Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation

v3.23.3
Equity-Based Compensation
6 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation

NOTE 5 – EQUITY-BASED COMPENSATION:

The 2020 Graham Corporation Equity Incentive Plan, as amended (the "2020 Plan"), provides for the issuance of 722 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, restricted stock units and stock awards to officers, key employees and outside directors, including 112 shares that became available under the 2020 Plan from the Company’s prior plan, the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value (the "2000 Plan"). As of August 11, 2020, the effective date of the 2020 Plan, no further awards will be granted under the 2000 Plan.

No time vesting restricted stock units ("RSUs") or performance based restricted stock units ("PSUs") were granted in the three months ended September 30, 2023 and 2022. The following restricted stock units were granted in the six months ended September 30, 2023 and 2022:

 

 

 

Vest 100% on First

 

 

Vest One-Third Per Year

 

 

Vest 100% on Third

 

 

 

 

 

Anniversary (1)

 

 

Over Three-Year Term (1)

 

 

Anniversary (1)

 

 

 

 

 

 

 

 

Officers and

 

 

Officers and

 

 

Total Shares

Six months ended September 30,

 

Directors

 

 

Key Employees

 

 

Key Employees

 

 

Awarded

2023

 

 

 

 

 

 

 

 

 

 

 

     Time Vesting RSUs

 

38

 

 

40

 

 

 

 

 

78

     Performance Vesting PSUs

 

 

 

 

 

 

 

79

 

 

79

2022

 

 

 

 

 

 

 

 

 

 

 

     Time Vesting RSUs

 

37

 

 

56

 

 

18

 

 

111

     Performance Vesting PSUs

 

 

 

 

 

 

 

112

 

 

112

(1)Subject to the terms of the applicable award.

 

The Company has an Employee Stock Purchase Plan, as amended (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15% of its fair market value on the last, first or lower of the last or first day of the six-month offering period. As of September 30, 2023, a total of 400 shares of common stock may be purchased under the ESPP.

 

The Company has recognized equity-based compensation costs as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Restricted stock awards

 

$

77

 

 

$

201

 

 

$

164

 

 

$

306

 

Restricted stock units

 

 

249

 

 

 

 

 

 

445

 

 

 

 

Employee stock purchase plan

 

 

6

 

 

 

(3

)

 

 

16

 

 

 

6

 

 

 

$

332

 

 

$

198

 

 

$

625

 

 

$

312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit recognized

 

$

74

 

 

$

43

 

 

$

139

 

 

$

68