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Earnings Per Share | 6 Months Ended
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May 31, 2019
Earnings Per Share, Basic and Diluted [Abstract] |
Earnings Per Share | Earnings (Loss) Per Share Basic and diluted earnings (loss) per share were calculated as follows (in thousands, except per share amounts):
|  | Three Months Ended May 31, |  | Six Months Ended May 31,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Numerator: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 47,461 |  |  | $ | 57,308 |  |  | $ | 77,472 |  |  | $ | (13,947 | )
Less: Distributed earnings allocated to nonvested restricted stock |  | (14 | ) |  | (12 | ) |  | (27 | ) |  | — |
Less: Undistributed earnings allocated to nonvested restricted stock |  | (280 | ) |  | (310 | ) |  | (456 | ) |  | — |
Numerator for basic earnings (loss) per share |  | 47,167 |  |  | 56,986 |  |  | 76,989 |  |  | (13,947 | )
Effect of dilutive securities: |  |  |  |  |  |  |  |
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes |  | — |  |  | 796 |  |  | 541 |  |  | — |
Add: Undistributed earnings allocated to nonvested restricted stock |  | 280 |  |  | 310 |  |  | 456 |  |  | — |
Less: Undistributed earnings reallocated to nonvested restricted stock |  | (265 | ) |  | (269 | ) |  | (421 | ) |  | — |
Numerator for diluted earnings (loss) per share |  | $ | 47,182 |  |  | $ | 57,823 |  |  | $ | 77,565 |  |  | $ | (13,947 | )
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding — basic |  | 87,641 |  |  | 87,581 |  |  | 87,310 |  |  | 87,370 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Share-based payments |  | 4,725 |  |  | 5,176 |  |  | 4,463 |  |  | — |
Convertible senior notes |  | — |  |  | 8,402 |  |  | 2,862 |  |  | — |
Weighted average shares outstanding — diluted |  | 92,366 |  |  | 101,159 |  |  | 94,635 |  |  | 87,370 |
Basic earnings (loss) per share |  | $ | .54 |  |  | $ | .65 |  |  | $ | .88 |  |  | $ | (.16 | )
Diluted earnings (loss) per share |  | $ | .51 |  |  | $ | .57 |  |  | $ | .82 |  |  | $ | (.16 | )
We compute earnings (loss) per share using the two-class method, which is an allocation of earnings (losses) 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, 2019 or 2018. For the three-month and six-month periods ended May 31, 2019, outstanding stock options to purchase .8 million shares of our common stock were excluded from the diluted earnings per share calculation because the effect of their inclusion would be antidilutive. The diluted earnings per share calculation for the six months ended May 31, 2019 included the dilutive effect of the $230.0 million in aggregate principal amount of our 1.375% convertible senior notes due 2019 (“1.375% Convertible Senior Notes due 2019”) based on the number of days they were outstanding during the period. We repaid the notes at their February 1, 2019 maturity. For the three-month period ended May 31, 2018, outstanding stock options to purchase 1.6 million shares of our common stock were excluded from the diluted earnings per share calculation because the effect of their inclusion would be antidilutive. For the six-month period ended May 31, 2018, all outstanding stock options, contingently issuable shares associated with outstanding performance-based restricted stock units (each, a “PSU”), and the impact of our 1.375% Convertible Senior Notes due 2019 were excluded from the diluted loss per share calculation 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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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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