Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation

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Equity-Based Compensation
3 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation

NOTE 6 – 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.

The following grants of time-vesting restricted stock units ("RSUs") and performance-vesting restricted stock units ("PSUs") were awarded during the three months ended June 30, 2024 and 2023:

 

 

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

Three months ended June 30,

 

Directors

 

 

Key Employees

 

 

Key Employees

 

 

Awarded

2024

 

 

 

 

 

 

 

 

 

 

 

     Time Vesting RSUs

 

18

 

 

29

 

 

8

 

 

55

     Performance Vesting PSUs

 

 

 

 

 

 

 

62

 

 

62

2023

 

 

 

 

 

 

 

 

 

 

 

     Time Vesting RSUs

 

38

 

 

40

 

 

 

 

 

78

     Performance Vesting PSUs

 

 

 

 

 

 

 

79

 

 

79

(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 lower of the last or first day of the six-month offering period. As of June 30, 2024, a total of 400 shares of common stock may be purchased under the ESPP.

The Company has recognized equity based compensation costs, which is primarily included in selling, general and administrative costs, as follows:

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2024

 

 

2023

 

Restricted stock awards

 

$

27

 

 

$

87

 

Restricted stock units

 

 

288

 

 

 

196

 

Employee stock purchase plan

 

 

29

 

 

 

10

 

 

 

$

344

 

 

$

293

 

 

 

 

 

 

 

 

Income tax benefit recognized

 

$

79

 

 

$

65