Net Income Per Common Share

12 Months Ended

Mar. 31, 2020

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



	Year Ended March 31,
	2020		2019		2018
Net income	$	570.6	$	355.9	$	255.4
Basic weighted average common shares outstanding	238.9		236.2		232.9
Dilutive effect of stock options and RSUs	3.4		3.8		4.4
Dilutive effect of 2007 Junior Convertible Debt	—		—		1.3
Dilutive effect of 2015 Senior Convertible Debt	13.7		9.9		10.3
Dilutive effect of 2017 Senior Convertible Debt	0.1		—		—
Dilutive effect of 2017 Junior Convertible Debt	0.1		—		—
Diluted weighted average common shares outstanding	256.2		249.9		248.9
Basic net income per common share	$	2.39	$	1.51	$	1.10
Diluted net income per common share	$	2.23	$	1.42	$	1.03

The Company computed basic net income per common share based on the weighted average number of common shares outstanding during the period. The Company computed diluted net income per common share 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 each of the fiscal years ended March 31, 2020, 2019 and 2018.

Diluted weighted average common shares outstanding for fiscal 2020, 2019 and 2018 includes 13.7 million shares, 9.9 million shares and 10.3 million shares, respectively, issuable upon the exchange of the Company's 2015 Senior Convertible Debt. Diluted weighted average common shares outstanding for fiscal 2020 includes 0.1 million shares issuable upon the exchange of each of the Company's 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt. There were no shares issuable upon the exchange of the Company's 2017 Senior Convertible Debt or the Company's 2017 Junior Convertible Debt for fiscal 2019 and fiscal 2018. Diluted weighted average common shares outstanding for fiscal 2018 includes 1.3 million shares, issuable upon the exchange of the Company's 2007 Junior Convertible Debt, which was fully settled as of December 31, 2017. 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 Company intends to settle the principal amount of the debentures 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 7 Debt for details on the convertible debt):



	Year Ended March 31,
	2020		2019		2018
2007 Junior Convertible Debt ⁽¹⁾					$	23.59
2015 Senior Convertible Debt	$	61.80	$	62.86	$	63.94
2017 Senior Convertible Debt	$	96.37	$	98.03	$	99.71
2017 Junior Convertible Debt	$	94.68	$	96.31	$	97.96

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