Annual report pursuant to Section 13 and 15(d)

The Company and Its Accounting Policies (Tables)

v2.4.1.9
The Company and Its Accounting Policies (Tables)
12 Months Ended
Mar. 31, 2015
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, 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