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Earnings Per Share | 3 Months Ended
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Feb. 28, 2025
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 |  |
| February 28, 2025 |  | February 29, 2024 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 109,557 |  |  | $ | 138,665 |  |  |  |  |
Less: Distributed earnings allocated to participating securities | (113) |  |  | (117) |  |  |  |  |
Less: Undistributed earnings allocated to participating securities | (567) |  |  | (937) |  |  |  |  |
Numerator for basic earnings per share | 108,877 |  |  | 137,611 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |
Add: Undistributed earnings allocated to participating securities | 567 |  |  | 937 |  |  |  |  |
Less: Undistributed earnings reallocated to participating securities | (555) |  |  | (909) |  |  |  |  |
Numerator for diluted earnings per share | $ | 108,889 |  |  | $ | 137,639 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted average shares outstanding — basic | 71,537 |  |  | 75,894 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based payments | 1,475 |  |  | 2,370 |  |  |  |  |
Weighted average shares outstanding — diluted | 73,012 |  |  | 78,264 |  |  |  |  |
Basic earnings per share | $ | 1.52 |  |  | $ | 1.81 |  |  |  |  |
Diluted earnings per share | $ | 1.49 |  |  | $ | 1.76 |  |  |  |  |
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 February 28, 2025 and February 29, 2024. For the three-month periods ended February 28, 2025 and February 29, 2024, 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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