Thermon Group Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings and Net Income (Loss) per Common Share

Earnings and Net Income (Loss) per Common Share

9 Months Ended

Dec. 31, 2015

Earnings and Net Income (Loss) per Common Share

Earnings and Net Income per Common Share

Basic earnings per share (“EPS”) 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 target number of shares would be issued within the calculation of diluted net income per common share.

The reconciliations of the denominators used to calculate basic and diluted EPS for the three and nine months ended December 31, 2015 and 2014, respectively, are as follows:



	Three Months Ended December 31, 2015		Three Months Ended December 31, 2014		Nine Months Ended December 31, 2015		Nine Months Ended December 31, 2014
Basic net income per common share
Net income available to Thermon Group Holdings, Inc.	$	8,480	$	15,603	$	19,805	$	38,885
Weighted-average common shares outstanding	32,210,081		32,066,877		32,162,800		32,014,840
Basic net income per common share	$	0.26	$	0.49	$	0.62	$	1.21



	Three Months Ended December 31, 2015		Three Months Ended December 31, 2014		Nine Months Ended December 31, 2015		Nine Months Ended December 31, 2014
Diluted net income per common share
Net income available to Thermon Group Holdings, Inc.	$	8,480	$	15,603	$	19,805	$	38,885
Weighted-average common shares outstanding	32,210,081		32,066,877		32,162,800		32,014,840
Common share equivalents:
Stock options	230,490		265,957		248,639		285,344
Restricted and performance stock units	156,176		122,629		164,318		90,926
Weighted average shares outstanding – dilutive (1)	32,596,747		32,455,463		32,575,757		32,391,110
Diluted net income per common share	$	0.26	$	0.48	$	0.61	$	1.20

(1) For the three and nine months ended December 31, 2015, 69,224 and 48,232 equity awards were not included in the calculation of diluted net income per common share, respectively, as they would have an anti-dilutive effect. For the three and nine months ended December 31, 2014, 48,728 and 49,193 equity awards, respectively, were not included in the calculation of diluted net income per common share since they would have an anti-dilutive effect.