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

Annual report pursuant to Section 13 and 15(d)

Net Income/(Loss) per Common Share

Net Income/(Loss) per Common Share

12 Months Ended

Mar. 31, 2022

Basic net income/(loss) per common share is computed by dividing net income/(loss) available to Thermon Group Holdings, Inc. by the weighted average number of common shares outstanding during each period. Diluted net income/(loss) per common share is computed by dividing net income/(loss) 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/(loss) per common share and diluted net income/(loss) per common share for fiscal 2022, 2021, and 2020, respectively, is as follows:


	Year Ended March 31, 2022		Year Ended March 31, 2021		Year Ended March 31, 2020
Basic net income/(loss) per common share
Net income/(loss) available to Thermon Group Holdings, Inc.	$	20,092	$	877	$	11,938
Weighted-average common shares outstanding	33,308,045		33,134,592		32,760,327
Basic net income/(loss) per common share	$	0.60	$	0.03	$	0.36


	Year Ended March 31, 2022		Year Ended March 31, 2021		Year Ended March 31, 2020
Diluted net income/(loss) per common share
Net income/(loss) available to Thermon Group Holdings, Inc.	$	20,092	$	877	$	11,938
Weighted-average common shares outstanding	33,308,045		33,134,592		32,760,327
Common share equivalents:
Stock options issued	2,231		27,306		134,777
Restricted and performance stock units issued	204,285		179,056		253,566
Weighted average shares outstanding – dilutive	33,514,561		33,340,954		33,148,670
Diluted net income/(loss) per common share	$	0.60	$	0.03	$	0.36

For the year ended March 31, 2022, 2021, and 2020, 110,923, 85,322 and zero equity awards, respectively, were not included in the calculation of diluted net income/(loss) per common share since they would have had an anti-dilutive effect.