Earnings per share

6 Months Ended

May 31, 2023

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, 2023		May 31, 2022		May 31, 2023		May 31, 2022
Net income	$	12,090	$	29,110	$	35,764	$	49,564
Weighted average shares outstanding	43,343		43,575		43,321		43,778
Basic earnings per common share	$	0.28	$	0.67	$	0.83	$	1.13

Diluted earnings per common share:
Net income	$	12,090	$	29,110	$	35,764	$	49,564
Weighted average shares outstanding	43,343		43,575		43,321		43,778
Effect of dilution from common stock equivalents	1,127		678		1,090		702
Diluted weighted average shares outstanding	44,470		44,253		44,411		44,480
Diluted earnings per share	$	0.27	$	0.66	$	0.81	$	1.11

We excluded stock awards representing approximately 268,000 and 304,000 shares of common stock from the calculation of diluted earnings per share in the three and six months ended May 31, 2023, respectively, as these awards were anti-dilutive. We excluded stock awards representing approximately 1,904,000 and 1,720,000 shares of common stock from the calculation of diluted earnings per share in the three and six months ended May 31, 2022, respectively, as these awards were anti-dilutive.

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 three and six months ended May 31, 2023, 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.