It all multiples together, it doesn't add. 1.15 * 1.20 * 1.20 = 1.656, or 165.6% of regular damage when over 50%, and 1.20 * 1.20 = 1.44, or 144% of damage when under 50%.
I never did get the maths behind multiple percentages - off topic, but what if you have two 10% chances of the same thing, or 20% + 10% of the same thing?