 138,274       $ 454,875       $ 408,691   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding

      429,940         437,096         434,115         438,684   

Incremental shares from stock options and other dilutive securities

      7,191         8,820         7,584         8,220   
  

 

 

     

 

 

     

 

 

     

 

 

  

Adjusted weighted average common shares outstanding

      437,131         445,916         441,699         446,904   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per common share

    $ 0.36       $ 0.31       $ 1.03       $ 0.91   
  

 

 

     

 

 

     

 

 

     

 

 

  

Outstanding options to purchase 2.7 million shares of Common Stock for the three month period ended June 2014 were excluded from the calculation of diluted earnings per share because the effect of their inclusion would have been antidilutive. For the quarter ended June 2013, all outstanding options to purchase Common Stock were dilutive and included in the calculation of diluted earnings per share. Outstanding options to purchase 2.7 million and 1.8 million shares of Common Stock for the six month periods ended June 2014 and 2013, respectively, were excluded from the calculations of diluted earnings per share because the effect of their inclusion would have been antidilutive. In addition, 1.3 million and 1.5 million of performance-based restricted stock units were excluded from the computation of diluted earnings per share for the three and six month periods ended June 2014 and June 2013, respectively, because these units are not considered to be contingent outstanding shares.