EARNINGS PER SHARE

12 Months Ended

Jan. 31, 2024

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

EARNINGS PER SHARE

Earnings Per Share ("EPS")

The Company uses the two-class method to calculate basic and diluted EPS. Unvested restricted stock awards are considered participating securities because they entitle holders to non-forfeitable rights to dividends during the vesting term. Under the two-class method, earnings of the Company are allocated between common stockholders and these participating securities based on the weighted-average number of shares of common stock and participating securities outstanding during the relevant period.

Basic EPS is computed by dividing net income attributable to Titan Machinery Inc. common stockholders by the weighted-average number of shares of common stock outstanding during the relevant period. Diluted EPS is computed by dividing net income attributable to Titan Machinery Inc. common stockholders by the weighted-average number of shares of common stock outstanding after adjusting for potential dilution related to the conversion of all dilutive securities into common stock. All potentially dilutive securities were included in the computation of diluted EPS for years with net income. All anti-dilutive securities were excluded from the computation of diluted EPS.

The following table sets forth the calculation of basic and diluted EPS:


	Year Ended January 31,
	2024		2023		2022
	(in thousands, except per share data)
Numerator
Net income	$	112,441	$	101,868	$	66,047
Allocation to participating securities	(1,519)		(1,295)		(977)
Net income attributable to Titan Machinery Inc. common stockholders	$	110,922	$	100,573	$	65,070
Denominator
Basic weighted-average common shares outstanding	22,493		22,373		22,238
Plus: incremental shares from assumed vesting of restricted stock units	6		7		10
Diluted weighted-average common shares outstanding	22,499		22,380		22,248

Earnings per Share:
Basic	$	4.93	$	4.50	$	2.93
Diluted	$	4.93	$	4.49	$	2.92