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Earnings per share | 6 Months Ended
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May 31, 2019
Earnings Per Share [Abstract] |
Earnings per share | 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 |  | Six Months Ended
| May 31, 2019 |  | May 31, 2018 |  | May 31, 2019 |  | May 31, 2018
|  |  | As Adjusted(1) |  |  |  | As Adjusted(1)
Net income | $ | 8,181 |  |  | $ | 12,904 |  |  | $ | 17,583 |  |  | $ | 26,637 |
Weighted average shares outstanding | 44,611 |  |  | 45,531 |  |  | 44,784 |  |  | 46,030 |
Dilutive impact from common stock equivalents | 676 |  |  | 556 |  |  | 503 |  |  | 751 |
Diluted weighted average shares outstanding | 45,287 |  |  | 46,087 |  |  | 45,287 |  |  | 46,781 |
Basic earnings per share | $ | 0.18 |  |  | $ | 0.28 |  |  | $ | 0.39 |  |  | $ | 0.58 |
Diluted earnings per share | $ | 0.18 |  |  | $ | 0.28 |  |  | $ | 0.39 |  |  | $ | 0.57 |
(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 545,000 shares and 728,000 shares of common stock from the calculation of diluted earnings per share in the three and six months ended May 31, 2019, respectively, because these awards were anti-dilutive. In the three and six months ended May 31, 2018, we excluded stock awards representing 698,000 shares and 521,000 shares of common stock, respectively, from the calculation of diluted earnings per share as they were anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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