Net Income Per Common Share From Continuing Operations

12 Months Ended

Mar. 31, 2019

Net Income Per Common Share From Continuing Operations

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



	Year Ended March 31,
	2019		2018		2017
Net income from continuing operations	$	355.9	$	255.4	$	170.6
Basic weighted average common shares outstanding	236.2		232.9		217.2
Dilutive effect of stock options and RSUs	3.8		4.4		4.4
Dilutive effect of 2007 Junior Convertible Debt	—		1.3		12.7
Dilutive effect of 2015 Senior Convertible Debt	9.9		10.3		0.5
Dilutive effect of 2017 Senior Convertible Debt	—		—		—
Dilutive effect of 2017 Junior Convertible Debt	—		—		—
Diluted weighted average common shares outstanding	249.9		248.9		234.8
Basic net income per common share from continuing operations	$	1.51	$	1.10	$	0.79
Diluted net income per common share from continuing operations	$	1.42	$	1.03	$	0.73

The Company computed basic net income per common share from continuing operations based on the weighted average number of common shares outstanding during the period. The Company computed diluted net income per common share from continuing operations based on the weighted average number of common shares outstanding plus potentially dilutive common shares outstanding during the period.

Potentially dilutive common shares from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding RSUs. Weighted average common shares exclude the effect of option shares which are not dilutive. There were no anti-dilutive option shares for the years ended March 31, 2019, 2018, and 2017.

Diluted weighted average common shares outstanding for fiscal 2018 and 2017 includes 1.3 million and 12.7 million shares, respectively, issuable upon the exchange of the Company's 2007 Junior Convertible Debt. The Company's 2007 Junior Convertible Debt was fully settled as of December 31, 2017 (see Note 12 for details on the settlement of debt), with the Company issuing an aggregate of 3.7 million shares of its common stock in the settlement of $143.8 million principal amount

in fiscal 2018 and an aggregate of 12.0 million shares of its common stock in the settlement of $431.3 million principal amount in fiscal 2017. The shares that were issued were included in the weighted average dilutive common shares outstanding through the date of the issuance and were reflected in the weighted average common shares outstanding thereafter. Diluted weighted average common shares outstanding for fiscal 2019, 2018, and 2017 includes 9.9 million shares, 10.3 million shares, and 0.5 million shares, respectively, issuable upon the exchange of the Company's 2015 Senior Convertible Debt. There were no shares issuable upon the exchange of the Company's 2017 Junior Convertible Debt or the Company's 2017 Senior Convertible Debt. The convertible debt has 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 following is the weighted average conversion price per share used in calculating the dilutive effect (See Note 12 for details on the convertible debt):



	Year Ended March 31,
	2019		2018		2017
2007 Junior Convertible Debt ⁽¹⁾	N/A		$	23.59	$	24.01
2015 Senior Convertible Debt	$	62.86	$	63.94	$	65.21
2017 Senior Convertible Debt	$	98.03	$	99.71	$	100.58
2017 Junior Convertible Debt	$	96.31	$	97.96	$	98.81

⁽¹⁾ No longer outstanding as of December 31, 2017.