Earnings per share

6 Months Ended

May 31, 2019

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, 2019		May 31, 2018		May 31, 2019		May 31, 2018
			As Adjusted⁽¹⁾				As Adjusted⁽¹⁾
Net income	$	8,181	$	12,904	$	17,583	$	26,637
Weighted average shares outstanding	44,611		45,531		44,784		46,030
Dilutive impact from common stock equivalents	676		556		503		751
Diluted weighted average shares outstanding	45,287		46,087		45,287		46,781
Basic earnings per share	$	0.18	$	0.28	$	0.39	$	0.58
Diluted earnings per share	$	0.18	$	0.28	$	0.39	$	0.57
⁽¹⁾The Company adopted ASC 606 effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Basis of Presentation for further information.

We excluded stock awards representing approximately 545,000 shares and 728,000 shares of common stock from the calculation of diluted earnings per share in the three and six months ended May 31, 2019, respectively, because these awards were anti-dilutive. In the three and six months ended May 31, 2018, we excluded stock awards representing 698,000 shares and 521,000 shares of common stock, respectively, from the calculation of diluted earnings per share as they were anti-dilutive.