Micron's convertible debt - continued

This is what I wrote before:

Here is Micron’s most recent annual report:

In the annual report, Micron states:

“…the conversion value in excess of principal of our convertible notes, as of 8/31/17 was $1.91 billion, based on the trading price of our common stock of $31.97 as of 8/31/17.”

In their quarterly report for the period that ended 11/30/17, this excess increases:

…the conversion values for these notes exceeded the principal amounts by $2.87 billion as of 11/30/17.

The share price on 11/30 was around $42.35, very close to the $42.75 at the end of trading last week. Current market cap is $49.433 billion. There are 1.16 billion shares outstanding, so the excess from these notes is roughly $2.50 per share at the current share price.

What I can’t find yet is the total number of shares that the debt could potentially be converted to. I also don’t know the effect of their hedging with call options.

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Looking deeper into the annual report and the Seeking Alpha articles, I found the total number of shares that could get redeemed by the notes - 119 million. At the current share price, that’s a little under $5.1 billion. So for every $1 increase in share price, the total conversion value excess goes up by $119 million.

According to Yahoo Finance, they also have $6.17 billion in cash.

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