Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

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Earnings Per Share
6 Months Ended
Jul. 04, 2015
Earnings Per Share

Note L – Earnings Per Share

 

     Three Months Ended June      Six Months Ended June  
In thousands, except per share amounts    2015      2014      2015      2014  

Earnings per share – basic:

           

Net income

   $ 170,811       $ 157,682       $ 459,520       $ 454,875   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average common shares outstanding

     424,349         429,940         425,305         434,115   
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings per common share

   $ 0.40       $ 0.37       $ 1.08       $ 1.05   
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings per share – diluted:

           

Net income

   $ 170,811       $ 157,682       $ 459,520       $ 454,875   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average common shares outstanding

     424,349         429,940         425,305         434,115   

Incremental shares from stock options and other dilutive securities

     6,354         7,191         7,102         7,584   
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted weighted average common shares outstanding

     430,703         437,131         432,407         441,699   
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings per common share

   $ 0.40       $ 0.36       $ 1.06       $ 1.03   
  

 

 

    

 

 

    

 

 

    

 

 

 

Outstanding options to purchase 2.4 million shares were excluded from the calculations of diluted earnings per share for both the three and six-month periods ended June 2015, and options to purchase 2.7 million shares were excluded from the calculations of diluted earnings per share for both the three and six-month periods ended June 2014, because the effect of their inclusion would have been antidilutive to those periods. In addition, 1.0 million shares of performance-based restricted stock units were excluded from the calculations of diluted earnings per share for both the three and six-month periods ended June 2015, and 1.3 million shares of performance-based restricted stock units were excluded from the calculations of diluted earnings per share for the three and six-month periods ended June 2014, because these units are not considered to be contingent outstanding shares in those periods.