Graham Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

Income Per Share

3 Months Ended

Jun. 30, 2012

NOTE 7 – INCOME PER SHARE:

Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Common shares outstanding include share equivalent units, which are contingently issuable shares. Diluted income per share is calculated by dividing net income by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income per share is presented below:


	Three Months Ended June 30,
	2012		2011
Basic income per share
Numerator:
Net income	$	1,390	$	3,016

Denominator:
Weighted common shares outstanding		9,960		9,879
Share equivalent units (“SEUs”)		42		60

Weighted average common shares and SEUs		10,002		9,939

Basic income per share	$	.14	$	.30

Diluted income per share
Numerator:
Net income	$	1,390	$	3,016

Denominator:
Weighted average shares and SEUs outstanding		10,002		9,939
Stock options outstanding		26		42

Weighted average common and potential common shares outstanding		10,028		9,981

Diluted income per share	$	.14	$	.30

Options to purchase a total of 23 and 17 shares of common stock were outstanding at June 30, 2012 and 2011, respectively, but were not included in the above computation of diluted income per share given their exercise prices as they would be anti-dilutive upon issuance.

- Definition

The entire disclosure for earnings per share.

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