Earnings Per Share

We compute basic earnings per share using the weighted average number of common shares outstanding. We compute diluted earnings per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, restricted stock units and deferred stock units, using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share on an interim basis (in thousands, except per share data):



	Three Months Ended
	February 28, 2019		February 28, 2018
			As Adjusted⁽¹⁾
Net income	$	9,402	$	13,732
Weighted average shares outstanding	44,956		46,529
Dilutive impact from common stock equivalents	330		947
Diluted weighted average shares outstanding	45,286		47,476
Basic earnings per share	$	0.21	$	0.30
Diluted earnings per share	$	0.21	$	0.29
⁽¹⁾The Company adopted ASC 606 effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Basis of Presentation for further information.

We excluded stock awards representing approximately 911,000 shares and 344,000 shares of common stock from the calculation of diluted earnings per share in the three months ended February 28, 2019 and February 28, 2018, respectively, because these awards were anti-dilutive.