18. Earnings Per Share

The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net earnings per common share (dollars in thousands, except per share data).


	March 31,
	2011		2010		2009
Net earnings	$	113,426	$	62,304	$	81,930

Average common shares:
Basic (weighted-average outstanding shares)		49,376,132		48,122,207		48,824,434
Dilutive potential common shares from exercise and lapse of equity awards, net of shares assumed reacquired		668,114		711,888		595,869

Diluted (weighted-average outstanding shares)		50,044,246		48,834,095		49,420,303

Basic earnings per common share	$	2.30	$	1.29	$	1.68

Diluted earnings per common share	$	2.27	$	1.28	$	1.66

Anti-dilutive equity awards not included in weighted average common shares—diluted		—		383,696		2,992,456

The aggregate number of shares that the Company could be obligated to issue upon conversion of its $172,500, Convertible Notes due 2038, which the Company issued in May 2008, is approximately 4,248,761. It is the Company's current intent to settle the principal amount of any conversions in cash, and any additional conversion consideration in cash, shares of EnerSys common stock or a combination of cash and shares. No contingent shares were included in diluted shares outstanding during fiscal 2011 and 2010, as the specified conversion price exceeded the average market price of the Company's common stock, and the inclusion of contingent shares would have been anti-dilutive.