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Equity Compensation Plans | 12 Months Ended
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Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Equity Compensation Plans | Note 13 - Equity Compensation Plans: The 2020 Graham Corporation Equity Incentive Plan (the "2020 Plan") was approved by the Company’s stockholders at the Annual Meeting on August 11, 2020 and provides for the issuance of 422 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, restricted stock units and stock awards to officers, key employees and outside directors. The shares available for issuance include 112 remaining available shares under the Company’s prior plan, the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value (the "2000 Plan"). As of August 11, 2020, the effective date of the 2020 Plan, no further awards will be granted under the 2000 Plan. However, any previously outstanding award granted under the 2000 Plan remains subject to the terms of such plan until the time it is no longer outstanding. In fiscal 2021, fiscal 2020 and fiscal 2019, 113, 83 and 53 shares, respectively, of restricted stock were awarded. Restricted shares of 54, 40 and 27 granted to officers in fiscal 2021, fiscal 2020 and fiscal 2019, respectively, vest 100% on the third anniversary of the grant date subject to the satisfaction of the performance metrics for the applicable three-year period. Restricted shares of 38, 28, and 20 granted to officers and key employees in fiscal 2021, fiscal 2020, and fiscal 2019 respectively, vest 33⅓% per year over a three-year term. The restricted shares granted to directors of 21, 15 and 6 in fiscal 2021, fiscal 2020 and fiscal 2019, respectively, vest 100% on the first anniversary of the grant date. The Company recognizes compensation cost over the period the shares vest. 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. No stock option awards were granted in fiscal 2021, fiscal 2020 and fiscal 2019. During fiscal 2021, fiscal 2020, and fiscal 2019, the Company recognized $817, $945, and $1,069, respectively, of stock-based compensation cost related to stock option and restricted stock awards, and $193, $208 and $237, respectively, of related tax benefits. The Company received cash proceeds from the exercise of stock options of $0, $24 and $307 in fiscal 2021, fiscal 2020 and fiscal 2019, respectively. The following table summarizes information about the Company's stock option awards during fiscal 2021, fiscal 2020 and fiscal 2019:
|  |  |  |  |  | Weighted |  |  |  |  |  |  |
|  | Shares |  |  | Average |  |  | Weighted |  | Aggregate |
|  | Under |  |  | Exercise |  |  | Average Remaining |  | Intrinsic |
|  | Option |  |  | Price |  |  | Contractual Term |  | Value |
Outstanding at April 1, 2018 |  |  | 69 |  |  |  | 20.26 |  |  |  |  |  |  |
Exercised |  |  | (19 | ) |  |  | 15.89 |  |  |  |  |  |  |
Cancelled |  |  | (11 | ) |  |  | 33.02 |  |  |  |  |  |  |
Outstanding at March 31, 2019 |  |  | 39 |  |  |  | 18.76 |  |  |  |  |  |  |
Exercised |  |  | (2 | ) |  |  | 15.25 |  |  |  |  |  |  |
Outstanding at March 31, 2020 |  |  | 37 |  |  |  | 18.92 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2021 |  |  | 37 |  |  |  | 18.92 |  |  | 1.07 years |  | $ | — |
Vested or expected to vest at March 31, 2021 |  |  | 37 |  |  |  | 18.92 |  |  | 1.07 years |  |  | — |
Exercisable at March 31, 2021 |  |  | 37 |  |  |  | 18.92 |  |  | 1.07 years |  |  | — |
The following table summarizes information about stock options outstanding at March 31, 2021:
Exercise Price |  | Options Outstanding at March 31, 2021 |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |
$18.65 |  |  | 33 |  |  | $ | 18.65 |  |  |  | 1.17 |
$21.19 |  |  | 4 |  |  |  | 21.19 |  |  |  | 0.17 |
$18.65-21.19 |  |  | 37 |  |  |  | 18.92 |  |  |  | 1.07 |
The total intrinsic value of the stock options exercised during fiscal 2021, fiscal 2020 and fiscal 2019 was $0, $10 and $161, respectively. As of March 31, 2021, there was $1,877 of total unrecognized stock-based compensation expense related to non-vested restricted stock. The Company expects to recognize this expense over a weighted average period of 1.67 years. The outstanding options expire between May 2021 and May 2022. Options, stock awards and performance awards available for future grants were 453 at March 31, 2021. The following table summarizes information about the Company's restricted stock awards during fiscal 2021, fiscal 2020 and fiscal 2019:
|  | Restricted Stock |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
Non-vested at April 1, 2018 |  |  | 126 |  |  |  | 22.02 |  |  |  |  |
Granted |  |  | 53 |  |  |  | 30.08 |  |  |  |  |
Vested |  |  | (28 | ) |  |  | 20.38 |  |  |  |  |
Forfeited |  |  | (2 | ) |  |  | 22.83 |  |  |  |  |
Non-vested at March 31, 2019 |  |  | 149 |  |  |  | 25.19 |  |  |  |  |
Granted |  |  | 83 |  |  |  | 22.95 |  |  |  |  |
Vested |  |  | (38 | ) |  |  | 23.17 |  |  |  |  |
Forfeited |  |  | (45 | ) |  |  | 22.52 |  |  |  |  |
Non-vested at March 31, 2020 |  |  | 149 |  |  |  | 25.26 |  |  |  |  |
Granted |  |  | 113 |  |  |  | 16.39 |  |  |  |  |
Vested |  |  | (43 | ) |  |  | 22.70 |  |  |  |  |
Forfeited |  |  | (54 | ) |  |  | 23.09 |  |  |  |  |
Non-vested at March 31, 2021 |  |  | 165 |  |  |  | 20.56 |  |  | $ | 8 |
The Company has an Employee Stock Purchase Plan (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15% of its fair market value on the (1) last, (2) first or (3) lower of the last or first day of the six-month offering period. A total of 200 shares of common stock may be purchased under the ESPP. In fiscal 2021, fiscal 2020 and fiscal 2019, 21, 9 and 6 shares, respectively, were issued from treasury stock to the ESPP for the offering periods in each of the fiscal years. During fiscal 2021, fiscal 2020 and fiscal 2019, the Company recognized stock-based compensation cost of $47, $30 and $0, respectively, related to the ESPP and $11, $7 and $0, respectively, of related tax benefits.

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