Net income per common share (Notes)

3 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Net income per common share

Net Income Per Common Share

The following table sets forth the computation of basic and diluted net income per common share (in thousands, except per share amounts):

	Three Months Ended
	June 30,
	2012		2011
Net income	$	78,710	$	99,293
Weighted average common shares outstanding	193,452		190,112
Dilutive effect of stock options and RSUs	3,546		4,558
Dilutive effect of convertible debt	6,702		9,897
Weighted average common and potential common shares outstanding	203,700		204,567
Basic net income per common share	$	0.41	$	0.52
Diluted net income per common share	$	0.39	$	0.49

Diluted net income per common share for the three months ended June 30, 2012 includes 6,702,184 shares issuable upon the exchange of debentures (see Note 12).  Diluted net income per common share for the three months ended June 30, 2011 includes 9,896,555 shares issuable upon the exchange of debentures.  The debentures have no impact on diluted net income per common share unless the average price of the Company's common stock exceeds the conversion price because the principal amount of the debentures will be settled in cash upon conversion.  Prior to conversion, the Company will include, in the diluted net income per common share calculation, the effect of the additional shares that may be issued when the Company's common stock price exceeds the conversion price using the treasury stock method.  The weighted average conversion price per share used in calculating the dilutive effect of the convertible debt for the three-month periods ended June 30, 2012 and June 30, 2011 was $27.79 and $28.92, respectively.

Weighted average common shares exclude the effect of option shares which are not dilutive.  For the three months ended June 30, 2012, the number of option shares that were antidilutive was 110,125. For the three months ended June 30, 2011, there were no option shares that were antidilutive.