Net Income per Share

12 Months Ended

Jan. 31, 2019



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,
	2019	2018	2017
Anti-dilutive options and restricted stock units	54,631	344,774	884,099

The computation of earnings per share is presented below:



	For the years ended January 31,
	2019		2018		2017
Numerator:
Net income attributable to Raven Industries, Inc.	$	51,794	$	41,022	$	20,191

Denominator:
Weighted average common shares outstanding	35,907,041		35,945,225		36,142,416
Weighted average stock units outstanding	99,922		104,980		100,019
Denominator for basic calculation	36,006,963		36,050,205		36,242,435

Weighted average common shares outstanding	35,907,041		35,945,225		36,142,416
Weighted average stock units outstanding	99,922		104,980		100,019
Dilutive impact of stock options and RSUs	431,595		399,620		129,480
Denominator for diluted calculation	36,438,558		36,449,825		36,371,915

Net income per share - basic	$	1.44	$	1.14	$	0.56
Net income per share - diluted	$	1.42	$	1.13	$	0.56