XML 50 R36.htm IDEA: XBRL DOCUMENT v2.4.1.9
STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (TABLES)
 12 Months Ended
Mar. 31, 2015
Stockholders' Investment, Earnings Per Share and Accumulated Other Comprehensive Income [Abstract]  
Rollforward schedule of Common Stock
The following is a summary of changes in outstanding shares of Common Stock for the years ended March 31, 2015 and 2014: 
 
 
Shares
 
Weighted Average
Price Per Share
Outstanding as of March 31, 2013
 
36,150,639

 
 
Exercise of stock options
 
433,608

 
$
35.51

Issuance of restricted stock
 
167,797

 
67.27

Repurchases of common stock
 
(1,043,875
)
 
74.40

Other
 
300

 
65.90

Outstanding as of March 31, 2014
 
35,708,469

 
 
Exercise of stock options
 
114,145

 
45.31

Issuance of restricted stock
 
176,609

 
73.73

Repurchases of common stock
 
(1,160,940
)
 
69.63

Other
 
91

 
67.47

Outstanding as of March 31, 2015
 
34,838,374

 
 
Schedule of antidilutive securities
Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:
 
 
Fiscal Year Ended March 31,
 
 
2015
 
2014
 
2013
Options:
 
 
 
 
 
 
Outstanding
 
682,800

 
297,595

 
469,289

Weighted average exercise price
 
$
69.04

 
$
43.59

 
$
43.88

Restricted stock awards:
 
 
 
 
 
 
Outstanding
 
—

 
7,416

 
171

Weighted average price
 
$
—

 
$
70.90

 
$
48.14
Schedule of earnings per share
The following table sets forth the computation of basic and diluted earnings per share:
 
 
Fiscal Year Ended March 31,
 
 
2015
 
2014
 
2013
Earnings (in thousands):
 
 
 
 
 
 
Income available to common stockholders – basic
 
$
84,300

 
$
186,737

 
$
130,102

Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax (1)
 
—

 
—

 
—

Income available to common stockholders – diluted
 
$
84,300

 
$
186,737

 
$
130,102

Shares:
 
 
 
 
 
 
Weighted average number of common shares outstanding – basic
 
35,193,480

 
36,283,853

 
36,010,191

Assumed conversion of 3% Convertible Senior Notes outstanding during the period (1)
 
—

 
—

 
—

Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method
 
335,125

 
412,911

 
479,821

Weighted average number of common shares outstanding – diluted
 
35,528,605

 
36,696,764

 
36,490,012

Basic earnings per common share
 
$
2.40

 
$
5.15

 
$
3.61

Diluted earnings per common share
 
$
2.37

 
$
5.09

 
$
3.57


 _________________
(1) 
Diluted earnings per common share for fiscal years 2015, 2014 and 2013 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes will be convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of March 31, 2015, the base conversion price of the notes was approximately $73.07, based on the base conversion rate of 13.6849 shares of Common Stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances, including the payment of dividends). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeds the base conversion price, holders will receive up to an additional 8.8952 shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for fiscal years 2015, 2014 and 2013 as our average stock price during these periods did not meet or exceed the conversion requirements. See Note 5 for further details.
Schedule of accumulated other comprehensive income
The following table sets forth the changes in the balances of each component of accumulated other comprehensive income:
 
 
Currency Translation Adjustments
 
Pension Liability Adjustments (1)
 
Total
Balance as of March 31, 2012
 
$
30,350

 
$
(189,589
)
 
$
(159,239
)
Other comprehensive income before reclassification
 
(11,982
)
 
(33,418
)
 
(45,400
)
Reclassified from accumulated other comprehensive income
 
—

 
4,956

 
4,956

Net current period other comprehensive income
 
(11,982
)
 
(28,462
)
 
(40,444
)
Foreign exchange rate impact
 
(3,679
)
 
3,679

 
—

Balance at March 31, 2013
 
14,689

 
(214,372
)
 
(199,683
)
Other comprehensive income before reclassification
 
19,810

 
17,063

 
36,873

Reclassified from accumulated other comprehensive income
 
—

 
6,304

 
6,304

Net current period other comprehensive income
 
19,810

 
23,367

 
43,177

Foreign exchange rate impact
 
23,313

 
(23,313
)
 
—

Balance at March 31, 2014
 
57,812

 
(214,318
)
 
(156,506
)
Other comprehensive income before reclassification
 
(76,845
)
 
(42,301
)
 
(119,146
)
Reclassified from accumulated other comprehensive income
 
—

 
5,323

 
5,323

Net current period other comprehensive income
 
(76,845
)
 
(36,978
)
 
(113,823
)
Foreign exchange rate impact
 
(20,033
)
 
20,033

 
—

Balance at March 31, 2015
 
$
(39,066
)
 
$
(231,263
)
 
$
(270,329
)

_________________
(1) Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost.