Earnings Per Share

3 Months Ended

Feb. 28, 2021

Earnings Per Share, Basic and Diluted [Abstract]

Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):


	Three Months Ended
	February 28, 2021		February 29, 2020
Numerator:
Net income	$	97,051	$	59,748
Less: Distributed earnings allocated to nonvested restricted stock	(63)		(44)
Less: Undistributed earnings allocated to nonvested restricted stock	(381)		(281)
Numerator for basic earnings per share	96,607		59,423
Effect of dilutive securities:

Add: Undistributed earnings allocated to nonvested restricted stock	381		281
Less: Undistributed earnings reallocated to nonvested restricted stock	(368)		(268)
Numerator for diluted earnings per share	$	96,620	$	59,436



Denominator:
Weighted average shares outstanding — basic	91,716		89,842
Effect of dilutive securities:
Share-based payments	3,187		4,363
Weighted average shares outstanding — diluted	94,903		94,205
Basic earnings per share	$	1.05	$	.66
Diluted earnings per share	$	1.02	$	.63

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 February 28, 2021 or February 29, 2020.

For the three months ended February 28, 2021 and February 29, 2020, no outstanding stock options were excluded from the diluted earnings per share calculations. 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.