Net Income per Share

12 Months Ended

Jan. 31, 2016



NOTE 15	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,
	2016	2015	2014
Anti-dilutive options and restricted stock units	1,107,733	781,988	577,213

The computation of earnings per share is presented below:



	For the years ended January 31,
	2016 (As Restated)		2015		2014
Numerator:
Net income attributable to Raven Industries, Inc.	$	4,776	$	31,733	$	42,903

Denominator:
Weighted average common shares outstanding	37,237,717		36,859,026		36,379,356
Weighted average stock units outstanding	86,745		69,484		67,724
Denominator for basic calculation	37,324,462		36,928,510		36,447,080

Weighted average common shares outstanding	37,237,717		36,859,026		36,379,356
Weighted average stock units outstanding	86,745		69,484		67,724
Dilutive impact of stock options and RSUs	75,481		174,784		198,295
Denominator for diluted calculation	37,399,943		37,103,294		36,645,375

Net income per share - basic	$	0.13	$	0.86	$	1.18
Net income per share - diluted	$	0.13	$	0.86	$	1.17