Graham Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

Income Per Share

9 Months Ended

Dec. 31, 2013

NOTE 7 – INCOME PER SHARE:

Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Common shares outstanding include share equivalent units, which are contingently issuable shares. Diluted income per share is calculated by dividing net income by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income per share is presented below:


	Three Months Ended December 31,					Nine Months Ended December 31,
		2013		2012			2013		2012
Basic income per share

Numerator:
Net income			$1,431		$3,047			$7,828		$7,052

Denominator:
Weighted common shares outstanding			10,070		9,991			10,045		9,980
Share equivalent units (“SEUs”)			-		43			18		43
Weighted average common shares and SEUs			10,070		10,034			10,063		10,023

Basic income per share			$.14		$.30			$.78		$.70

Diluted income per share

Numerator:
Net income			$ 1,431		$3,047			$7,828		$7,052

Denominator:
Weighted average shares and SEUs outstanding			10,070		10,034			10,063		10,023
Stock options outstanding			37		23			36		23
Weighted average common and potential common shares outstanding			10,107		10,057			10,099		10,046

Diluted income per share			$.14		$.30			$.78		$.70

Options to purchase a total of 2 and 71 shares of common stock were outstanding at December 2013 and 2012, respectively, but were not included in the above computation of diluted income per share given their exercise prices as they would be anti-dilutive upon issuance.

- Definition

The entire disclosure for earnings per share.

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