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Earnings Per Share
 6 Months Ended
May 31, 2022
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,
 2022202120222021
Numerator:
Net income $210,670 $143,364 $344,927 $240,415 
Less: Distributed earnings allocated to nonvested restricted stock(64)(63)(129)(126)
Less: Undistributed earnings allocated to nonvested restricted stock(957)(587)(1,539)(968)
Numerator for basic earnings per share209,649 142,714 343,259 239,321 
Effect of dilutive securities:
Add: Undistributed earnings allocated to nonvested restricted stock957 587 1,539 968 
Less: Undistributed earnings reallocated to nonvested restricted stock(931)(567)(1,495)(935)
Numerator for diluted earnings per share$209,675 $142,734 $343,303 $239,354 
Denominator:
Weighted average shares outstanding — basic87,858 92,087 88,069 91,904 
Effect of dilutive securities:
Share-based payments2,458 3,292 2,621 3,239 
Weighted average shares outstanding — diluted90,316 95,379 90,690 95,143 
Basic earnings per share$2.39 $1.55 $3.90 $2.60 
Diluted earnings per share$2.32 $1.50 $3.79 $2.52 
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, 2022 or 2021.
For the three-month and six-month periods ended May 31, 2022 and 2021, 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.