Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

v3.19.3
Net Income per Common Share
 6 Months Ended
Sep. 30, 2019
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 six months ended September 30, 2019 and 2018, respectively, are as follows:
 
 
Three Months Ended September 30, 2019
 
Three Months Ended September 30, 2018
 
Six Months Ended September 30, 2019
 
Six Months Ended September 30, 2018
Basic net income per common share
 
 
 
 
 
 
 
 
Net income available to Thermon Group Holdings, Inc.
 
$
6,912

 
$
3,227

 
$
8,383

 
$
6,269

Weighted-average common shares outstanding
 
32,727,023

 
32,571,432

 
32,681,410

 
32,536,499

Basic net income per common share
 
$
0.21

 
$
0.10

 
$
0.26

 
$
0.19

 
 
Three Months Ended September 30, 2019
 
Three Months Ended September 30, 2018
 
Six Months Ended September 30, 2019
 
Six Months Ended September 30, 2018
Diluted net income per common share
 
 
 
 
 
 

 
 

Net income available to Thermon Group Holdings, Inc.
 
$
6,912

 
$
3,227

 
$
8,383

 
$
6,269

Weighted-average common shares outstanding
 
32,727,023

 
32,571,432

 
32,681,410

 
32,536,499

Common share equivalents:
 
 
 
 
 
 
 
 
Stock options
 
201,730

 
219,205

 
205,359

 
218,521

Restricted and performance stock units
 
315,634

 
312,166

 
225,009

 
215,474

Weighted average shares outstanding – dilutive (1)
 
33,244,387

 
33,102,803

 
33,111,778

 
32,970,494

Diluted net income per common share
 
$
0.21

 
$
0.10

 
$
0.25

 
$
0.19


(1) For the six months ended September 30, 2019, 16,557 equity awards were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.