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Earnings (Loss) Per Share
 6 Months Ended
May 31, 2014
Earnings Per Share, Basic and Diluted [Abstract]  
Earnings (Loss) Per Share

Earnings (Loss) Per Share
Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts): 
 
 
Six Months Ended May 31,
 
Three Months Ended May 31,
 
 
2014
 
2013
 
2014
 
2013
Numerator:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
37,187

 
$
(15,431
)
 
$
26,624

 
$
(2,973
)
Less: Distributed earnings allocated to nonvested restricted stock
 
(12
)
 
—

 
(6
)
 
—

Less: Undistributed earnings allocated to nonvested restricted stock
 
(88
)
 
—

 
(66
)
 
—

Numerator for basic earnings (loss) per share
 
37,087

 
(15,431
)
 
26,552

 
(2,973
)
Effect of dilutive securities:
 
 
 
 
 
 
 
 
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes
 
1,333

 
—

 
667

 
—

Add: Undistributed earnings allocated to nonvested restricted stock
 
88

 
—

 
66

 
—

Less: Undistributed earnings reallocated to nonvested restricted stock
 
(80
)
 
—

 
(59
)
 
—

Numerator for diluted earnings (loss) per share
 
$
38,428

 
$
(15,431
)
 
$
27,226

 
$
(2,973
)
Denominator:
 
 
 
 
 
 
 
 
Weighted average shares outstanding — basic
 
86,668

 
81,526

 
89,529

 
83,605

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Share-based payments
 
1,689

 
—

 
1,577

 
—

Convertible senior notes
 
8,402

 
—

 
8,402

 
—

Weighted average shares outstanding — diluted
 
96,759

 
81,526

 
99,508

 
83,605

Basic earnings (loss) per share
 
$
.43

 
$
(.19
)
 
$
.30

 
$
(.04
)
Diluted earnings (loss) per share
 
$
.40

 
$
(.19
)
 
$
.27

 
$
(.04
)

We compute earnings (loss) per share using the two-class method in accordance with Accounting Standards Codification Topic No. 260, “Earnings Per Share.” The two-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at May 31, 2014 or 2013.
In the first quarter of 2013, we issued $230.0 million in aggregate principal amount of 1.375% convertible senior notes due 2019 (the “1.375% Convertible Senior Notes due 2019”), which are initially convertible into shares of our common stock at a conversion rate of 36.5297 shares for each $1,000 principal amount of the notes. The impact of the 1.375% Convertible Senior Notes due 2019 was excluded from the diluted loss per share calculation for the three months and six months ended May 31, 2013 because the effect would have been antidilutive.
Outstanding stock options to purchase 5.2 million shares of common stock were excluded from the diluted earnings per share calculation for the three months and six months ended May 31, 2014, and all outstanding stock options were excluded from the diluted loss per share calculation for the three months and six months ended May 31, 2013 because the effect of their inclusion would be antidilutive. Contingently issuable shares associated with outstanding performance-based restricted stock units (each a “PSU”) were not included in the earnings (loss) per share calculations for the three-month and six-month periods ended May 31, 2014 and 2013 as the vesting conditions had not been satisfied.