Earnings Per Share

12 Months Ended

Nov. 30, 2024

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


	Years Ended November 30,
	2024	2023	2022
Numerator:
Net income	$655,018	$590,177	$816,666
Less: Distributed earnings allocated to participating securities	(527)	(413)	(268)
Less: Undistributed earnings allocated to participating securities	(4,301)	(3,861)	(3,904)
Numerator for basic earnings per share	650,190	585,903	812,494
Effect of dilutive securities:
Add: Undistributed earnings allocated to participating securities	4,301	3,861	3,904
Less: Undistributed earnings reallocated to participating securities	(4,179)	(3,744)	(3,796)
Numerator for diluted earnings per share	$650,312	$586,020	$812,602


	Years Ended November 30,
	2024	2023	2022
Denominator:
Weighted average shares outstanding — basic	74,753	80,842	86,861
Effect of dilutive securities:
Share-based payments	2,202	2,538	2,487
Weighted average shares outstanding — diluted	76,955	83,380	89,348
Basic earnings per share	$8.70	$7.25	$9.35
Diluted earnings per share	$8.45	$7.03	$9.09

In 2024, 2023 and 2022, 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.