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Total Equity | 6 Months Ended
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May 31, 2025
Equity [Abstract] |
Total Equity | Note 17. Total Equity Common Stock At May 31, 2025 and November 30, 2024, we had 565,000,000 authorized shares of voting common stock with a par value of $1.00 per share. At May 31, 2025 and November 30, 2024, we had outstanding 206,271,769 common shares and 205,504,272 common shares outstanding, respectively. The Board of Directors has authorized the repurchase of common stock up to $250.0 million under a share repurchase program. Treasury stock repurchases during the three and six months ended May 31, 2025 represent repurchases of common stock for net-share tax withholding under our equity compensation plan. Non-Voting Convertible Preferred Shares On April 27, 2023, we established Series B Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (“Series B Preferred Stock”) and designated 70,000 shares as Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $17,500 per share and rank senior to our voting common stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. Each share of Series B Preferred Stock is automatically convertible into 500 shares of non-voting common stock, subject to certain anti-dilution adjustments, three years after issuance. The Series B Preferred Stock participates in cash dividends and distributions alongside our voting common stock on an as-converted basis. Additionally, on April 27, 2023, we entered into an Exchange Agreement with Sumitomo Mitsui Banking Corporation (“SMBC”), which entitles SMBC to exchange shares of our voting common stock for shares of the Series B Preferred Stock at a rate of 500 shares of voting common stock for one share of Series B Preferred Stock. The Exchange Agreement is limited to 55,125 shares of Preferred Stock and SMBC will pay $1.50 per share of voting common stock so exchanged. As of November 30, 2024, SMBC had cumulatively exchanged approximately 27.6 million shares of voting common stock for 55,125 shares of Series B Preferred Stock. Following this exchange, SMBC increased its ownership of our common stock on an as-converted basis and fully-diluted, as-converted basis. As a result, the CEO of Sumitomo Mitsui Financial Group, Inc. was elected and now serves on our Board of Directors. On September 19, 2024, SMBC purchased 9.2 million shares of our common stock. At May 31, 2025, SMBC owns approximately 15.7% of our common stock on an as-converted basis and 14.5% o n a fully-diluted, as-converted basis. Refer to Note 22, Related Party Transactions for further information regarding transactions with SMBC. Earnings Per Common Share Basic and diluted earnings per common share amounts were calculated by dividing net earnings by the weighted-average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per common share are as follows:
| Three Months Ended May 31, | Six Months Ended May 31,
In thousands, except per share amounts | 2025 | 2024 | 2025 | 2024
Numerator for earnings per common share from continuing operations: |  |  |  |
Net earnings from continuing operations ......................................................................................................... | $91,395 | $154,647 | $228,244 | $318,930
Less: Net losses attributable to noncontrolling interests ............................................................................... | (7,668) | (3,785) | (14,651) | (10,237)
Allocation of earnings to participating securities (1) ...................................................................................... | (11,046) | (13,741) | (26,940) | (27,930)
Net earnings from continuing operations attributable to common shareholders for basic earnings per share ........................................................................................................................................................... | $88,017 | $144,691 | $215,955 | $301,237
Net earnings from continuing operations attributable to common shareholders for diluted earnings per share ........................................................................................................................................................... | $88,017 | $144,691 | $215,955 | $301,237
Numerator for earnings per common share from discontinued operations: |  |  |  |
Net earnings (losses) from discontinued operations, net of taxes ............................................................... | — | 40 | — | (7,851)
Less: Net losses attributable to noncontrolling interests ............................................................................... | — | (1,005) | — | (1,991)
Net earnings (losses) from discontinued operations attributable to common shareholders for basic and diluted earnings per share ...................................................................................................................... | $— | $1,045 | $— | $(5,860)
Net earnings attributable to common shareholders for basic earnings per share ................................... | $88,017 | $145,736 | $215,955 | $295,377
Net earnings attributable to common shareholders for diluted earnings per share ................................ | $88,017 | $145,736 | $215,955 | $295,377
Denominator for earnings per common share: |  |  |  |
Weighted average common shares outstanding ............................................................................................. | 206,254 | 212,039 | 206,150 | 211,787
Weighted average shares of restricted stock outstanding with future service required ........................... | (2,248) | (2,329) | (2,276) | (2,366)
