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Earnings Per Share
 6 Months Ended
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,
 2025202420252024
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 share107,181 167,138 216,051 304,750 
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 — basic69,976 75,653 70,745 75,773 
Effect of dilutive securities:
Share-based payments1,250 2,153 1,363 2,261 
Weighted average shares outstanding — diluted71,226 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.