Net (Loss) Income per Share

9 Months Ended

Oct. 31, 2015

NET (LOSS) 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. Weighted average common and common equivalent shares outstanding are excluded from the diluted loss per share calculation as their inclusion would have an antidilutive effect.

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		Nine Months Ended
	October 31, 2015	October 31, 2014	October 31, 2015	October 31, 2014
Anti-dilutive options and restricted stock units	1,216,318	846,205	1,150,227	574,631

The computation of earnings per share is presented below:



	Three Months Ended					Nine Months Ended
	October 31, 2015			October 31, 2014		October 31, 2015		October 31, 2014
Numerator:
Net (loss) income attributable to Raven Industries, Inc.	$	(1,581	)	$	6,783	$	7,465	$	25,540

Denominator:
Weighted average common shares outstanding	36,785,140			36,499,018		37,481,675		36,462,441
Weighted average stock units outstanding	92,470			68,721		84,597		69,616
Denominator for basic calculation	36,877,610			36,567,739		37,566,272		36,532,057

Weighted average common shares outstanding	36,785,140			36,499,018		37,481,675		36,462,441
Weighted average stock units outstanding	92,470			68,721		84,597		69,616
Dilutive impact of stock options and restricted stock units	—			165,504		47,773		188,713
Denominator for diluted calculation	36,877,610			36,733,243		37,614,045		36,720,770

Net (loss) income per share - basic	$	(0.04	)	$	0.19	$	0.20	$	0.70
Net (loss) income per share - diluted	$	(0.04	)	$	0.18	$	0.20	$	0.70