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Net Income (Loss) Per Common Share | 6 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share The following table sets forth the computation of basic and diluted net (loss) income per common share (in millions, except per share amounts):
|  |  | Three Months Ended September 30, |  | Six Months Ended September 30,
|  |  |  |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income |  |  |  |  |  |  | $ | 41.7 |  |  | $ | 78.4 |  |  | $ | 23.1 |  |  | $ | 207.7 |
Dividends on Series A Preferred Stock |  |  |  |  |  |  | (27.8) |  |  | — |  |  | (55.6) |  |  | — |
Net income (loss) attributable to common stockholders |  |  |  |  |  |  | 13.9 |  |  | 78.4 |  |  | (32.5) |  |  | 207.7 |
Basic weighted average common shares outstanding |  |  |  |  |  |  | 540.0 |  |  | 536.7 |  |  | 539.6 |  |  | 536.7 |
Dilutive effect of RSUs |  |  |  |  |  |  | 4.5 |  |  | 4.5 |  |  | — |  |  | 4.8 |
Dilutive effect of 2015 Senior Convertible Debt |  |  |  |  |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Dilutive effect of 2017 Senior Convertible Debt |  |  |  |  |  |  | 0.5 |  |  | 0.6 |  |  | — |  |  | 0.7 |
Dilutive effect of Series A Preferred Stock |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Diluted weighted average common shares outstanding |  |  |  |  |  |  | 545.0 |  |  | 542.0 |  |  | 539.6 |  |  | 542.4 |
Basic net income (loss) per common share |  |  |  |  |  |  | $ | 0.03 |  |  | $ | 0.15 |  |  | $ | (0.06) |  |  | $ | 0.39 |
Diluted net income (loss) per common share |  |  |  |  |  |  | $ | 0.03 |  |  | $ | 0.14 |  |  | $ | (0.06) |  |  | $ | 0.38 |
The Company computed net income (loss) attributable to common stockholders by reducing net income by the dividends on Series A Preferred Stock accumulated during the period. The Company computed basic net income (loss) per common share based on the net income (loss) attributable to common stockholders divided by the basic weighted average number of common shares outstanding during the period. The Company computed diluted net income (loss) per common share based on the net income (loss) attributable to common stockholders divided by the basic 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 vesting of outstanding RSUs. Potentially dilutive common shares from the Series A Preferred Stock are determined by applying the if-converted method on the outstanding Series A Preferred Stock. Prior to conversion of its Convertible Debt, 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 if-converted method. The Company's 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 is required to settle the principal amount of the Convertible Debt in cash upon conversion. For the three months ended September 30, 2025, the calculation of diluted net income per common share excluded 23.8 million common shares issuable upon the exchange of the Company's Series A Preferred Stock as the related impact would have been anti-dilutive. For the six months ended September 30, 2025, the calculation of diluted net loss per common share excluded 3.8 million common shares from employee equity incentive plans, 0.4 million common shares issuable upon the exchange of the Company's 2017 Senior Convertible Debt, and 25.4 million common shares issuable upon the exchange of the Company's Series A Preferred Stock as the related impact would have been anti-dilutive. 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 September 30, |  | Six Months Ended September 30,
|  |  |  |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
2015 Senior Convertible Debt(1) |  |  |  |  |  |  | $ | — |  |  | $ | 28.50 |  |  | $ | — |  |  | $ | 28.58 |
2017 Senior Convertible Debt |  |  |  |  |  |  | $ | 43.17 |  |  | $ | 44.44 |  |  | $ | 43.32 |  |  | $ | 44.57 |
2020 Senior Convertible Debt(2) |  |  |  |  |  |  | $ | — |  |  | $ | 90.93 |  |  | $ | — |  |  | $ | 91.08 |
2024 Senior Convertible Debt |  |  |  |  |  |  | $ | 121.81 |  |  | $ | 121.84 |  |  | $ | 121.82 |  |  | $ | 121.84 |
(1) The weighted average conversion price per share for the 2015 Senior Convertible Debt was prior to the settlement of the outstanding principal amount in February 2025. (2) The weighted average conversion price per share for the 2020 Senior Convertible Debt was prior to the settlement of the outstanding principal amount in November 2024.

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