Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

v3.10.0.1
Net Income per Common Share
 6 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Net Income per Common Share
Net Income per Common Share
Basic net income per common share is computed by dividing net income available to Thermon Group Holdings, Inc. by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to Thermon Group Holdings, Inc. 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 includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assumed that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share.
The reconciliations of the denominators used to calculate basic and diluted net income per common share for the three and six months ended September 30, 2018 and 2017, respectively, are as follows:
 
 
Three Months Ended September 30, 2018
 
Three Months Ended September 30, 2017
 
Six Months Ended September 30, 2018
 
Six Months Ended September 30, 2017
Basic net income per common share
 
 
 
 
 
 
 
 
Net income available to Thermon Group Holdings, Inc.
 
$
3,227

 
$
4,778

 
$
6,269

 
$
5,257

Weighted-average common shares outstanding
 
32,571,432

 
32,408,143

 
32,536,499

 
32,412,819

Basic net income per common share
 
$
0.10

 
$
0.15

 
$
0.19

 
$
0.16

 
 
Three Months Ended September 30, 2018
 
Three Months Ended September 30, 2017
 
Six Months Ended September 30, 2018
 
Six Months Ended September 30, 2017
Diluted net income per common share
 
 
 
 
 
 

 
 

Net income available to Thermon Group Holdings, Inc.
 
$
3,227

 
$
4,778

 
$
6,269

 
$
5,257

Weighted-average common shares outstanding
 
32,571,432

 
32,408,143

 
32,536,499

 
32,412,819

Common share equivalents:
 
 
 
 
 
 
 
 
Stock options
 
219,205

 
192,179

 
218,521

 
197,734

Restricted and performance stock units
 
312,166

 
189,199

 
215,474

 
106,822

Weighted average shares outstanding – dilutive (1)
 
33,102,803

 
32,789,521

 
32,970,494

 
32,717,375

Diluted net income per common share
 
$
0.10

 
$
0.15

 
$
0.19

 
$
0.16


(1) For the three and six months ended September 30, 2017, 52,252 and 47,999 equity awards, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.