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2. Net Income (Loss) Per Common Share
Basic net income (loss) per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income (loss) per share is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include options and P units, is computed using the treasury stock method.
The basic and diluted net income per share calculations are presented below (in thousands, except for per share amounts):
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|
|
Successor
|
|
Predecessor
|
|
|
|
|
Year Ended
March 31,
2012
|
|
For the
period From
May 1,
2010
Through
March 31,
2011
|
|
For the
Period From
April 1,
Through
April 30,
2010
|
|
Year Ended
March 31,
2010
|
|
|
Basic net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
12,030
|
|
$
|
(14,940
|
)
|
$
|
(267
|
)
|
$
|
18,940
|
|
|
Weighted-average common shares outstanding
|
|
29,083,478
|
|
24,900,332
|
|
52,253
|
|
47,205
|
|
|
Basic net income (loss) per common share
|
|
$
|
0.41
|
|
$
|
(0.60
|
)
|
$
|
(5.11
|
)
|
$
|
401.23
|
|
|
|
|
Year Ended
March 31,
2012
|
|
For the
period From
May 1,
2010
Through
March 31,
2011
|
|
For the
Period
From
April 1,
Through
April 30,
2010
|
|
Year Ended
March 31,
2010
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) used to determine diluted net income (loss) per common share
|
|
$
|
12,030
|
|
$
|
(14,940
|
)
|
$
|
(267
|
)
|
$
|
18,940
|
|
|
Weighted-average common shares outstanding
|
|
29,083,478
|
|
24,900,332
|
|
52,253
|
|
47,205
|
|
|
Common share equivalents:
|
|
|
|
|
|
|
|
|
|
|
Stock options issued by the Successor
|
|
1,370,777
|
|
—
|
|
—
|
|
—
|
|
|
Class P units issued by the Predecessor
|
|
—
|
|
—
|
|
—
|
|
5,048
|
|
|
Weighted-average common shares for diluted net income (loss) per share
|
|
30,454,255
|
|
24,900,332
|
|
52,253
|
|
52,253
|
|
|
Diluted net income (loss) per common share(1)
|
|
$
|
0.40
|
|
$
|
(0.60
|
)
|
$
|
(5.11
|
)
|
$
|
362.47
|
|
(1) As the Company was in a net loss position for the period from May 1, 2010 through March 31, 2011 and for the period from April 1, 2010 through April 30, 2010, there was no dilutive effect on net loss per common share as the Class P units issued by the predecessor and options issued by the successor are anti-dilutive. Therefore, both basic and diluted net loss per common share were $(0.60) for the period from May 1, 2010 through March 31, 2011 and $(5.11) for the period from April 1, 2010 through April 30, 2010.
See Note 13 for additional information regarding the stock split on March 31, 2011. The Board of Directors of Thermon Group Holdings, Inc. (“Successor”) approved a 192.458681-for-one split of Successor’s issued and outstanding common stock. These consolidated financial statements and notes to consolidated financial statements have been restated to reflect the 192.458681-for-one split. Note that the capital structures of the Predecessor and Successor are substantially different and the reported per common share amounts are not comparable.
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