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Earnings Per Share
 6 Months Ended
May 31, 2016
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,
 
2016
 
2015
 
2016
 
2015
Numerator:
 
 
 
 
 
 
 
Net income
$
28,724

 
$
17,372

 
$
15,597

 
$
9,573

Less: Distributed earnings allocated to nonvested restricted stock
(21
)
 
(16
)
 
(10
)
 
(8
)
Less: Undistributed earnings allocated to nonvested restricted stock
(116
)
 
(45
)
 
(66
)
 
(24
)
Numerator for basic earnings per share
28,587

 
17,311

 
15,521

 
9,541

 
Six Months Ended May 31,
 
Three Months Ended May 31,
 
2016
 
2015
 
2016
 
2015
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
116

 
45

 
66

 
24

Less: Undistributed earnings reallocated to nonvested restricted stock
(104
)
 
(41
)
 
(59
)
 
(22
)
Numerator for diluted earnings per share
$
29,932

 
$
18,648

 
$
16,195

 
$
10,210

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding — basic
86,704

 
91,974

 
84,196

 
91,995

Effect of dilutive securities:
 
 
 
 
 
 
 
Share-based payments
1,954

 
1,094

 
2,122

 
1,147

Convertible senior notes
8,402

 
8,402

 
8,402

 
8,402

Weighted average shares outstanding — diluted
97,060

 
101,470

 
94,720

 
101,544

Basic earnings per share
$
.33

 
$
.19

 
$
.18

 
$
.10

Diluted earnings per share
$
.31

 
$
.18

 
$
.17

 
$
.10


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, 2016 or 2015.
Outstanding stock options to purchase 9.7 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, 2016, and outstanding 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, respectively, 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 basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.