Common Share and Earnings Per Common Share (Tables)

9 Months Ended

Aug. 31, 2020

The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):


	For the Three Months Ended						For the Nine Months Ended
	August 31, 2020		August 31, 2019		August 31, 2020		August 31, 2019
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$	304,409	$	48,477	$	462,338	$	764,052
Allocation of earnings to participating securities (1)	(1,945)		(316)		(2,921)		(4,667)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	302,464		48,161		459,417		759,385
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	17		(7)		5		29
Mandatorily redeemable convertible preferred share dividends	1,404		—		4,230		3,827
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$	303,885	$	48,154	$	463,652	$	763,241

Denominator for earnings per share:
Weighted average common shares outstanding	263,062		296,834		273,035		298,322
Weighted average shares of restricted stock outstanding with future service required	(1,787)		(2,008)		(1,837)		(1,903)
Weighted average RSUs outstanding with no future service required	19,420		15,462		18,761		14,419
Denominator for basic earnings per share – weighted average shares	280,695		310,288		289,959		310,838
Stock options	—		—		—		—
Senior executive compensation plan awards	—		1,609		475		2,181
Mandatorily redeemable convertible preferred shares	4,441		—		4,441		4,162
Denominator for diluted earnings per share	285,136		311,897		294,875		317,181

(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,807,800 and 2,018,000 for the three months ended August 31, 2020 and 2019, respectively, and 1,851,900 and 1,910,700 for the nine months ended August 31, 2020 and 2019, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 31, 2020 and 2019. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.