Net income per common share (Notes)

9 Months Ended

Dec. 31, 2013

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				Nine Months Ended
	December 31,				December 31,
	2013		2012		2013		2012
Net income	$	105,401	$	10,173	$	283,786	$	67,699
Weighted average common shares outstanding	198,759		194,958		197,845		194,157
Dilutive effect of stock options and RSUs	3,834		3,725		3,882		3,709
Dilutive effect of convertible debt	16,496		5,722		14,216		6,687
Weighted average common and potential common shares outstanding	219,089		204,405		215,943		204,553
Basic net income per common share	$	0.53	$	0.05	$	1.43	$	0.35
Diluted net income per common share	$	0.48	$	0.05	$	1.31	$	0.33

Diluted net income per common share for the three and nine months ended December 31, 2013 includes 16,496,384 shares and 14,215,573 shares, respectively, issuable upon the exchange of debentures (see Note 15).  Diluted net income per common share for the three and nine months ended December 31, 2012 includes 5,721,774 and 6,687,078 shares, respectively, 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 and nine-month periods ended December 31, 2013 was $26.19 and $26.43, respectively. The weighted average conversion price per share used in calculating the dilutive effect of the convertible debt for the three and nine-month period ended December 31, 2012 was $27.21 and $27.51, respectively.

Weighted average common shares exclude the effect of option shares which are not dilutive.  There were no antidilutive option shares for the three and nine months ended December 31, 2013. For the three and nine months ended December 31, 2012, the number of option shares that were antidilutive was 124,395 and 110,021, respectively.