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Earnings Per Share | 9 Months Ended
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Aug. 31, 2022
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 August 31, |  | Nine Months Ended August 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 255,329 |  |  | $ | 150,097 |  |  | $ | 600,256 |  |  | $ | 390,512 |
Less: Distributed earnings allocated to nonvested restricted stock |  | (62) |  |  | (62) |  |  | (190) |  |  | (188) |
Less: Undistributed earnings allocated to nonvested restricted stock |  | (1,150) |  |  | (625) |  |  | (2,685) |  |  | (1,594) |
Numerator for basic earnings per share |  | 254,117 |  |  | 149,410 |  |  | 597,381 |  |  | 388,730 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add: Undistributed earnings allocated to nonvested restricted stock |  | 1,150 |  |  | 625 |  |  | 2,685 |  |  | 1,594 |
Less: Undistributed earnings reallocated to nonvested restricted stock |  | (1,119) |  |  | (604) |  |  | (2,610) |  |  | (1,540) |
Numerator for diluted earnings per share |  | $ | 254,148 |  |  | $ | 149,431 |  |  | $ | 597,456 |  |  | $ | 388,784 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding — basic |  | 86,487 |  |  | 90,076 |  |  | 87,538 |  |  | 91,290 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Share-based payments |  | 2,370 |  |  | 3,188 |  |  | 2,537 |  |  | 3,222 |
Weighted average shares outstanding — diluted |  | 88,857 |  |  | 93,264 |  |  | 90,075 |  |  | 94,512 |
Basic earnings per share |  | $ | 2.94 |  |  | $ | 1.66 |  |  | $ | 6.82 |  |  | $ | 4.26 |
Diluted earnings per share |  | $ | 2.86 |  |  | $ | 1.60 |  |  | $ | 6.63 |  |  | $ | 4.11 |
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 August 31, 2022 or 2021. For the three-month and nine-month periods ended August 31, 2022 and 2021, 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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