Earnings per share

9 Months Ended

Aug. 31, 2019

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				Nine Months Ended
	August 31, 2019		August 31, 2018		August 31, 2019		August 31, 2018
			As Adjusted⁽¹⁾				As Adjusted⁽¹⁾
Net income	$	13,557	$	14,390	$	31,140	$	41,026
Weighted average shares outstanding	44,716		45,130		44,761		45,730
Dilutive impact from common stock equivalents	587		446		531		650
Diluted weighted average shares outstanding	45,303		45,576		45,292		46,380
Basic earnings per share	$	0.30	$	0.32	$	0.70	$	0.90
Diluted earnings per share	$	0.30	$	0.32	$	0.69	$	0.88
⁽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 1,236,000 shares and 898,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2019, respectively, because these awards were anti-dilutive. In the three and nine months ended August 31, 2018, we excluded stock awards representing 690,000 shares and 577,000 shares of common stock, respectively, from the calculation of diluted earnings per share as they were anti-dilutive.