Earnings Per Share

6 Months Ended

May. 31, 2015

We compute basic earnings per share using the weighted average number of common shares outstanding. We compute diluted earnings per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, restricted stock units and deferred stock units, using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share on an interim basis (in thousands, except per share data):



	Three Months Ended				Six Months Ended
	May 31, 2015		May 31, 2014		May 31, 2015		May 31, 2014
Net income	$	5,769	$	12,799	$	4,798	$	23,899
Weighted average shares outstanding	50,342		51,049		50,505		51,271
Dilutive impact from common stock equivalents	743		624		719		648
Diluted weighted average shares outstanding	51,085		51,673		51,224		51,919
Basic earnings per share	$	0.11	$	0.25	$	0.10	$	0.47
Diluted earnings per share	$	0.11	$	0.25	$	0.09	$	0.46

We excluded stock awards representing approximately 247,000 shares and 250,000 shares of common stock from the calculation of diluted earnings per share in the three and six months ended May 31, 2015, respectively, because these awards were anti-dilutive. In the three and six months ended May 31, 2014, we excluded stock awards representing 501,000 shares and 399,000 shares of common stock, respectively, from the calculation of diluted earnings per share.