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Earnings Per Share
 6 Months Ended
May. 31, 2015
Earnings Per Share, Basic and Diluted [Abstract]  
Earnings Per Share
Earnings Per Share
Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): 
 
Six Months Ended May 31,
 
Three Months Ended May 31,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
Net income
$
17,372

 
$
37,187

 
$
9,573

 
$
26,624

Less: Distributed earnings allocated to nonvested restricted stock
(16
)
 
(12
)
 
(8
)
 
(6
)
Less: Undistributed earnings allocated to nonvested restricted stock
(45
)
 
(88
)
 
(24
)
 
(66
)
Numerator for basic earnings per share
17,311

 
37,087

 
9,541

 
26,552

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

 
1,333

 
667

 
667

Add: Undistributed earnings allocated to nonvested restricted stock
45

 
88

 
24

 
66

Less: Undistributed earnings reallocated to nonvested restricted stock
(41
)
 
(80
)
 
(22
)
 
(59
)
Numerator for diluted earnings per share
$
18,648

 
$
38,428

 
$
10,210

 
$
27,226

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding — basic
91,974

 
86,668

 
91,995

 
89,529

Effect of dilutive securities:
 
 
 
 
 
 
 
Share-based payments
1,094

 
1,689

 
1,147

 
1,577

Convertible senior notes
8,402

 
8,402

 
8,402

 
8,402

Weighted average shares outstanding — diluted
101,470

 
96,759

 
101,544

 
99,508

Basic earnings per share
$
.19

 
$
.43

 
$
.10

 
$
.30

Diluted earnings per share
$
.18

 
$
.40

 
$
.10

 
$
.27


We compute earnings per share using the two-class method, which 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, 2015 or 2014.
Outstanding stock options to purchase 6.9 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and six-month periods ended May 31, 2015, and outstanding stock options to purchase 5.2 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and six-month periods ended May 31, 2014, because the effect of their inclusion in each case would be antidilutive. Contingently issuable shares associated with outstanding performance-based restricted stock units (each a “PSU”) were not included in the earnings per share calculations for the three-month and six-month periods ended May 31, 2015 and 2014, as the applicable vesting conditions had not been satisfied.