Thermon Group Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Net Income per Common Share

Net Income per Common Share

12 Months Ended

Mar. 31, 2017

Net Income per Common Share

Basic net income per 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 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 reconciliation of the denominators used to calculate basic EPS and diluted EPS for fiscal 2017, fiscal 2016, and fiscal 2015, respectively, is as follows:



	Year Ended March 31, 2017		Year Ended March 31, 2016		Year Ended March 31, 2015
Basic net income per common share
Net income available to Thermon Group Holdings, Inc.	$	14,641	$	23,009	$	49,386
Weighted-average common shares outstanding	32,301,661		32,176,925		32,027,115
Basic net income per common share	$	0.45	$	0.72	$	1.54



	Year Ended March 31, 2017		Year Ended March 31, 2016		Year Ended March 31, 2015
Diluted net income per common share
Net income available to Thermon Group Holdings, Inc.	$	14,641	$	23,009	$	49,386
Weighted-average common shares outstanding	32,301,661		32,176,925		32,027,115
Common share equivalents:
Stock options issued	216,041		241,529		291,018
Restricted and performance stock units issued	115,579		174,192		89,133
Weighted average shares outstanding – dilutive	32,633,281		32,592,646		32,407,266
Diluted net income per common share	$	0.45	$	0.71	$	1.52

For the years ended March 31, 2017, 2016 and 2015, 59,950, 49,097 and 48,728 equity awards, respectively, were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect.