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Earnings Per Share
 9 Months Ended
Aug. 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 August 31,Nine Months Ended August 31,
 2022202120222021
Numerator:
Net income $255,329 $150,097 $600,256 $390,512 
Less: Distributed earnings allocated to nonvested restricted stock(62)(62)(190)(188)
Less: Undistributed earnings allocated to nonvested restricted stock(1,150)(625)(2,685)(1,594)
Numerator for basic earnings per share254,117 149,410 597,381 388,730 
Effect of dilutive securities:
Add: Undistributed earnings allocated to nonvested restricted stock1,150 625 2,685 1,594 
Less: Undistributed earnings reallocated to nonvested restricted stock(1,119)(604)(2,610)(1,540)
Numerator for diluted earnings per share$254,148 $149,431 $597,456 $388,784 
Denominator:
Weighted average shares outstanding — basic86,487 90,076 87,538 91,290 
Effect of dilutive securities:
Share-based payments2,370 3,188 2,537 3,222 
Weighted average shares outstanding — diluted88,857 93,264 90,075 94,512 
Basic earnings per share$2.94 $1.66 $6.82 $4.26 
Diluted earnings per share$2.86 $1.60 $6.63 $4.11 
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, 2022 or 2021.
For the three-month and nine-month periods ended August 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.