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, 2018

Summary of Costs and Estimated Earnings on Contracts

A summary of costs and estimated earnings on contracts in progress at March 31, 2018 and 2017 is as follows:

	March 31,
	2018			2017
Costs incurred since inception on contracts in progress	$	43,806		$	44,263
Estimated earnings since inception on contracts in progress		8,123			4,348
		51,929			48,611
Less billings to date		67,172			52,410
Net under (over) billings	$	(15,243	)	$	(3,799	)

Accompanying Consolidated Balance Sheets

The above activity is included in the accompanying Consolidated Balance Sheets under the following captions at March 31, 2018 and 2017 or Notes to Consolidated Financial Statements:

	March 31,
	2018			2017
Unbilled revenue	$	8,079		$	15,842
Progress payments reducing inventory (Note 2)		(10,109	)		(7,234	)
Customer deposits		(13,213	)		(12,407	)
Net under (over) billings	$	(15,243	)	$	(3,799	)

Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Income Per Share

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

	Year ended March 31,
	2018			2017		2016
Basic (loss) income per share:
Numerator:
Net (loss) income	$	(9,844	)	$	5,023	$	6,131
Denominator:
Weighted common shares outstanding		9,764			9,716		9,976
Basic (loss) income per share	$	(1.01	)	$	0.52	$	0.61

Diluted (loss) income per share:
Numerator:
Net (loss) income	$	(9,844	)	$	5,023	$	6,131
Denominator:
Weighted average common shares and SEUs outstanding		9,764			9,716		9,976
Stock options outstanding		—			12		7
Weighted average common and potential common shares outstanding		9,764			9,728		9,983
Diluted (loss) income per share	$	(1.01	)	$	0.52	$	0.61