Annual report pursuant to Section 13 and 15(d)

The Company and Its Accounting Policies (Tables)

v2.4.0.8
The Company and Its Accounting Policies (Tables)
12 Months Ended
Mar. 31, 2014
Accounting Policies [Abstract]  
Summary of Costs and Estimated Earnings on Contracts

A summary of costs and estimated earnings on contracts in progress at March 31, 2014 and 2013 is as follows:

 

     March 31,  
     2014     2013  

Costs incurred since inception on contracts in progress

   $ 42,019      $ 37,632   

Estimated earnings since inception on contracts in progress

     10,208        12,311   
  

 

 

   

 

 

 
     52,227        49,943   

Less billings to date

     57,489        49,485   
  

 

 

   

 

 

 

Net (over) under billings

   $ (5,262   $ 458   
  

 

 

   

 

 

 
Accompanying Consolidated Balance Sheets

The above activity is included in the accompanying Consolidated Balance Sheets under the following captions at March 31, 2014 and 2013 or Notes to Consolidated Financial Statements:

 

     March 31,  
     2014     2013  

Unbilled revenue

   $ 7,830      $ 13,113   

Progress payments reducing inventory (Note 3)

     (5,080     (5,736

Customer deposits

     (8,012     (6,919
  

 

 

   

 

 

 

Net (over) under billings

   $ (5,262   $ 458   
  

 

 

   

 

 

 
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,  
     2014      2013      2012  

Basic income per share:

        

Numerator:

        

Net income

   $ 10,145       $ 11,148       $ 10,553   
  

 

 

    

 

 

    

 

 

 

Denominator:

        

Weighted common shares outstanding

     10,056         9,984         9,913   

Share equivalent units (“SEUs”) outstanding

     14         43         50   
  

 

 

    

 

 

    

 

 

 

Weighted average shares and SEUs outstanding

     10,070         10,027         9,963   
  

 

 

    

 

 

    

 

 

 

Basic income per share

   $ 1.01       $ 1.11       $ 1.06   
  

 

 

    

 

 

    

 

 

 

Diluted income per share:

        

Numerator:

        

Net income

   $ 10,145       $ 11,148       $ 10,553   
  

 

 

    

 

 

    

 

 

 

Denominator:

        

Weighted average shares and SEUs outstanding

     10,070         10,027         9,963   

Stock options outstanding

     34         24         34   

Contingently issuable SEUs

     —           —           1   
  

 

 

    

 

 

    

 

 

 

Weighted average common and potential common shares outstanding

     10,104         10,051         9,998   
  

 

 

    

 

 

    

 

 

 

Diluted income per share

   $ 1.00       $ 1.11       $ 1.06