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Earnings per share | 9 Months Ended
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Aug. 31, 2022
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 |  | Nine Months Ended
| August 31, 2022 |  | August 31, 2021 |  | August 31, 2022 |  | August 31, 2021
Net income | $ | 21,797 |  |  | $ | 30,976 |  |  | $ | 71,361 |  |  | $ | 63,494 |
Weighted average shares outstanding | 43,211 |  |  | 43,762 |  |  | 43,589 |  |  | 43,896 |
Basic earnings per common share | $ | 0.50 |  |  | $ | 0.71 |  |  | $ | 1.64 |  |  | $ | 1.45 |
Diluted earnings per common share: |  |  |  |  |  |  |
Net income | $ | 21,797 |  |  | $ | 30,976 |  |  | $ | 71,361 |  |  | $ | 63,494 |
Weighted average shares outstanding | 43,211 |  |  | 43,762 |  |  | 43,589 |  |  | 43,896 |
Effect of dilution from common stock equivalents | 724 |  |  | 740 |  |  | 710 |  |  | 646 |
Diluted weighted average shares outstanding | 43,935 |  |  | 44,502 |  |  | 44,299 |  |  | 44,542 |
Diluted earnings per share | $ | 0.50 |  |  | $ | 0.70 |  |  | $ | 1.61 |  |  | $ | 1.43 |
We excluded stock awards representing approximately 1,777,000 and 1,739,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2022, respectively, as these awards were anti-dilutive. In the three and nine months ended August 31, 2021, we excluded stock awards representing 1,250,000 shares and 1,241,000 shares of common stock, respectively, from the calculation of diluted earnings per share as they were anti-dilutive. As a result of our adoption of ASU 2020-06 on December 1, 2021, the dilutive impact of the Notes on our calculation of diluted earnings per share is considered using the if-converted method. However, because the principal amount of the Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the Notes. During the three and nine months ended August 31, 2022, we did not include the Notes in our diluted earnings per share calculation because the conversion feature in the Notes was out of the money. For periods prior to our December 1, 2021 adoption of ASU 2020-06, we applied the treasury stock method to account for the dilutive impact of the Notes for diluted earnings per share purposes.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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