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Earnings Per Share | 12 Months Ended
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Nov. 30, 2022
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,
| 2022 |  | 2021 |  | 2020
Numerator: |  |  |  |  |
Net income | $ | 816,666 |  |  | $ | 564,746 |  |  | $ | 296,243 |
Less: Distributed earnings allocated to nonvested restricted stock | (268) |  |  | (253) |  |  | (197) |
Less: Undistributed earnings allocated to nonvested restricted stock | (3,904) |  |  | (2,366) |  |  | (1,329) |
Numerator for basic earnings per share | 812,494 |  |  | 562,127 |  |  | 294,717 |
Effect of dilutive securities: |  |  |  |  |
Add: Undistributed earnings allocated to nonvested restricted stock | 3,904 |  |  | 2,366 |  |  | 1,329 |
Less: Undistributed earnings reallocated to nonvested restricted stock | (3,796) |  |  | (2,286) |  |  | (1,278) |
Numerator for diluted earnings per share | $ | 812,602 |  |  | $ | 562,207 |  |  | $ | 294,768 |
Denominator: |  |  |  |  |
Weighted average shares outstanding — basic | 86,861 |  |  | 90,401 |  |  | 90,464 |
Effect of dilutive securities: |  |  |  |  |
Share-based payments | 2,487 |  |  | 3,186 |  |  | 3,622 |
Weighted average shares outstanding — diluted | 89,348 |  |  | 93,587 |  |  | 94,086 |
Basic earnings per share | $ | 9.35 |  |  | $ | 6.22 |  |  | $ | 3.26 |
Diluted earnings per share | $ | 9.09 |  |  | $ | 6.01 |  |  | $ | 3.13 |
In 2022, 2021 and 2020, no outstanding stock options were excluded from the diluted earnings per share calculation. 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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