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Stock-Based Compensation
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3 Months Ended |
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Jun. 30, 2011
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| Stock-Based Compensation [Abstract] | |
| STOCK-BASED COMPENSATION |
NOTE 7 — STOCK-BASED COMPENSATION:
The Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value
provides for the issuance of up to 1,375 shares of common stock in connection with grants of
incentive stock options, non-qualified stock options, stock awards and performance awards to
officers, key employees and outside directors; provided, however, that no more than 250 shares of
common stock may be used for awards other than stock options. Stock options may be granted at
prices not less than the fair market value at the date of grant and expire no later than ten years
after the date of grant.
Stock option awards granted in the three months ended June 30, 2011 and 2010 were 9 and 20,
respectively. The stock option awards vest 33⅓% per year over a three-year term. All stock
options have a term of ten years from their grant date.
Restricted stock awards granted in the three-month periods ended June 30, 2011 and 2010 were
27 and 24, respectively. Performance-vested restricted stock awards granted to officers in fiscal
2012 and fiscal 2011 vest 100% on the third anniversary of the grant date, subject to the
satisfaction of the performance metrics established for the applicable three-year period.
Time-vested restricted stock awards granted to officers in fiscal 2012 vest 50% on the second
anniversary of the grant date and 50% on the fourth anniversary of the grant date. Time-vested
restricted stock awards granted to directors in fiscal 2012 and fiscal 2011 vest 100% on the first
anniversary of the grant date.
During the three months ended June 30, 2011 and 2010, the Company recognized stock-based
compensation costs related to stock option and restricted stock awards of $116 and $59,
respectively. The income tax benefit recognized related to stock-based compensation was $42 and
$20 for the three months ended June 30, 2011 and 2010, respectively.
On July 29, 2010, the Company’s stockholders approved the Graham Corporation Employee Stock
Purchase Plan (the “ESPP”), which allows eligible employees to purchase shares of the Company’s
common stock on the last day of a six-month offering period at a purchase price equal to the lesser
of 85 percent of the fair market value of the common stock on either the first day or the last day
of the offering period. A total of 200 shares of common stock may be purchased under the ESPP.
During the three months ended June 30, 2011, the Company recognized stock-based compensation costs
of $18 related to the ESPP and $6 of related tax benefits.
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