Debt

Roper's 3.75% senior subordinated convertible notes due 2034 became convertible on January 15, 2009. During the six months ended June 30, 2015, 7,822 notes were converted by note holders for $16.6 million in cash. No gain or loss was recorded upon these conversions. In addition, a related $0.8 million deferred tax liability associated with excess deductions recorded for tax purposes was relieved to additional paid-in capital upon the conversions.

At June 30, 2015, the conversion price on the remaining outstanding notes was $502.13 per note. If converted at June 30, 2015, the value would have exceeded the $4 million principal amount of the outstanding notes by $14 million and could have resulted in the issuance of 82,565 shares of Roper's common stock.