Net Income (Loss) Per Common Share From Continuing Operations

The following table sets forth the computation of basic and diluted net income (loss) per common share from continuing operations (in thousands, except per share amounts):



	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Net income (loss) from continuing operations	$	189,156	$	35,574	$	359,743	$	(73,651	)
Weighted average common shares outstanding	233,299		215,524		231,364		214,935
Dilutive effect of stock options and RSUs	4,464		4,465		4,490		—
Dilutive effect of 2007 Junior debt	678		13,971		2,403		—
Dilutive effect of 2015 Senior debt	6,326		—		5,578		—
Dilutive effect of 2017 Senior debt	—		—		—		—
Dilutive effect of 2017 Junior debt	—		—		—		—
Weighted average common and potential common shares outstanding	244,767		233,960		243,835		214,935
Basic net income (loss) per common share from continuing operations	$	0.81	$	0.17	$	1.55	$	(0.34	)
Diluted net income (loss) per common share from continuing operations	$	0.77	$	0.15	$	1.48	$	(0.34	)

The Company computed basic net income (loss) per common share from continuing operations using net income (loss) from continuing operations and the weighted average number of common shares outstanding during the period. The Company computed diluted net income per common share from continuing operations using net income (loss) from continuing operations and 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 the three and six months ended September 30, 2017, and the three months ended September 30, 2016. For the six months ended September 30, 2016, the calculation of diluted net loss per common share excluded 4,312,066 common shares from employee equity incentive plans as the related impact would have been anti-dilutive as the Company generated a net loss.

Diluted net income (loss) per common share from continuing operations for the three and six months ended September 30, 2017, includes 677,848 shares and 2,403,261 shares, respectively, issuable upon the exchange of the Company's 2007 Junior Debt and 6,326,313 shares and 5,577,932 shares, respectively, issuable upon the exchange of the Company's 2015 Senior Debt. Diluted net income per common share from continuing operations for the three months ended September 30, 2016 includes 13,971,278 shares issuable upon the exchange of the Company's 2007 Junior Debt (see Note 13 for details on the convertible debt). For the six months ended September 30, 2016, the calculation of diluted net loss per common share excluded 13,068,545 shares issuable upon the exchange of the Company's 2007 Junior Debt (see Note 13) as the related impact would have been anti-dilutive as the Company generated a net loss for such period. 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 principal amount of the debentures will be settled 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 13 for details on the convertible debt):



	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
2007 Junior Debt	$	23.58	$	24.07	$	23.64	$	24.15
2015 Senior Debt	$	64.06	$	65.38	$	64.21	$	65.60
2017 Senior Debt	$	99.90	$	—	$	100.13	$	—
2017 Junior Debt	$	98.15	$	—	$	98.37	$	—