Earnings Per Share

12 Months Ended

Nov. 30, 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 and the effect of our convertible debt using the if-converted method. The following table sets forth the calculation of basic and diluted earnings per share from continuing operations:


	Fiscal Year Ended
(in thousands, except per share data)	November 30, 2024		November 30, 2023		November 30, 2022
Net income	$	68,438	$	70,197	$	95,069
Weighted average shares outstanding	43,268		43,456		43,475
Effect of dilution from common stock equivalents	992		1,158		772
Effect of dilution from if-converted convertible notes	167		44		—
Diluted weighted average shares outstanding	44,427		44,658		44,247

Earnings per share:
Basic	$	1.58	$	1.62	$	2.19
Diluted	$	1.54	$	1.57	$	2.15

We excluded stock awards representing approximately 699,000 shares, 297,000 shares, and 1,751,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2024, 2023 and 2022, respectively, because these awards were anti-dilutive.

The dilutive impact of the convertible debt on diluted earnings per share is measured using the if-converted method. However, because the principal amount will be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any. During the fiscal years ended November 30, 2024 and 2023, we included the 2026 Notes in our diluted earnings per share calculation. During the fiscal year ended November 30, 2022, we excluded the 2026 Notes in our diluted earnings per share calculation because the conversion feature in the 2026 Notes was out of the money. During the fiscal year ended November 30, 2024, we excluded the 2030 Notes in our diluted earnings per share calculation because the conversion feature in the 2030 Notes was out of the money.