Earnings Per Share

12 Months Ended

Nov. 30, 2020

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 from continuing operations (in thousands, expect per share data):


	Fiscal Year Ended
	November 30, 2020		November 30, 2019		November 30, 2018
					As Adjusted(1)
Net income	$	79,722	$	26,400	$	49,670
Weighted average shares outstanding	44,886		44,791		45,561
Dilutive impact from common stock equivalents	435		549		574
Diluted weighted average shares outstanding	45,321		45,340		46,135
Basic earnings per share	$	1.78	$	0.59	$	1.09
Diluted earnings per share	$	1.76	$	0.58	$	1.08
(1)The Company adopted the accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Summary of Significant Accounting Policies for further information.

We excluded stock awards representing approximately 1,268,000 shares, 932,000 shares, and 602,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2020, 2019 and 2018, respectively, because these awards were anti-dilutive.