Net Income per Share

6 Months Ended

Jul. 31, 2015

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 share calculation were as follows:



	Three Months Ended		Six Months Ended
	July 31, 2015	July 31, 2014	July 31, 2015	July 31, 2014
Anti-dilutive options and restricted stock units	1,207,761	623,658	1,156,704	502,950

The computation of earnings per share is presented below:



	Three Months Ended				Six Months Ended
	July 31, 2015		July 31, 2014		July 31, 2015		July 31, 2014
Numerator:
Net income attributable to Raven Industries, Inc.	$	4,191	$	7,719	$	9,046	$	18,757

Denominator:
Weighted average common shares outstanding	37,659,107		36,462,600		37,829,941		36,444,153
Weighted average stock units outstanding	91,831		68,414		80,661		70,063
Denominator for basic calculation	37,750,938		36,531,014		37,910,602		36,514,216

Weighted average common shares outstanding	37,659,107		36,462,600		37,829,941		36,444,153
Weighted average stock units outstanding	91,831		68,414		80,661		70,063
Dilutive impact of stock options and restricted stock units	76,662		203,703		80,688		213,502
Denominator for diluted calculation	37,827,600		36,734,717		37,991,290		36,727,718

Net income per share - basic	$	0.11	$	0.21	$	0.24	$	0.51
Net income per share - diluted	$	0.11	$	0.21	$	0.24	$	0.51