Total Equity (Tables)

3 Months Ended

Feb. 29, 2024

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


	Three Months Ended
	February 29, 2024		February 28, 2023
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations	$	164,283	$	129,324
Less: Net losses attributable to noncontrolling interests	(6,452)		(6,311)
Mandatorily redeemable convertible preferred share dividends	—		(2,016)
Allocation of earnings to participating securities (1)	(14,189)		(528)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share	$	156,546	$	133,091
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	—		(54)
Mandatorily redeemable convertible preferred share dividends	—		2,016
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share	$	156,546	$	135,053

Numerator for earnings per common share from discontinued operations:
Net loss from discontinued operations, net of income tax benefit	(7,891)		—
Less: Net losses attributable to noncontrolling interests	(986)		—
Net earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share	$	(6,905)	$	—
Net earnings attributable to common shareholders for basic earnings per share	$	149,641	$	133,091
Net earnings attributable to common shareholders for diluted earnings per share	$	149,641	$	135,053

Denominator for earnings per common share:
Weighted average common shares outstanding	211,535		227,543
Weighted average shares of restricted stock outstanding with future service required	(2,402)		(2,128)
Weighted average RSUs outstanding with no future service required	10,913		13,686
Weighted average common shares	220,046		239,101
Stock options and other share-based awards	2,894		2,303
Senior executive compensation plan RSU awards	2,351		2,917
Preferred shares and mandatorily redeemable convertible preferred shares (2)	—		3,774
Weighted average diluted common shares (3)	225,291		248,095

Earnings (losses) per common share:
Basic from continuing operations	$	0.71	$	0.56
Basic from discontinued operations	(0.03)		—
Basic	$	0.68	$	0.56
Diluted from continuing operations	$	0.69	$	0.54
Diluted from discontinued operations	(0.03)		—
Diluted	$	0.66	$	0.54

(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 certain preferred stock, restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 21.2 million for the three months ended February 29, 2024, compared with 0.7 million during the three months ended February 28, 2023. Dividends paid on participating securities were not material during the three months ended February 29, 2024 and February 28, 2023. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

(2)The two-class method was more dilutive for each period presented.

(3)Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per common share in the future. Antidilutive shares at February 29, 2024, were 10.0% of the weighted average common shares outstanding for the three months ended February 29, 2024.

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands):


	February 29, 2024		November 30, 2023
Net unrealized losses on available-for-sale securities	$	(2,637)	$	(4,595)
Net currency translation adjustments and other	(162,729)		(162,541)
Net unrealized losses related to instrument-specific credit risk	(184,698)		(181,946)
Net minimum pension liability	(46,374)		(46,463)
Total accumulated other comprehensive loss, net of tax	$	(396,438)	$	(395,545)

Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings are as follows (in thousands):


	Three Months Ended
	February 29, 2024		February 28, 2023
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1)	$	2,119	$	(246)
Amortization of defined benefit pension plan actuarial losses (2)	(121)		(397)
Total reclassifications for the period, net of tax	$	1,998	$	(643)

(1)Includes income tax expense of approximately $0.7 million during the three months ended February 29, 2024, compared with a tax benefit of approximately $0.1 million during the three months ended February 28, 2023, which were reclassified to Principal transactions revenues in our Consolidated Statements of Earnings.

(2)Include income tax benefit of approximately $31 thousand during the three months ended February 29, 2024, compared with tax benefit of approximately $49 thousand during the three months ended February 28, 2023, which were reclassified to Compensation and benefits expenses in our Consolidated Statements of Earnings. Refer to Note 16, Benefit Plans, for information included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2023.