Earnings Per Share

12 Months Ended

Nov. 30, 2022

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 from continuing operations (in thousands, expect per share data):


	Fiscal Year Ended
	November 30, 2022		November 30, 2021		November 30, 2020
Net income	$	95,069	$	78,420	$	79,722
Weighted average shares outstanding	43,475		43,916		44,886
Basic earnings per common share	$	2.19	$	1.79	$	1.78

Diluted earnings per common share:
Net income	$	95,069	$	78,420	$	79,722
Weighted average shares outstanding	43,475		43,916		44,886
Effect of dilution from common stock equivalents	772		704		435
Diluted weighted average shares outstanding	44,247		44,620		45,321
Diluted earnings per share	$	2.15	$	1.76	$	1.76

We excluded stock awards representing approximately 1,751,000 shares, 1,232,000 shares, and 1,268,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2022, 2021 and 2020, respectively, because these awards were anti-dilutive.

As a result of our adoption of ASU 2020-06 on December 1, 2021, the dilutive impact of the Notes on our calculation of diluted earnings per share is considered using the if-converted method. However, because the principal amount of the Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the Notes. During the fiscal year ended November 30, 2022, we did not include the Notes in our diluted earnings per share calculation because the conversion feature in the Notes was out of the money. For periods prior to our December 1, 2021 adoption of ASU 2020-06, we applied the treasury stock method to account for the dilutive impact of the Notes for diluted earnings per share purposes.