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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
14. Earnings per share
Basic earnings per share is computed based on the weighted average number of common shares outstanding and excludes any potential
dilution. Diluted earnings per share reflect potential dilution from the exercise or conversion of securities into common stock.
Options to purchase 238,000 shares of the Company's stock for both fiscal 2012 and 2011 and 700,000
shares for fiscal 2010, were
excluded from the calculations of diluted earnings per shares because the exercise price for those options was above the average market price of
the Company’s stock during those periods. Inclusion of these options in the diluted earnings per share calculation would have had an anti-
dilutive effect.
15. Additional cash flow information
Other non-cash and reconciling items consist of the following:
Interest and income taxes paid during the last three years were as follows:
Non-
cash activity during fiscal 2012 included amounts recorded through comprehensive income and, therefore, are not included in the
consolidated statement of cash flows. Fiscal 2012 included an adjustment to pension liabilities (including non-
U.S. pension liabilities) of
$85,010,000 which was recorded net of related deferred tax benefit of $32,382,000
in other comprehensive income (see Notes 4 and 10). Other
non-cash activities included assumed debt of $34,765,000 and assumed liabilities of $214,325,000
as a result of the acquisitions completed in
fiscal 2012 (see Note 2).
63
Years Ended
June 30,
2012
July 2,
2011
July 3,
2010
(Thousands, except per share data)
Numerator:
Net income for basic and diluted earnings per share
$
567,019
$
669,069
$
410,370
Denominator:
Weighted average common shares for basic earnings per share
147,278
152,481
151,629
Net effect of dilutive stock options and performance share awards
2,275
1,856
1,464
Weighted average common shares for diluted earnings per share
149,553
154,337
153,093
Basic earnings per share
$
3.85
$
4.39
$
2.71
Diluted earnings per share
$
3.79
$
4.34
$
2.68
Years Ended
June 30,
2012
July 2,
2011
July 3,
2010
(Thousands)
Provision for doubtful accounts
$
35,632
$
39,255
$
33,825
Periodic pension (income) costs (Note 10)
24,172
17,295
(13,586
)
Other, net
6,459
296
(4,854
)
Total
$
66,263
$
56,846
$
15,385
Years Ended
June 30,
2012
July 2,
2011
July 3,
2010
(Thousands)
Interest
$
89,529
$
91,946
$
60,556
Income taxes
$
192,717
$
158,372
$
92,565