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, 2021

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 assume that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share until such time that it is probable that the performance target will not be met.

The reconciliations of the denominators used to calculate basic net income per common share and diluted net income per common share for fiscal 2021, 2020, and 2019, respectively, is as follows:


	Year Ended March 31, 2021		Year Ended March 31, 2020		Year Ended March 31, 2019
Basic net income per common share
Net income available to Thermon Group Holdings, Inc.	$	1,165	$	11,938	$	22,756
Weighted-average common shares outstanding	33,134,592		32,760,327		32,568,541
Basic net income per common share	$	0.04	$	0.36	$	0.70


	Year Ended March 31, 2021		Year Ended March 31, 2020		Year Ended March 31, 2019
Diluted net income per common share
Net income available to Thermon Group Holdings, Inc.	$	1,165	$	11,938	$	22,756
Weighted-average common shares outstanding	33,134,592		32,760,327		32,568,541
Common share equivalents:
Stock options issued	27,306		134,777		235,802
Restricted and performance stock units issued	179,056		253,566		249,961
Weighted average shares outstanding – dilutive	33,340,954		33,148,670		33,054,304
Diluted net income per common share	$	0.03	$	0.36	$	0.69

For the year ended March 31, 2021, 2020, and 2019, 85,322, zero and zero 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.