Earnings per share

6 Months Ended

May 31, 2024

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:


	Three Months Ended				Six Months Ended
(in thousands, except per share data)	May 31, 2024		May 31, 2023		May 31, 2024		May 31, 2023
Net income	$	16,188	$	12,090	$	38,827	$	35,764
Weighted average shares outstanding	43,213		43,343		43,508		43,321
Basic earnings per common share	$	0.37	$	0.28	$	0.89	$	0.83

Diluted earnings per common share:
Net income	$	16,188	$	12,090	$	38,827	$	35,764
Weighted average shares outstanding	43,213		43,343		43,508		43,321
Effect of dilution from common stock equivalents	751		1,127		887		1,090

Diluted weighted average shares outstanding	43,964		44,470		44,395		44,411
Diluted earnings per share	$	0.37	$	0.27	$	0.87	$	0.81

We excluded stock awards representing approximately 1,273,000 and 993,000 shares of common stock from the calculation of diluted earnings per share in the three and six months ended May 31, 2024, respectively, as these awards were anti-dilutive. 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 ended May 31, 2023, 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, 2024, 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.