Earnings Per Share

12 Months Ended

Nov. 30, 2021

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


	Years Ended November 30,
	2021		2020		2019
Numerator:
Net income	$	564,746	$	296,243	$	268,775
Less: Distributed earnings allocated to nonvested restricted stock	(253)		(197)		(123)
Less: Undistributed earnings allocated to nonvested restricted stock	(2,366)		(1,329)		(1,505)
Numerator for basic earnings per share	562,127		294,717		267,147
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	2,366		1,329		1,505
Less: Undistributed earnings reallocated to nonvested restricted stock	(2,286)		(1,278)		(1,412)
Numerator for diluted earnings per share	$	562,207	$	294,768	$	267,781

Denominator:
Weighted average shares outstanding — basic	90,401		90,464		87,996
Effect of dilutive securities:
Share-based payments	3,186		3,622		4,415
Convertible senior notes	—		—		1,427
Weighted average shares outstanding — diluted	93,587		94,086		93,838
Basic earnings per share	$	6.22	$	3.26	$	3.04
Diluted earnings per share	$	6.01	$	3.13	$	2.85

In 2021 and 2020, no outstanding stock options were excluded from the diluted earnings per share calculation. In 2019, outstanding stock options to purchase a nominal amount of 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 year ended November 30, 2019 included the dilutive effect of our 1.375% convertible senior notes due 2019 based on the number of days they were outstanding during the period. We repaid those notes at their February 1, 2019 maturity.

Contingently issuable shares associated with outstanding PSUs were not included in the basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.