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

Annual report pursuant to Section 13 and 15(d)

Leases

Leases

12 Months Ended

Mar. 31, 2012

Note 7 — Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $478, $251 and $157 in fiscal 2012, fiscal 2011, and fiscal 2010, respectively.

Property, plant and equipment include the following amounts for leases which have been capitalized:


	March 31,
	2012		2011
Machinery and equipment	$	419	$	311
Less accumulated amortization		135		146

	$	284	$	165

Amortization of machinery and equipment under capital leases amounted to $82, $72 and $33 in fiscal 2012, fiscal 2011, and fiscal 2010, respectively, and is included in depreciation expense.

As of March 31, 2012, future minimum payments required under non-cancelable leases are:


	Operating Leases		Capital Leases
2013	$	474	$	95
2014		366		92
2015		365		73
2016		256		47
2017		16		4

Total minimum lease payments	$	1,477	$	311

Less — amount representing interest				23

Present value of net minimum lease payments			$	288

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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