Net Income per Share

12 Months Ended

Jan. 31, 2017



NOTE 14	NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted average common shares and stock units outstanding. Diluted net income per share is computed by dividing net income by the weighted average common and common equivalent shares outstanding which includes the shares issuable upon exercise of employee stock options (net of shares assumed purchased with the option proceeds), stock units, and restricted stock units outstanding. Performance share awards are included in the diluted calculation based upon what would be issued if the end of the most recent reporting period was the end of the term of the award.

Certain outstanding options and restricted stock units were excluded from the diluted net income per-share calculations because their effect would have been anti-dilutive under the treasury stock method. The options and restricted stock units excluded from the diluted net income per share calculation were as follows:



	For the years ended January 31,
	2017	2016	2015
Anti-dilutive options and restricted stock units	884,099	1,107,733	781,988

The computation of earnings per share is presented below:



	For the years ended January 31,
	2017		2016		2015
Numerator:
Net income attributable to Raven Industries, Inc.	$	20,191	$	4,776	$	31,733

Denominator:
Weighted average common shares outstanding	36,142,416		37,237,717		36,859,026
Weighted average stock units outstanding	100,019		86,745		69,484
Denominator for basic calculation	36,242,435		37,324,462		36,928,510

Weighted average common shares outstanding	36,142,416		37,237,717		36,859,026
Weighted average stock units outstanding	100,019		86,745		69,484
Dilutive impact of stock options and RSUs	129,480		75,481		174,784
Denominator for diluted calculation	36,371,915		37,399,943		37,103,294

Net income per share - basic	$	0.56	$	0.13	$	0.86
Net income per share - diluted	$	0.56	$	0.13	$	0.86