| Schedule of reconciliation of the denominators used to calculate basic EPS and diluted EPS |
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for fiscal 2013, fiscal 2012, and for the periods from May 1, 2010 to March 31, 2011 and from April 1, 2010 to April 30, 2010, respectively, is as follows:
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
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For the Period From May 1, 2010 Through March 31, 2011 |
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For the Period From April 1, Through April 30, 2010 |
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(Successor) |
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(Successor) |
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(Successor) |
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(Predecessor) |
Basic net income (loss) per common share |
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Net income (loss) |
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$ |
26,974 |
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$ |
12,030 |
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$ |
(14,940 |
) |
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$ |
(267 |
) |
Weighted-average common shares outstanding |
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30,796,675 |
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29,083,478 |
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24,900,332 |
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52,253 |
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Basic net income (loss) per common share |
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$ |
0.88 |
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$ |
0.41 |
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$ |
(0.60 |
) |
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$ |
(5.11 |
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
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For the Period From May 1, 2010 Through March 31, 2011 |
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For the Period From April 1, Through April 30, 2010 |
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(Successor) |
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(Successor) |
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(Successor) |
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(Predecessor) |
Diluted net income (loss) per common share |
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Net income (loss) |
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$ |
26,974 |
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$ |
12,030 |
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$ |
(14,940 |
) |
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$ |
(267 |
) |
Weighted-average common shares outstanding |
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30,796,675 |
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29,083,478 |
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24,900,332 |
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52,253 |
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Common share equivalents: |
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Stock options issued |
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953,710 |
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1,370,777 |
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— |
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— |
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Restricted and performance stock units issued |
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46,445 |
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— |
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— |
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— |
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Weighted average shares outstanding – dilutive |
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31,796,830 |
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30,454,255 |
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24,900,332 |
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52,253 |
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Diluted net income (loss) per common share (1) |
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$ |
0.85 |
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$ |
0.40 |
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$ |
(0.60 |
) |
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$ |
(5.11 |
) |
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(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.
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In those periods in which the Company was in a net income position, all stock options outstanding were dilutive and no options had a strike price below the average market price of the stock during the year.
See Note 14. "Shareholders' Equity (Successor)", for additional information regarding the stock split on March 31, 2011. The Board of Directors of Thermon Group Holdings, Inc. (“Successor”) approved a 192.4586811-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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