Net Income per Share

6 Months Ended

Jul. 31, 2019

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted average common shares and fully vested 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:



	Three Months Ended		Six Months Ended
	July 31, 2019	July 31, 2018	July 31, 2019	July 31, 2018
Anti-dilutive options and restricted stock units	92,974	55,810	29,976	36,384

The computation of earnings per share is presented below:



	Three Months Ended				Six Months Ended
	July 31, 2019		July 31, 2018		July 31, 2019		July 31, 2018
Numerator:
Net income attributable to Raven Industries, Inc.	$	8,766	$	13,677	$	21,976	$	35,812

Denominator:
Weighted average common shares outstanding	35,933,618		35,893,132		35,947,842		35,859,614
Weighted average fully vested stock units outstanding	128,128		102,339		116,734		95,027
Denominator for basic calculation	36,061,746		35,995,471		36,064,576		35,954,641

Weighted average common shares outstanding	35,933,618		35,893,132		35,947,842		35,859,614
Weighted average fully vested stock units outstanding	128,128		102,339		116,734		95,027
Dilutive impact of stock options and restricted stock units	184,873		429,409		260,323		455,595
Denominator for diluted calculation	36,246,619		36,424,880		36,324,899		36,410,236

Net income per share ─ basic	$	0.24	$	0.38	$	0.61	$	1.00
Net income per share ─ diluted	$	0.24	$	0.38	$	0.60	$	0.98