v2.3.0.11
Earnings Per Common Share
 6 Months Ended
Jun. 26, 2011
Earnings Per Common Share  
Earnings Per Common Share

NOTE 4 – EARNINGS PER COMMON SHARE

We compute basic and diluted earnings per share amounts based on net earnings for the periods presented. We use the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Our calculation of diluted per share amounts includes the dilutive effects of stock options and restricted stock units based on the treasury stock method.

The calculations of basic and diluted earnings per share are as follows:

 

     Quarter Ended      Six Months Ended  
     June 26,
2011		      June 27,
2010		      June 26,
2011		     June 27,
2010		  
     (In millions, except per share data)  

Net earnings:

           

Net earnings from continuing operations

    $ 742       $ 714       $ 1,290      $ 1,233   

Net earnings (loss) from discontinued operations

      —           110         (18 )      124   
                                  

Net earnings for basic and diluted computations

    $ 742       $ 824       $ 1,272      $ 1,357   
                                  

Weighted average common shares outstanding:

           

Average number of common shares outstanding for basic computations

      342.8         367.6         345.6        370.6   

Dilutive stock options and restricted stock units

      3.8         4.1         4.0        4.1   
                                  

Average number of common shares outstanding for diluted computations

      346.6         371.7         349.6        374.7   
                                  

Earnings (loss) per common share:

           

Basic

           

Continuing operations

    $ 2.16       $ 1.94       $ 3.73      $ 3.33   

Discontinued operations

      —           .30         (.05 )      .33   
                                  

Basic earnings per common share

    $ 2.16       $ 2.24       $ 3.68      $ 3.66   
                                  

Diluted

           

Continuing operations

    $ 2.14       $ 1.92       $ 3.69      $ 3.29   

Discontinued operations

      —           .30         (.05 )      .33   
                                  

Diluted earnings per common share

    $ 2.14       $ 2.22       $ 3.64      $ 3.62   
                                  

Stock options to purchase 16.9 million shares of common stock for both the quarter and six months ended June 26, 2011 and 14.7 million shares of common stock for both the quarter and six months ended June 27, 2010 were not included in the computation of diluted earnings per share, as their effect would have been anti-dilutive.