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Earnings Per Share
 9 Months Ended
Aug. 31, 2020
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 August 31,
 
Nine Months Ended August 31,
 
 
2020
 
2019
 
2020
 
2019
Numerator:
 
 
 
 
 
 
 
 
Net income
 
$
78,415

 
$
68,136

 
$
190,152

 
$
145,608

Less: Distributed earnings allocated to nonvested restricted stock
 
(42
)
 
(48
)
 
(129
)
 
(76
)
Less: Undistributed earnings allocated to nonvested restricted stock
 
(360
)
 
(365
)
 
(875
)
 
(825
)
Numerator for basic earnings per share
 
78,013

 
67,723

 
189,148

 
144,707

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

 
—

 
—

 
541

Add: Undistributed earnings allocated to nonvested restricted stock
 
360

 
365

 
875

 
825

Less: Undistributed earnings reallocated to nonvested restricted stock
 
(346
)
 
(354
)
 
(843
)
 
(769
)
Numerator for diluted earnings per share
 
$
78,027

 
$
67,734

 
$
189,180

 
$
145,304

 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
Weighted average shares outstanding — basic
 
90,535

 
88,262

 
90,292

 
87,630

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Share-based payments
 
3,570

 
4,580

 
3,496

 
4,501

Convertible senior notes
 
—

 
—

 
—

 
1,901

Weighted average shares outstanding — diluted
 
94,105

 
92,842

 
93,788

 
94,032

Basic earnings per share
 
$
.86

 
$
.77

 
$
2.09

 
$
1.65

Diluted earnings per share
 
$
.83

 
$
.73

 
$
2.02

 
$
1.55


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 August 31, 2020 or 2019.
For the three-month and nine-month periods ended August 31, 2020, no outstanding stock options were excluded from the diluted earnings per share calculation. For the three-month and nine-month periods ended August 31, 2019, outstanding stock options to purchase .6 million shares of our common stock were excluded from the diluted earnings per share calculation because the effect of their inclusion would be antidilutive. The diluted earnings per share calculation for the nine months ended August 31, 2019 included the dilutive effect of the $230.0 million in aggregate principal amount of our 1.375% convertible senior notes due 2019 (“1.375% Convertible Senior Notes due 2019”) based on the number of days they were outstanding during the period. We repaid these notes at their February 1, 2019 maturity.
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.