Graham Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

The Company and Its Accounting Policies (Tables)

The Company and Its Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2017

Summary of Costs and Estimated Earnings on Contracts

A summary of costs and estimated earnings on contracts in progress at March 31, 2017 and 2016 is as follows:

	March 31,
	2017			2016
Costs incurred since inception on contracts in progress	$	44,263		$	35,893
Estimated earnings since inception on contracts in progress		4,348			1,185
		48,611			37,078
Less billings to date		52,410			38,267
Net under (over) billings	$	(3,799	)	$	(1,189	)

Accompanying Consolidated Balance Sheets

The above activity is included in the accompanying Consolidated Balance Sheets under the following captions at March 31, 2017 and 2016 or Notes to Consolidated Financial Statements:

	March 31,
	2017			2016
Unbilled revenue	$	15,842		$	11,852
Progress payments reducing inventory (Note 2)		(7,234	)		(4,641	)
Customer deposits		(12,407	)		(8,400	)
Net under (over) billings	$	(3,799	)	$	(1,189	)

Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share

A reconciliation of the numerators and denominators of basic and diluted income per share is presented below:

	Year ended March 31,
	2017		2016		2015
Basic income per share:
Numerator:
Net income	$	5,023	$	6,131	$	14,735
Denominator:
Weighted common shares outstanding		9,716		9,976		10,123
Basic income per share	$	0.52	$	0.61	$	1.46

Diluted income per share:
Numerator:
Net income	$	5,023	$	6,131	$	14,735
Denominator:
Weighted average common shares and SEUs outstanding		9,716		9,976		10,123
Stock options outstanding		12		7		20
Weighted average common and potential common shares outstanding		9,728		9,983		10,143
Diluted income per share	$	0.52	$	0.61	$	1.45