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

The Company and Its Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2013


	March 31,
	2013		2012
Costs incurred since inception on contracts in progress	$	37,632	$	24,947
Estimated earnings since inception on contracts in progress		12,311		12,108

		49,943		37,055
Less billings to date		49,485		40,956

Net under billings	$	458	$	(3,901	)


	March 31,
	2013			2012
Unbilled revenue	$	13,113		$	12,667
Progress payments reducing inventory (Note 3)		(5,736	)		(9,311	)
Customer deposits		(6,919	)		(7,257	)

Net under billings	$	458		$	(3,901	)


	Year ended March 31,
	2013		2012		2011
Basic income per share:
Numerator:
Net income	$	11,148	$	10,553	$	5,874

Denominator:
Weighted common shares outstanding		9,984		9,913		9,860
Share equivalent units (“SEUs”) outstanding		43		50		59

Weighted average shares and SEUs outstanding		10,027		9,963		9,919

Basic income per share	$	1.11	$	1.06	$	.59


Diluted income per share:
Numerator:
Net income	$	11,148	$	10,553	$	5,874

Denominator:
Weighted average shares and SEUs outstanding		10,027		9,963		9,919
Stock options outstanding		24		34		38
Contingently issuable SEUs		—		1		1

Weighted average common and potential common shares outstanding		10,051		9,998		9,958

Diluted income per share	$	1.11	$	1.06	$	.59