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Stock Compensation Plans | 12 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Compensation Plans | Note 13 - Stock Compensation Plans: The 2020 Graham Corporation Equity Incentive Plan (the "2020 Plan") provides for the issuance of 722 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, including 112 shares that became available under the 2020 Plan from 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. There were 424 shares available for future grants pursuant to the 2020 Plan at March 31, 2024. The following grants of restricted stock units ("RSUs"), performance stock units ("PSUs"), and restricted stock awards ("RSAs") were awarded:
|  | Vest 100% on First |  |  | Vest One-Third Per Year |  |  | Vest 100% on Third |  |  |
|  | Anniversary (1) |  |  | Over Three-Year Term (1) |  |  | Anniversary (1) |  |  |
|  |  |  |  | Officers and |  |  | Officers and |  |  | Total Shares
Year Ended March 31, |  | Directors |  |  | Key Employees |  |  | Key Employees |  |  | Awarded
2024 |  |  |  |  |  |  |  |  |  |  |
Time Vesting RSUs |  | 38 |  |  | 40 |  |  |  | — |  |  | 78
Performance Vesting PSUs |  |  | — |  |  |  | — |  |  | 79 |  |  | 79
2023 |  |  |  |  |  |  |  |  |  |  |
Time Vesting RSUs |  | 37 |  |  | 56 |  |  | 33 |  |  | 126
Performance Vesting PSUs |  |  | — |  |  |  | — |  |  | 112 |  |  | 112
2022 |  |  |  |  |  |  |  |  |  |  |
Time Vested RSAs |  | 22 |  |  | 54 |  |  |  | — |  |  | 76
Performance Vested RSAs |  |  | — |  |  |  | — |  |  | 88 |  |  | 88
(1) Subject to the terms of the applicable award. Stock-based compensation cost and the related tax benefits were as follows:
|  | Stock-Based |  |  | Related |
Year Ended March 31, |  | Compensation Cost |  |  | Tax Benefits |
2024 |  |  | 1,188 |  |  |  | 264 |
2023 |  |  | 785 |  |  |  | 173 |
2022 |  |  | 780 |  |  |  | 173 |
The following table summarizes information about the Company's stock option awards during, fiscal 2023 and fiscal 2022:
|  |  |  |  | Weighted |  |  |  |  |
|  | Shares |  |  | Average |  |  | Weighted |  | Aggregate
|  | Under |  |  | Exercise |  |  | Average Remaining |  | Intrinsic
|  | Option |  |  | Price |  |  | Contractual Term |  | Value
Outstanding at March 31, 2021 |  |  | 37 |  |  |  | 18.92 |  |  |  |  |
Exercised |  |  | — |  |  |  |  |  |  |  |
Expired |  |  | (4 | ) |  |  | 21.19 |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 33 |  |  |  | 18.65 |  |  |  |  |
Exercised |  |  | — |  |  |  |  |  |  |  |
Expired |  |  | (33 | ) |  |  | 18.65 |  |  |  |  |
Outstanding at March 31, 2023 |  |  | — |  |  |  |  |  |  |  |
Vested or expected to vest at March 31, 2023 |  |  | — |  |  |  |  |  |  |  |
Exercisable at March 31, 2023 |  |  | — |  |  |  |  |  |  |  |
As of March 31, 2024, there was $2,007 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 1.32 years. The following table summarizes information about the Company's RSAs, RSUs, and PSUs granted during fiscal 2024, fiscal 2023 and fiscal 2022:
|  | Number of RSAs, RSUs and PSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
Non-vested at March 31, 2021 |  |  | 165 |  |  |  | 20.56 |  |  |  |
Granted |  |  | 164 |  |  |  | 18.29 |  |  |  |
Vested |  |  | (58 | ) |  |  | 18.15 |  |  |  |
Forfeited |  |  | (112 | ) |  |  | 21.29 |  |  |  |
Non-vested at March 31, 2022 |  |  | 159 |  |  |  | 18.59 |  |  |  |
Granted |  |  | 238 |  |  |  | 8.51 |  |  |  |
Vested |  |  | (35 | ) |  |  | 8.14 |  |  |  |
Forfeited |  |  | (57 | ) |  |  | 18.86 |  |  |  |
Non-vested at March 31, 2023 |  |  | 305 |  |  |  | 11.09 |  |  |  |
Granted |  |  | 157 |  |  |  | 10.95 |  |  |  |
Vested |  |  | (68 | ) |  |  | 11.96 |  |  |  |
Forfeited |  |  | (25 | ) |  |  | 15.29 |  |  |  |
Non-vested at March 31, 2024 |  |  | 369 |  |  |  | 11.05 |  |  | $ | 10,083 |
The Company has an Employee Stock Purchase Plan, as amended (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 lower of the last or first day of the six-month offering period. A total of 400 shares of common stock may be purchased under the ESPP. Issuance of shares, s tock-based compensation cost and the related tax benefits were as follows:
|  | Issued from |  |  | Issued from |  |  | Stock-Based |  |  | Related |
Year Ended March 31, |  | Treasury Shares |  |  | Common Stock |  |  | Compensation Cost |  |  | Tax Benefits |
2024 |  |  | — |  |  |  | 50 |  |  |  | 91 |  |  |  | 20 |
2023 |  |  | 29 |  |  |  | 17 |  |  |  | 21 |  |  |  | 5 |
2022 |  |  | 18 |  |  |  | — |  |  |  | 29 |  |  |  | 7 |

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