Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

v3.20.2
Net Income per Common Share
 6 Months Ended
Sep. 30, 2020
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 (loss) per common share for the three and six months ended September 30, 2020 and 2019, respectively, are as follows:
 Three Months Ended September 30, 2020  Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019
Basic net income per common share    
Net income (loss) available to Thermon Group Holdings, Inc. $ 1,838  $ 6,912  $ (4,247) $ 8,383 
Weighted-average common shares outstanding 33,164,921  32,727,023  33,075,902  32,681,410 
Basic net income (loss) per common share $ 0.06  $ 0.21  $ (0.13) $ 0.26 

Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019
Diluted net income per common share    
Net income (loss) available to Thermon Group Holdings, Inc. $ 1,838  $ 6,912  $ (4,247) $ 8,383 
Weighted-average common shares outstanding 33,164,921  32,727,023  33,075,902  32,681,410 
Common share equivalents:
Stock options 3,376  201,730  —  205,359 
Restricted and performance stock units 249,357  315,634  —  225,009 
Weighted average shares outstanding – dilutive (1) 33,417,654  33,244,387  33,075,902  33,111,778 
Diluted net income (loss) per common share (2) $ 0.06  $ 0.21  $ (0.13) $ 0.25 
(1) For the three months ended September 30, 2020, 256,444 equity awards were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect. For the six months ended September 30, 2020 and 2019, 283,764 and 16,557 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.
(2) As the Company incurred a net loss for the six months ended September 30, 2020, there was no dilutive effect on net loss per common share as common share equivalents are antidilutive. Therefore, both basic and diluted net loss per common share were $(0.13) for the six months ended September 30, 2020