15. EARNINGS PER SHARE
Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding for each respective year. Diluted earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding during those respective years adjusted for the dilutive effect of share-based awards outstanding using the treasury stock method. The two-class method is also utilized for the computation of earnings per share. The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based compensation with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Net earnings allocated to these participating securities are excluded from net earnings allocated to common shares and were insignificant in fiscal 2013, 2012 and 2011.
A reconciliation of the numerators and the denominators of the basic and diluted earnings per share computations for the periods presented follows:
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2013 |
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2012 |
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2011 |
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(In thousands, except for share and per share data) |
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Numerator: |
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Net earnings |
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$ |
992,427 |
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$ |
1,121,585 |
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$ |
1,152,030 |
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Denominator: |
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Weighted-average basic shares outstanding |
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589,397,807 |
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587,726,343 |
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586,526,142 |
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Dilutive effect of share-based awards |
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3,277,303 |
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1,265,098 |
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2,165,404 |
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Weighted-average diluted shares outstanding |
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592,675,110 |
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588,991,441 |
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588,691,546 |
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Basic earnings per share: |
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$ |
1.68 |
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$ |
1.91 |
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$ |
1.96 |
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Diluted earnings per share: |
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$ |
1.67 |
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$ |
1.90 |
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$ |
1.96 |
The number of options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was approximately 18,200,000, 49,100,000 and 50,700,000 for fiscal 2013, 2012 and 2011, respectively.
Dividends declared were $654.9 million, $628.0 million and $604.5 million in fiscal 2013, 2012 and 2011, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $165.8 million, $159.4 million and $155.0 million in fiscal 2013, 2012 and 2011, respectively.