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Earnings Per Share | 3 Months Ended
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Feb. 28, 2021
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 |  |
|  | February 28, 2021 |  | February 29, 2020 |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 97,051 |  |  | $ | 59,748 |  |  |  |  |
Less: Distributed earnings allocated to nonvested restricted stock |  | (63) |  |  | (44) |  |  |  |  |
Less: Undistributed earnings allocated to nonvested restricted stock |  | (381) |  |  | (281) |  |  |  |  |
Numerator for basic earnings per share |  | 96,607 |  |  | 59,423 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add: Undistributed earnings allocated to nonvested restricted stock |  | 381 |  |  | 281 |  |  |  |  |
Less: Undistributed earnings reallocated to nonvested restricted stock |  | (368) |  |  | (268) |  |  |  |  |
Numerator for diluted earnings per share |  | $ | 96,620 |  |  | $ | 59,436 |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding — basic |  | 91,716 |  |  | 89,842 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Share-based payments |  | 3,187 |  |  | 4,363 |  |  |  |  |
Weighted average shares outstanding — diluted |  | 94,903 |  |  | 94,205 |  |  |  |  |
Basic earnings per share |  | $ | 1.05 |  |  | $ | .66 |  |  |  |  |
Diluted earnings per share |  | $ | 1.02 |  |  | $ | .63 |  |  |  |  |
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 February 28, 2021 or February 29, 2020. For the three months ended February 28, 2021 and February 29, 2020, no outstanding stock options were excluded from the diluted earnings per share calculations. 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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