EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE

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,
	2013			2012			2011
	(In thousands, except per share amounts)
Basic earnings from continuing and discontinued operations per share:
Income from continuing operations	$	302,502		$	520,770		$	612,261
Loss from discontinued operations	$	(25,451	)	$	(32,005	)	$	(16,042	)
Net income	$	277,051		$	488,765		$	596,219
Shares used in computation:
Weighted-average ordinary shares outstanding		662,874			716,247			777,315
Basic earnings from continuing operations per share	$	0.46		$	0.73		$	0.79
Basic loss from discontinued operations per share	$	(0.04	)	$	(0.04	)	$	(0.02	)
Basic earnings per share	$	0.42		$	0.68		$	0.77
Diluted earnings from continuing and discontinued operations per share:
Income from continuing operations	$	302,502		$	520,770		$	612,261
Loss from discontinued operations	$	(25,451	)	$	(32,005	)	$	(16,042	)
Net income	$	277,051		$	488,765		$	596,219
Shares used in computation:
Weighted-average ordinary shares outstanding		662,874			716,247			777,315
Weighted-average ordinary share equivalents from stock options and awards(1)		12,159			11,560			12,877
Weighted-average ordinary shares and ordinary share equivalents outstanding(2)		675,033			727,807			790,192
Diluted earnings from continuing operations per share	$	0.45		$	0.72		$	0.77
Diluted loss from discontinued operations per share	$	(0.04	)	$	(0.04	)	$	(0.02	)
Diluted earnings per share	$	0.41		$	0.67		$	0.75

(1)

Options to purchase ordinary shares of 20.6 million, 24.2 million and 25.5 million during fiscal years 2013, 2012 and 2011, 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.