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Earnings Per Share
 6 Months Ended
May 31, 2017
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):
 
Three Months Ended May 31,
 
Six Months Ended May 31,
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
Net income
$
31,782

 
$
15,597

 
$
46,041

 
$
28,724

Less: Distributed earnings allocated to nonvested restricted stock
(14
)
 
(10
)
 
(29
)
 
(21
)
Less: Undistributed earnings allocated to nonvested restricted stock
(200
)
 
(66
)
 
(285
)
 
(116
)
Numerator for basic earnings per share
31,568

 
15,521

 
45,727

 
28,587

 
Three Months Ended May 31,
 
Six Months Ended May 31,
 
2017
 
2016
 
2017
 
2016
Effect of dilutive securities:
 
 
 
 
 
 
 
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes
664

 
667

 
1,327

 
1,333

Add: Undistributed earnings allocated to nonvested restricted stock
200

 
66

 
285

 
116

Less: Undistributed earnings reallocated to nonvested restricted stock
(175
)
 
(59
)
 
(251
)
 
(104
)
Numerator for diluted earnings per share
$
32,257

 
$
16,195

 
$
47,088

 
$
29,932

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding — basic
85,445

 
84,196

 
85,285

 
86,704

Effect of dilutive securities:
 
 
 
 
 
 
 
Share-based payments
3,885

 
2,122

 
3,288

 
1,954

Convertible senior notes
8,402

 
8,402

 
8,402

 
8,402

Weighted average shares outstanding — diluted
97,732

 
94,720

 
96,975

 
97,060

Basic earnings per share
$
.37

 
$
.18

 
$
.54

 
$
.33

Diluted earnings per share
$
.33

 
$
.17

 
$
.49

 
$
.31


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, 2017 or May 31, 2016.
Outstanding options to purchase 3.6 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, 2017, and outstanding 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 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.