Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

v3.10.0.1
Net Income per Common Share
 9 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Net Income per Common Share
Net Income per Common Share
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 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 reconciliations of the denominators used to calculate basic and diluted net income per common share for the three and nine months ended December 31, 2018 and 2017, respectively, are as follows:
 
 
Three Months Ended December 31, 2018
 
Three Months Ended December 31, 2017
 
Nine Months Ended December 31, 2018
 
Nine Months Ended December 31, 2017
Basic net income per common share
 
 
 
 
 
 
 
 
Net income available to Thermon Group Holdings, Inc.
 
$
9,719

 
$
599

 
$
15,988

 
$
5,856

Weighted-average common shares outstanding
 
32,595,259

 
32,447,838

 
32,556,157

 
32,408,608

Basic net income per common share
 
$
0.30

 
$
0.02

 
$
0.49

 
$
0.18

 
 
Three Months Ended December 31, 2018
 
Three Months Ended December 31, 2017
 
Nine Months Ended December 31, 2018
 
Nine Months Ended December 31, 2017
Diluted net income per common share
 
 
 
 
 
 

 
 

Net income available to Thermon Group Holdings, Inc.
 
$
9,719

 
$
599

 
$
15,988

 
$
5,856

Weighted-average common shares outstanding
 
32,595,259

 
32,447,838

 
32,556,157

 
32,408,608

Common share equivalents:
 
 
 
 
 
 
 
 
Stock options
 
202,971

 
233,618

 
215,472

 
222,857

Restricted and performance stock units
 
318,251

 
232,916

 
228,697

 
131,077

Weighted average shares outstanding – dilutive (1)
 
33,116,481

 
32,914,372

 
33,000,326

 
32,762,542

Diluted net income per common share
 
$
0.29

 
$
0.02

 
$
0.48

 
$
0.18


(1) For the three and nine months ended December 31, 2017, 28,499 and 70,164 equity awards, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.