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Earnings Per Share
 9 Months Ended
Aug. 31, 2024
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,
 2024202320242023
Numerator:
Net income $157,329 $149,933 $464,413 $439,875 
Less: Distributed earnings allocated to participating securities
(143)(120)(406)(295)
Less: Undistributed earnings allocated to participating securities
(1,062)(998)(3,137)(2,851)
Numerator for basic earnings per share156,124 148,815 460,870 436,729 
Effect of dilutive securities:
Add: Undistributed earnings allocated to participating securities
1,062 998 3,137 2,851 
Less: Undistributed earnings reallocated to participating securities
(1,032)(967)(3,047)(2,766)
Numerator for diluted earnings per share$156,154 $148,846 $460,960 $436,814 
Denominator:
Weighted average shares outstanding — basic74,476 80,175 75,339 81,790 
Effect of dilutive securities:
Share-based payments2,154 2,557 2,226 2,542 
Weighted average shares outstanding — diluted76,630 82,732 77,565 84,332 
Basic earnings per share$2.10 $1.86 $6.12 $5.34 
Diluted earnings per share$2.04 $1.80 $5.94 $5.18 
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 during the three-month and nine-month periods ended August 31, 2024 and 2023.
For the three-month and nine-month periods ended August 31, 2024 and 2023, 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.