Debt

Roper's 3.75% senior subordinated convertible notes due 2034 became convertible on January 15, 2009. During the nine months ended September 30, 2015, 8,066 notes were converted by note holders for $17.1 million in cash. No gain or loss was recorded upon these conversions. In addition, a related $0.9 million deferred tax liability associated with excess deductions recorded for tax purposes was relieved to additional paid-in capital upon the conversions.

At September 30, 2015, the conversion price on the remaining outstanding notes was $506.85 per note. If converted at September 30, 2015, the value would have exceeded the $4 million principal amount of the outstanding notes by $12 million and could have resulted in the issuance of 76,838 shares of Roper's common stock.