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EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
(in thousands, except earnings per share)
October 3, September 27, September 28,
1999 1998 1997
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CALCULATION OF NET EARNINGS
PER COMMON SHARE - BASIC
Net earnings $101,693 $ 68,372 $ 55,211
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Weighted average common shares
and common stock units outstanding 181,842 176,110 159,289
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Net earnings per common share - basic $ 0.56 $ 0.39 $ 0.35
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CALCULATION OF NET EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE - DILUTED: (1)
Net earnings calculation:
Net earnings $101,693 $ 68,372 $ 55,211
Add after-tax interest
expense on debentures -- 348 4,300
Add after-tax amortization of issuance
costs related to the debentures -- 30 354
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Adjusted net earnings $101,693 $ 68,750 $ 59,865
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Weighted average shares outstanding calculation:
Weighted average common shares and common
stock units outstanding 181,842 176,110 159,289
Dilutive effect of outstanding common
stock options 6,689 6,257 6,833
Assuming conversion of convertible
subordinated debentures -- 1,404 14,195
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Weighted average common and common
equivalent shares outstanding 188,531 183,771 180,317
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Net earnings per common and common
equivalent share - diluted $ 0.54 $ 0.37 $ 0.33
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(1) Diluted earnings per share assumes conversion of the Company's
formerly outstanding convertible subordinated debentures using the "if
converted" method when such securities were dilutive, with income
adjusted for the after-tax interest expense and amortization applicable
to these debentures.