Net Income per Share

3 Months Ended

Apr. 30, 2021

Earnings Per Share [Abstract]

Net Income per Share

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
	April 30, 2021	April 30, 2020
Anti-dilutive options and restricted stock units	110,906	321,454

The computation of earnings per share is presented below:

	Three Months Ended
	April 30, 2021		April 30, 2020
Numerator:
Net income attributable to Raven Industries, Inc.	$	9,620	$	4,047
Denominator:
Weighted average common shares outstanding	35,885,444		35,797,939
Weighted average fully vested stock units outstanding	151,971		129,672
Denominator for basic calculation	36,037,415		35,927,611
Weighted average common shares outstanding	35,885,444		35,797,939
Weighted average fully vested stock units outstanding	151,971		129,672
Dilutive impact of stock options and restricted stock units	412,579		138,613
Denominator for diluted calculation	36,449,994		36,066,224
Net income per share ─ basic	$	0.27	$	0.11
Net income per share ─ diluted	$	0.26	$	0.11