Net Income Per Common Share

3 Months Ended

Jun. 30, 2020

The following table sets forth the computation of basic and diluted net income per common share (in millions, except per share amounts):



	Three Months Ended June 30,
	2020		2019
Net income	$	123.6	$	50.7
Basic weighted average common shares outstanding	247.7		237.8
Dilutive effect of stock options and RSUs	2.9		3.7
Dilutive effect of 2015 Senior Convertible Debt	7.2		12.4
Dilutive effect of 2017 Senior Convertible Debt	—		—
Dilutive effect of 2017 Junior Convertible Debt	—		—
Diluted weighted average common shares outstanding	257.8		253.9
Basic net income per common share	$	0.50	$	0.21
Diluted net income per common share	$	0.48	$	0.20

The Company computed basic net income per common share based on the weighted average number of common shares outstanding during the period. The Company computed diluted net income per common share based on 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 each of the three months ended June 30, 2020 and 2019.

Diluted weighted average common shares outstanding for the three months ended June 30, 2020 and 2019 includes 7.2 million shares and 12.4 million shares, respectively, issuable upon the exchange of the Company's 2015 Senior Convertible Debt (as defined below). There were no shares issuable upon the exchange of the Company's 2017 Senior Convertible Debt (as defined below) or the Company's 2017 Junior Convertible Debt (as defined below). 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 Company intends to settle the principal amount of the debentures 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 6 for details on the convertible debt):



	Three Months Ended June 30,
	2020		2019
2015 Senior Convertible Debt	$	61.21	$	62.18
2017 Senior Convertible Debt	$	95.45	$	96.96
2017 Junior Convertible Debt	$	93.77	$	95.26