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

Annual report pursuant to Section 13 and 15(d)

The Company and Its Accounting Policies (Tables)

The Company and Its Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2015

Summary of Costs and Estimated Earnings on Contracts

A summary of costs and estimated earnings on contracts in progress at March 31, 2015 and 2014 is as follows:


	March 31,
	2015		2014
Costs incurred since inception on contracts in progress	$	64,912	$	42,019
Estimated earnings since inception on contracts in progress		16,067		10,208

		80,979		52,227
Less billings to date		69,636		57,489

Net under (over) billings	$	11,343	$	(5,262	)

Accompanying Consolidated Balance Sheets

The above activity is included in the accompanying Consolidated Balance Sheets under the following captions at March 31, 2015 and 2014 or Notes to Consolidated Financial Statements:


	March 31,
	2015			2014
Unbilled revenue	$	18,665		$	7,830
Progress payments reducing inventory (Note 2)		(3,143	)		(5,080	)
Customer deposits		(4,179	)		(8,012	)

Net under (over) billings	$	11,343		$	(5,262	)

Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share

A reconciliation of the numerators and denominators of basic and diluted income per share is presented below:


	Year ended March 31,
	2015		2014		2013
Basic income per share:
Numerator:
Net income	$	14,735	$	10,145	$	11,148

Denominator:
Weighted common shares outstanding		10,123		10,056		9,984
Share equivalent units (“SEUs”) outstanding		—		14		43

Weighted average common shares and SEUs outstanding		10,123		10,070		10,027

Basic income per share	$	1.46	$	1.01	$	1.11

Diluted income per share:
Numerator:
Net income	$	14,735	$	10,145	$	11,148

Denominator:
Weighted average common shares and SEUs outstanding		10,123		10,070		10,027
Stock options outstanding		20		34		24

Weighted average common and potential common shares outstanding		10,143		10,104		10,051

Diluted income per share	$	1.45	$	1.00	$	1.11