Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Share

v3.20.4
Net Income per Common Share
 9 Months Ended
Dec. 31, 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 nine months ended December 31, 2020 and 2019, respectively, are as follows:
 Three Months Ended December 31, 2020  Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019
Basic net income (loss) per common share    
Net income (loss) available to Thermon Group Holdings, Inc. $ 6,175  $ 6,522  $ 1,928  $ 14,906 
Weighted-average common shares outstanding 33,180,562  32,785,753  33,110,877  32,716,317 
Basic net income (loss) per common share $ 0.19  $ 0.20  $ 0.06  $ 0.46 
Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019
Diluted net income (loss) per common share    
Net income (loss) available to Thermon Group Holdings, Inc. $ 6,175  $ 6,522  $ 1,928  $ 14,906 
Weighted-average common shares outstanding 33,180,562  32,785,753  33,110,877  32,716,317 
Common share equivalents:
Stock options 2,733  163,357  21,155  161,420 
Restricted and performance stock units 236,278  309,827  102,325  246,843 
Weighted average shares outstanding – dilutive (1)
33,419,573  33,258,937  33,234,357  33,124,580 
Diluted net income (loss) per common share $ 0.18  $ 0.20  $ 0.06  $ 0.45 
(1) For the three months ended December 31, 2020 and 2019, 250,668 and zero equity awards were not included in the calculation of diluted net income per common share, respectively, as they would have had an anti-dilutive effect. For the nine months ended December 31, 2020 and 2019, 246,005 and zero 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.