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Earnings Per Share
 12 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

4. EARNINGS PER SHARE

     Basic earnings per share for both continuing and discontinued operations exclude dilution and are computed by dividing net income by the weighted-average number of ordinary shares outstanding during the applicable periods.

     Diluted earnings per share for both continuing and discontinued operations reflect the potential dilution from stock options, share bonus awards and convertible securities. The potential dilution from stock options exercisable into ordinary share equivalents and share bonus awards was computed using the treasury stock method based on the average fair market value of the Company's ordinary shares for the period. The potential dilution from the conversion spread (excess of conversion value over face value) of the Subordinated Notes convertible into ordinary share equivalents was calculated as the quotient of the conversion spread and the average fair market value of the Company's ordinary shares for the period.

     The following table reflects the basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted income from continuing and discontinued operations per share:

 

    Fiscal Year Ended March 31,    
    2012     2011     2010  
    (In thousands, except per share amounts)  
Basic earnings from continuing and discontinued operations per                  
share:                  
Income from continuing operations $ 510,645   $ 606,345   $ 25,002  
Loss from discontinued operations   (21,880 )   (10,126 )   (6,408 )
Shares used in computation:                  
Weighted-average ordinary shares outstanding   716,247     777,315     811,677  
Basic earnings from continuing operations per share $ 0.71   $ 0.78   $ 0.03  
Basic loss from discontinued operations per share $ (0.03 ) $ (0.01 ) $ (0.01 )
 
Diluted earnings from continuing operations per share:                  
Income from continuing operations $ 510,645   $ 606,345   $ 25,002  
Loss from discontinued operations   (21,880 )   (10,126 )   (6,408 )
Shares used in computation:                  
Weighted-average ordinary shares outstanding   716,247     777,315     811,677  
Weighted-average ordinary share equivalents from                  
stock options and awards (1)   11,560     12,877     9,435  
Weighted-average ordinary shares and ordinary share                  
equivalents outstanding (2)   727,807     790,192     821,112  
Diluted earnings from continuing operations per share $ 0.70   $ 0.77   $ 0.03  
Diluted loss from discontinued operations per share $ (0.03 ) $ (0.01 ) $ (0.01 )

 

(1)      Ordinary share equivalents of approximately 24.2 million, 25.5 million and 38.1 million shares to purchase stock options during fiscal years 2012, 2011 and 2010, respectively, were excluded from the computation of diluted earnings per share primarily because the exercise price of these options was greater than the average market price of the Company's ordinary shares during the respective periods.
(2)      On August 2, 2010 the Company paid approximately $240.0 million to redeem its 1% Convertible Subordinated Notes upon maturity. The notes carried conversion provisions to issue shares to settle any conversion spread (excess of the conversion value over the conversion price) in stock. The conversion price was $15.525 per share (subject to certain adjustments). On the maturity date, the Company's stock price was less than the conversion spread, and therefore no shares were issued. For the year ended March 31, 2011, the conversion obligation was less than the principal portion of these notes and accordingly, no additional shares were included as ordinary share equivalents.