Total Equity (Tables)

12 Months Ended

Nov. 30, 2024

Schedule of Earnings Per Share Computation

The numerators and denominators used to calculate basic and diluted earnings per common share are as

follows:


	Year Ended November 30,
In thousands, except per share amounts	2024	2023	2022
Numerator for earnings per common share from continuing operations:
Net earnings from continuing operations ................................................................................................................................	$712,352	$262,388	$781,710
Less: Net losses attributable to noncontrolling interests .....................................................................................................	(24,367)	(15,300)	(3,739)
Mandatorily redeemable convertible preferred share dividends ..........................................................................................	—	(2,016)	(8,281)
Allocation of earnings to participating securities (1) .............................................................................................................	(74,110)	(14,729)	(3,015)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share ........	$662,609	$260,943	$774,153
Adjustment to allocation of earnings to participating securities related to diluted shares (1) .......................................	—	—	29
Mandatorily redeemable convertible preferred share dividends ..........................................................................................	—	—	8,281
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share .....	$662,609	$260,943	$782,463

Numerator for earnings per common share from discontinued operations:
Net earnings from discontinued operations (including gain on disposal), net of taxes ...................................................	3,667	—	—
Less: Net losses attributable to noncontrolling interests .....................................................................................................	(2,997)	—	—
Net earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share ..................................................................................................................................................................................	$6,664	$—	$—
Net earnings attributable to common shareholders for basic earnings per share .........................................................	$669,273	$260,943	$774,153
Net earnings attributable to common shareholders for diluted earnings per share .......................................................	$669,273	$260,943	$782,463

Denominator for earnings per common share:
Weighted average common shares outstanding ....................................................................................................................	208,873	222,325	234,258
Weighted average shares of restricted stock outstanding with future service required ..................................................	(2,334)	(1,920)	(1,330)
Weighted average RSUs outstanding with no future service required ................................................................................	10,540	12,204	14,450
Weighted average basic common shares ...............................................................................................................................	217,079	232,609	247,378
Stock options and other share-based awards .......................................................................................................................	3,638	2,085	1,518
Senior executive compensation plan RSU awards .................................................................................................................	2,933	1,926	2,234
Preferred shares and mandatorily redeemable convertible preferred shares (2) .............................................................	—	—	4,441
Weighted average diluted common shares (2) ......................................................................................................................	223,650	236,620	255,571

Earnings per common share:
Basic from continuing operations ............................................................................................................................................	$3.05	$1.12	$3.13
Basic from discontinued operations ........................................................................................................................................	0.03	—	—
Basic .............................................................................................................................................................................................	$3.08	$1.12	$3.13
Diluted from continuing operations ...........................................................................................................................................	$2.96	$1.10	$3.06
Diluted from discontinued operations ......................................................................................................................................	0.03	—	—
Diluted ...........................................................................................................................................................................................	$2.99	$1.10	$3.06

(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 24.1 million, 8.9 million and 1.0 million for the years

ended November 30, 2024, 2023 and 2022, respectively. Dividends paid on participating securities were $32.0 million, $2.1 million and $1.1 million

during the years ended November 30, 2024, 2023 and 2022, respectively. 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 share in the

future. Antidilutive shares at November 30, 2024 and 2023, were 13.2% and 9.5%, respectively, of the weighted average common shares

outstanding for the year ended November 30, 2024 and 2023, respectively.

Schedule of Dividends Declared


Year Ended November 30, 2024
Declaration Date	Record Date	Payment Date	Per Common Share Amount
January 8, 2024	February 16, 2024	February 27, 2024	$0.30
March 27, 2024	May 20, 2024	May 30, 2024	$0.30
June 26, 2024	August 19, 2024	August 30, 2024	$0.35
September 25, 2024	November 18, 2024	November 27, 2024	$0.35

Year Ended November 30, 2023
Declaration Date	Record Date	Payment Date	Per Common Share Amount
January 9, 2023	February 13, 2023	February 24, 2023	$0.30
March 28, 2023	May 15, 2023	May 26, 2023	$0.30
June 27, 2023	August 14, 2023	August 25, 2023	$0.30
September 27, 2023	November 13, 2023	November 28, 2023	$0.30

Schedule of Accumulated Other Comprehensive Income (Loss)

summary of accumulated other comprehensive income (loss),

net of taxes is as follows:


	November 30,
$ in thousands	2024	2023	2022
Net unrealized gains (losses) on available-for-sale securities ...........	$(2,406)	$(4,595)	$(5,892)
Net currency translation adjustments and other ....................	(173,841)	(162,541)	(220,071)
Net unrealized losses related to instrument-specific credit risk ......	(206,664)	(181,946)	(104,526)
Net minimum pension liability .......	(40,220)	(46,463)	(48,930)
Total accumulated other comprehensive loss, net of tax .....	$(423,131)	$(395,545)	$(379,419)

Amounts reclassified out of accumulated other comprehensive

income (loss) to net earnings:


	Year Ended November 30,
$ in thousands	2024	2023	2022
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1) .......................................	$4,794	$(167)	$(129)
Foreign currency translation adjustments (2) .................................	—	17,506	—
Amortization of defined benefit pension plan actuarial losses (3) ...	(337)	(631)	(2,483)
Total reclassifications for the period, net of tax ..............................	$4,457	$16,708	$(2,612)

(1)The amounts include income tax benefit (expense) of $(1.7) million, $0.1

million, and $0.0 million during the years ended November 30, 2024, 2023 and

2022, respectively, which were reclassified to Principal transactions revenues.

(2)Relates to the acquisition and consolidation of OpNet in the fourth quarter of

2023. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale

for further information. The amount includes income tax benefit (expense) of

$(5.4) million for the year ended November 30, 2023, which was reclassified to

Other income.

(3)The amounts include income tax benefits of approximately $0.1 million, $0.2

million, and $0.8 million during the years ended November 30, 2024, 2023 and

2022, respectively, which were reclassified to Compensation and benefits

expenses. Refer to Note 16, Benefit Plans for further information.