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Earnings Per Share | 6 Months Ended
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May 31, 2017
Earnings Per Share, Basic and Diluted [Abstract] |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2017 |  | 2016 |  | 2017 |  | 2016
Numerator: |  |  |  |  |  |  |
Net income | $ | 31,782 |  |  | $ | 15,597 |  |  | $ | 46,041 |  |  | $ | 28,724 |
Less: Distributed earnings allocated to nonvested restricted stock | (14 | ) |  | (10 | ) |  | (29 | ) |  | (21 | )
Less: Undistributed earnings allocated to nonvested restricted stock | (200 | ) |  | (66 | ) |  | (285 | ) |  | (116 | )
Numerator for basic earnings per share | 31,568 |  |  | 15,521 |  |  | 45,727 |  |  | 28,587 |
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2017 |  | 2016 |  | 2017 |  | 2016
Effect of dilutive securities: |  |  |  |  |  |  |
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | 664 |  |  | 667 |  |  | 1,327 |  |  | 1,333 |
Add: Undistributed earnings allocated to nonvested restricted stock | 200 |  |  | 66 |  |  | 285 |  |  | 116 |
Less: Undistributed earnings reallocated to nonvested restricted stock | (175 | ) |  | (59 | ) |  | (251 | ) |  | (104 | )
Numerator for diluted earnings per share | $ | 32,257 |  |  | $ | 16,195 |  |  | $ | 47,088 |  |  | $ | 29,932 |
Denominator: |  |  |  |  |  |  |
Weighted average shares outstanding — basic | 85,445 |  |  | 84,196 |  |  | 85,285 |  |  | 86,704 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based payments | 3,885 |  |  | 2,122 |  |  | 3,288 |  |  | 1,954 |
Convertible senior notes | 8,402 |  |  | 8,402 |  |  | 8,402 |  |  | 8,402 |
Weighted average shares outstanding — diluted | 97,732 |  |  | 94,720 |  |  | 96,975 |  |  | 97,060 |
Basic earnings per share | $ | .37 |  |  | $ | .18 |  |  | $ | .54 |  |  | $ | .33 |
Diluted earnings per share | $ | .33 |  |  | $ | .17 |  |  | $ | .49 |  |  | $ | .31 |
We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at May 31, 2017 or May 31, 2016. Outstanding options to purchase 3.6 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and six-month periods ended May 31, 2017, and outstanding options to purchase 9.7 million shares of our common stock were excluded from the diluted earnings per share calculations for the three-month and six-month periods ended May 31, 2016 because the effect of their inclusion in each case would be antidilutive. Contingently issuable shares associated with outstanding performance-based restricted stock units (each, a “PSU”) 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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