Question-and-Answer Session
Certainly. [Operator Instructions] We'll go first to Harsh Kumar with Morgan Keegan.
Harsh Kumar - Morgan Keegan
Hey, Steve and Gordon congratulation guys, tremendous numbers and guidance. Just one quick question, Steve, could you give us an idea of perhaps by end markets, where are your backlog in orders of the strongest? Thank you.
Steve Sanghi - President, Chief Executive Officer and Chairman
Harsh, basically with 60,000 customers worldwide, we no longer break that out. Lot of our customers are multi-national customers were build perhaps in all different types of products, consumer, industrial and other, with 65% or 62% of our business really being from distribution. It's very difficult to get the mix of where that product is going. So therefore, we really do not have any further commentary on end market mix.
Harsh Kumar - Morgan Keegan
Got it. Thanks. I will come back later. Thank you.
Operator
We go next to Romit Shah with Lehman Brothers.
Romit Shah - Lehman Brothers
Yes, thanks a lot. Just I wanted to clarify first, was Europe up 16% sequentially? And if so, how do you guys get comfortable that the customers in that region are not getting ahead of themselves?
Ganesh Moorthy - Executive Vice President
Yes, it was up 15.6% sequentially. This is always a very strong quarter of growth for Europe. Coming off the heels of the December where it is extremely negatively affected by the seasonal impact translates into this type of performance in our business. We are certainly mindful over customer base in Europe and as we compare the information we have available to us and consult it with our sales and channel partners, in Europe we have taken that into consideration in terms of our guidance for the coming quarter.
Romit Shah - Lehman Brothers
Okay, great. And just a follow-up on the convert, Gordon, can you just explain how the math works now that the stock is above the conversion price. What's the dilution to the share count as the stock theoretically move higher?
Gordon W. Parnell - Vice President, Chief Financial Officer
Well, as it moves above the strike price, first of all, you have to remember that this is an instrument that is settled in cash and is treasury waiting for... beyond that. So, it is the same treasury we think that is evident in EPS calculations related to our issue and stock options. We will continue to give the Street guidance on this, as we move forward to at least keep you in tune with what we see in terms of that dilution. If you have any modeling, as you go forward, you can see some of the impact obviously moving above the $34 and change conversion price. Obviously, we don't know where the stock price is going to land. Hence, we've given some level of a range in our guidance in the... in looking forward area of our press release.
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