Earnings Per Share

12 Months Ended

Nov. 30, 2022

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


	Years Ended November 30,
	2022		2021		2020
Numerator:
Net income	$	816,666	$	564,746	$	296,243
Less: Distributed earnings allocated to nonvested restricted stock	(268)		(253)		(197)
Less: Undistributed earnings allocated to nonvested restricted stock	(3,904)		(2,366)		(1,329)
Numerator for basic earnings per share	812,494		562,127		294,717
Effect of dilutive securities:

Add: Undistributed earnings allocated to nonvested restricted stock	3,904		2,366		1,329
Less: Undistributed earnings reallocated to nonvested restricted stock	(3,796)		(2,286)		(1,278)
Numerator for diluted earnings per share	$	812,602	$	562,207	$	294,768

Denominator:
Weighted average shares outstanding — basic	86,861		90,401		90,464
Effect of dilutive securities:
Share-based payments	2,487		3,186		3,622

Weighted average shares outstanding — diluted	89,348		93,587		94,086
Basic earnings per share	$	9.35	$	6.22	$	3.26
Diluted earnings per share	$	9.09	$	6.01	$	3.13

In 2022, 2021 and 2020, no outstanding stock options were excluded from the diluted earnings per share calculation. 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.