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Earnings Per Share | 6 Months Ended
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May 31, 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 May 31, |  | Six Months Ended May 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |
Net income | $ | 107,883 |  |  | $ | 168,419 |  |  | $ | 217,440 |  |  | $ | 307,084 |
Less: Distributed earnings allocated to participating securities | (114) |  |  | (145) |  |  | (228) |  |  | (262) |
Less: Undistributed earnings allocated to participating securities | (588) |  |  | (1,136) |  |  | (1,161) |  |  | (2,072) |
Numerator for basic earnings per share | 107,181 |  |  | 167,138 |  |  | 216,051 |  |  | 304,750 |
Effect of dilutive securities: |  |  |  |  |  |  |
Add: Undistributed earnings allocated to participating securities | 588 |  |  | 1,136 |  |  | 1,161 |  |  | 2,072 |
Less: Undistributed earnings reallocated to participating securities | (578) |  |  | (1,105) |  |  | (1,139) |  |  | (2,013) |
Numerator for diluted earnings per share | $ | 107,191 |  |  | $ | 167,169 |  |  | $ | 216,073 |  |  | $ | 304,809 |
Denominator: |  |  |  |  |  |  |
Weighted average shares outstanding — basic | 69,976 |  |  | 75,653 |  |  | 70,745 |  |  | 75,773 |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based payments | 1,250 |  |  | 2,153 |  |  | 1,363 |  |  | 2,261 |
Weighted average shares outstanding — diluted | 71,226 |  |  | 77,806 |  |  | 72,108 |  |  | 78,034 |
Basic earnings per share | $ | 1.53 |  |  | $ | 2.21 |  |  | $ | 3.05 |  |  | $ | 4.02 |
Diluted earnings per share | $ | 1.50 |  |  | $ | 2.15 |  |  | $ | 3.00 |  |  | $ | 3.91 |
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 May 31, 2025 and 2024. For the three-month and six-month periods ended May 31, 2025 and 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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