Net Income per Share

3 Months Ended

Apr. 30, 2016

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
	April 30, 2016	April 30, 2015
Anti-dilutive options and restricted stock units	1,005,163	1,103,707

The computation of earnings per share is presented below:



	Three Months Ended
	April 30, 2016 (As Restated)		April 30, 2015
Numerator:
Net income attributable to Raven Industries, Inc.	$	5,517	$	4,855

Denominator:
Weighted average common shares outstanding	36,319,918		38,000,775
Weighted average stock units outstanding	93,986		69,492
Denominator for basic calculation	36,413,904		38,070,267

Weighted average common shares outstanding	36,319,918		38,000,775
Weighted average stock units outstanding	93,986		69,492
Dilutive impact of stock options and restricted stock units	52,234		131,637
Denominator for diluted calculation	36,466,138		38,201,904

Net income per share – basic	$	0.15	$	0.13
Net income per share – diluted	$	0.15	$	0.13