Weighted average RSUs outstanding with no future service required .......................................................... | 11,091 | 10,261 | 10,944 | 10,514
Weighted average basic common shares ........................................................................................................ | 215,097 | 219,971 | 214,818 | 219,935
Stock options and other share-based awards ................................................................................................. | 4,262 | 3,470 | 4,984 | 3,124
Senior executive compensation plan RSU awards .......................................................................................... | 2,538 | 2,705 | 2,581 | 2,528
Weighted average diluted common shares (2) ............................................................................................... | 221,897 | 226,146 | 222,383 | 225,587
Earnings (losses) per common share: |  |  |  |
Basic from continuing operations ...................................................................................................................... | $0.41 | $0.66 | $1.01 | $1.37
Basic from discontinued operations .................................................................................................................. | — | — | — | (0.03)
Basic ....................................................................................................................................................................... | $0.41 | $0.66 | $1.01 | $1.34
Diluted from continuing operations .................................................................................................................... | $0.40 | $0.64 | $0.97 | $1.34
Diluted from discontinued operations ................................................................................................................ | — | — | — | (0.03)
Diluted .................................................................................................................................................................... | $0.40 | $0.64 | $0.97 | $1.31
(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 27.6 million for both the three and six months ended May 31, 2025, respectively, compared with 21.1 million and 21.2 million for the three and six months ended May 31, 2024, respectively. Dividends paid on participating securities were $11.0 million and $22.1 million for the three and six months ended May 31, 2025, respectively, and $6.3 million and $12.6 million for the three and six months ended May 31, 2024, 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)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 May 31, 2025 and was 13.4% of the weighted average common shares outstanding for both the three and six months ended May 31, 2025. Dividends
Six Months Ended May 31, 2025
Declaration Date | Record Date | Payment Date | Per Common Share Amount
January 8, 2025 | February 14, 2025 | February 27, 2025 | $0.40
March 26, 2025 | May 19, 2025 | May 29, 2025 | $0.40
Six Months Ended May 31, 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
On January 8, 2025, the Board of Directors increased our quarterly dividend from $0.35 to $0.40 per common share. On June 25, 2025, the Board of Directors declared a dividend of $0.40 per common share to be paid on August 29, 2025 to common shareholders of record at August 18, 2025. During the three and six months ended May 31, 2025, we paid cash dividends of $11.0 million and $22.1 million, compared to $6.3 million and $12.6 million for the three and six months ended May 31, 2024, respectively, to the Series B Preferred stockholder. The payment of dividends is subject to the discretion of our Board of Directors and depends upon general business conditions and other factors that our Board of Directors may deem to be relevant. Accumulated Other Comprehensive Income (Loss)
$ in thousands | May 31, 2025 | November 30, 2024
Net unrealized losses on available-for-sale securities ....................................................................... | $(2,244) | $(2,406)
Net currency translation adjustments and other ..... | (143,174) | (173,841)
Net unrealized losses related to instrument- specific credit risk ....................................................... | (154,837) | (206,664)
Net minimum pension liability .................................... | (39,440) | (40,220)
Total accumulated other comprehensive loss, net of tax .............................................................................. | $(339,695) | $(423,131)
Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
| Three Months Ended May 31, | Six Months Ended May 31,
$ in thousands | 2025 | 2024 | 2025 | 2024
Net unrealized gains (losses) on instrument-specific credit risk at fair value (1) ........................................................................ | $5,121 | $516 | $7,658 | $2,633
Amortization of defined benefit pension plan actuarial losses (2) .................................. | (67) | (90) | (826) | (180)
Total reclassifications for the period, net of tax .................................................................. | $5,054 | $426 | $6,832 | $2,453
(1)The amounts include income tax expense of $1.8 million and $2.6 million for the three and six months ended May 31, 2025, respectively, compared with income tax expense of $0.2 million and $0.9 million for the three and six months ended May 31, 2024, respectively, which were reclassified to Principal transactions revenues. (2)The amounts include income tax benefit of $0.3 million for six months ended May 31, 2025, compared with an income tax benefit of $0.1 million for the six months ended May 31, 2024, which were reclassified to Compensation and benefits expenses.

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