Debt

Roper's 3.75% senior subordinated convertible notes due 2034 became convertible on January 15, 2009. During the three months ended March 31, 2016, 564 notes were converted by note holders for $1.2 million in cash. No gain or loss was recorded upon these conversions. In addition, a related $0.1 million deferred tax liability associated with excess deductions recorded for tax purposes was relieved to additional paid-in capital upon the conversions.

At March 31, 2016, the conversion price on the remaining outstanding notes was $516.38 per note. If converted at March 31, 2016, the value would have exceeded the $4 million principal amount of the outstanding notes by $14 million and could have resulted in the issuance of 74,973 shares of Roper's common stock.