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Earnings Per Share | 12 Months Ended
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Nov. 30, 2021
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,
| 2021 |  | 2020 |  | 2019
Numerator: |  |  |  |  |
Net income | $ | 564,746 |  |  | $ | 296,243 |  |  | $ | 268,775 |
Less: Distributed earnings allocated to nonvested restricted stock | (253) |  |  | (197) |  |  | (123) |
Less: Undistributed earnings allocated to nonvested restricted stock | (2,366) |  |  | (1,329) |  |  | (1,505) |
Numerator for basic earnings per share | 562,127 |  |  | 294,717 |  |  | 267,147 |
Effect of dilutive securities: |  |  |  |  |
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes | — |  |  | — |  |  | 541 |
Add: Undistributed earnings allocated to nonvested restricted stock | 2,366 |  |  | 1,329 |  |  | 1,505 |
Less: Undistributed earnings reallocated to nonvested restricted stock | (2,286) |  |  | (1,278) |  |  | (1,412) |
Numerator for diluted earnings per share | $ | 562,207 |  |  | $ | 294,768 |  |  | $ | 267,781 |
Denominator: |  |  |  |  |
Weighted average shares outstanding — basic | 90,401 |  |  | 90,464 |  |  | 87,996 |
Effect of dilutive securities: |  |  |  |  |
Share-based payments | 3,186 |  |  | 3,622 |  |  | 4,415 |
Convertible senior notes | — |  |  | — |  |  | 1,427 |
Weighted average shares outstanding — diluted | 93,587 |  |  | 94,086 |  |  | 93,838 |
Basic earnings per share | $ | 6.22 |  |  | $ | 3.26 |  |  | $ | 3.04 |
Diluted earnings per share | $ | 6.01 |  |  | $ | 3.13 |  |  | $ | 2.85 |
In 2021 and 2020, no outstanding stock options were excluded from the diluted earnings per share calculation. In 2019, outstanding stock options to purchase a nominal amount of 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 year ended November 30, 2019 included the dilutive effect of our 1.375% convertible senior notes due 2019 based on the number of days they were outstanding during the period. We repaid those notes at their February 1, 2019 maturity. 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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