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

Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plans (Tables)

Stock Compensation Plans (Tables)

12 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Black-Scholes Option-Pricing Model with Weighted Average Assumptions

The weighted average fair value of options granted during fiscal 2013 and fiscal 2012 was $4.97 and $9.51, respectively, using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Year ended March 31,
	2013			2012
Expected life		3 years			3 years
Volatility		43.17	%		75.86	%
Risk-free interest rate		.38	%		.83	%
Dividend yield		.38	%		.47	%

Stock Option Awards

The following table summarizes information about the Company’s stock option awards during fiscal 2014, fiscal 2013 and fiscal 2012:


	Shares Under Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at April 1, 2011		159		$	11.87
Granted		9			21.19
Exercised		(50	)		7.72
Expired		(3	)		30.88
Forfeited		(1	)		18.09

Outstanding at March 31, 2012		114			13.90
Granted		49			18.65
Exercised		(13	)		6.35
Forfeited		(4	)		18.65

Outstanding at March 31, 2013		146			16.04
Exercised		(52	)		11.31
Forfeited		(1	)		19.15

Outstanding at March 31, 2014		93			18.60		6.35 years	$	1,261

Vested or expected to vest at March 31, 2014		90			18.58		6.29 years		1,215

Exercisable at March 31, 2014		62			19.00		5.47 years		852

Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2014:


Exercise Price	Options Outstanding at March 31, 2014		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
$ 6.90-7.98		9	$	6.96		3.11
12.52-15.25		24		14.68		5.22
18.65-21.19		48		18.99		8.04
30.88-44.50		12		33.04		4.20

6.90-44.50		93		18.60		6.35

Schedule of Restricted Stock Awards

The following table summarizes information about the Company’s restricted stock awards during fiscal 2014, fiscal 2013 and fiscal 2012:


	Restricted Stock			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested at March 31, 2011		32		$	15.77
Granted		32			20.91
Vested		(15	)		15.84

Non-vested at March 31, 2012		49			19.11
Granted		26			18.65
Vested		(8	)		22.02
Forfeited		(6	)		19.19

Non-vested at March 31, 2013		61			18.51
Granted		32			24.00
Vested		(24	)		17.20
Forfeited		(5	)		15.81

Non-vested at March 31, 2014		64			21.93	$	633