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Earnings Per Share | 9 Months Ended
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Aug. 31, 2023
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):
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Numerator: |  |  |  |  |  |  |
Net income | $ | 149,933 |  |  | $ | 255,329 |  |  | $ | 439,875 |  |  | $ | 600,256 |
Less: Distributed earnings allocated to nonvested restricted stock | (120) |  |  | (62) |  |  | (295) |  |  | (190) |
Less: Undistributed earnings allocated to nonvested restricted stock | (998) |  |  | (1,150) |  |  | (2,851) |  |  | (2,685) |
Numerator for basic earnings per share | 148,815 |  |  | 254,117 |  |  | 436,729 |  |  | 597,381 |
Effect of dilutive securities: |  |  |  |  |  |  |
Add: Undistributed earnings allocated to nonvested restricted stock | 998 |  |  | 1,150 |  |  | 2,851 |  |  | 2,685 |
Less: Undistributed earnings reallocated to nonvested restricted stock | (967) |  |  | (1,119) |  |  | (2,766) |  |  | (2,610) |
Numerator for diluted earnings per share | $ | 148,846 |  |  | $ | 254,148 |  |  | $ | 436,814 |  |  | $ | 597,456 |
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Denominator: |  |  |  |  |  |  |
Weighted average shares outstanding — basic | 80,175 |  |  | 86,487 |  |  | 81,790 |  |  | 87,538 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based payments | 2,557 |  |  | 2,370 |  |  | 2,542 |  |  | 2,537 |
Weighted average shares outstanding — diluted | 82,732 |  |  | 88,857 |  |  | 84,332 |  |  | 90,075 |
Basic earnings per share | $ | 1.86 |  |  | $ | 2.94 |  |  | $ | 5.34 |  |  | $ | 6.82 |
Diluted earnings per share | $ | 1.80 |  |  | $ | 2.86 |  |  | $ | 5.18 |  |  | $ | 6.63 |
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 August 31, 2023 or 2022. For the three-month and nine-month periods ended August 31, 2023 and 2022, 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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