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Earnings Per Share | 12 Months Ended
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Nov. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):
| Years Ended November 30,
| 2016 |  | 2015 |  | 2014
Numerator: |  |  |  |  |
Net income | $ | 105,615 |  |  | $ | 84,643 |  |  | $ | 918,349 |
Less: Distributed earnings allocated to nonvested restricted stock | (45 | ) |  | (33 | ) |  | (26 | )
Less: Undistributed earnings allocated to nonvested restricted stock | (508 | ) |  | (273 | ) |  | (2,667 | )
Numerator for basic earnings per share | 105,062 |  |  | 84,337 |  |  | 915,656 |
Effect of dilutive securities: |  |  |  |  |
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | 2,667 |  |  | 2,667 |  |  | 2,667 |
Add: Undistributed earnings allocated to nonvested restricted stock | 508 |  |  | 273 |  |  | 2,667 |
Less: Undistributed earnings reallocated to nonvested restricted stock | (453 | ) |  | (244 | ) |  | (2,398 | )
Numerator for diluted earnings per share | $ | 107,784 |  |  | $ | 87,033 |  |  | $ | 918,592 |
Denominator: |  |  |  |  |
Weighted average shares outstanding — basic | 85,706 |  |  | 92,054 |  |  | 89,265 |
Effect of dilutive securities: |  |  |  |  |
Share-based payments | 2,170 |  |  | 2,401 |  |  | 1,647 |
Convertible senior notes | 8,402 |  |  | 8,402 |  |  | 8,402 |
Weighted average shares outstanding — diluted | 96,278 |  |  | 102,857 |  |  | 99,314 |
Basic earnings per share | $ | 1.23 |  |  | $ | .92 |  |  | $ | 10.26 |
Diluted earnings per share | $ | 1.12 |  |  | $ | .85 |  |  | $ | 9.25 |
As discussed in Note 13 – Notes Payable, in 2013, we issued the 1.375% Convertible Senior Notes due 2019 that, from issuance, have been convertible into shares of our common stock at a conversion rate of 36.5297 shares for each $1,000 principal amount of the notes. Outstanding stock options to purchase 7.3 million, 8.0 million and 5.2 million shares of common stock were excluded from the diluted earnings per share calculations for 2016, 2015 and 2014, respectively, because the effect of their inclusion would be antidilutive. Contingently issuable shares associated with outstanding PSUs were not included in the basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.

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