Earnings Per Share

9 Months Ended

Aug. 31, 2025

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 on an interim basis:


	Three Months Ended				Nine Months Ended
(in thousands, except per share data)	August 31, 2025		August 31, 2024		August 31, 2025		August 31, 2024
Net income	$	19,413	$	28,464	$	47,388	$	67,291
Weighted average shares outstanding	42,988		42,872		43,099		43,296
Effect of dilution from common stock equivalents	729		839		978		871
Effect of dilution from if-converted convertible notes	—		—		176		—
Diluted weighted average shares outstanding	43,717		43,711		44,253		44,167

Earnings per share:
Basic	$	0.45	$	0.66	$	1.10	$	1.55
Diluted	$	0.44	$	0.65	$	1.07	$	1.52

We excluded stock awards representing approximately 844,000 and 672,000 shares of common stock, respectively, from the calculation of diluted earnings per share in the three and nine months ended August 31, 2025 as these awards were anti-dilutive. We excluded stock awards representing approximately 560,000 and 849,000 shares of common stock, respectively, from the calculation of diluted earnings per share in the three and nine months ended August 31, 2024, as these awards were anti-dilutive.

The dilutive impact of the Notes on our calculation of diluted earnings per share is measured using the if-converted method. However, because the principal amount of the Notes 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 nine months ended August 31, 2025, we included the 2026 Notes in our diluted earnings per share calculation and 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. During the three months ended August 31, 2025, 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. During the three and nine months ended August 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.