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, 2014

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