17. Earnings Per Share

The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders.


	March 31,
	2013		2012		2011
Net earnings attributable to EnerSys stockholders	$	166,508	$	144,003	$	113,426

Weighted-average number of common shares outstanding:
Basic		48,022,005		48,748,205		49,376,132
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired		593,422		467,830		668,114
Convertible Notes		20,022		—		—

Diluted weighted-average number of common shares outstanding		48,635,449		49,216,035		50,044,246

Basic earnings per common share attributable to EnerSys stockholders	$	3.47	$	2.95	$	2.30

Diluted earnings per common share attributable to EnerSys stockholders	$	3.42	$	2.93	$	2.27

Anti-dilutive equity awards not included in diluted weighted-average common shares		—		221,097		—

The aggregate number of shares that the Company could be obligated to issue upon conversion of its $172,500 Convertible Notes 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. During the fourth quarter of fiscal 2013, the average price of our common stock at $41.38 per share exceeded the conversion price of $40.60 per share on the Convertible Notes. 20,022 shares relating to the conversion premium ($41.38-$40.60) on the Convertible Notes were included in the diluted earnings per share using the treasury stock method. No contingent shares were included in diluted shares outstanding during fiscal 2012 and 2011 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. See Note 8 for more details on the Convertible Notes and their redemption.