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Earnings per share | 9 Months Ended
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Aug. 31, 2024
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:
| Three Months Ended |  | Nine Months Ended
(in thousands, except per share data) | August 31, 2024 |  | August 31, 2023 |  | August 31, 2024 |  | August 31, 2023
Net income | $ | 28,464 |  |  | $ | 19,098 |  |  | $ | 67,291 |  |  | $ | 54,862 |
Weighted average shares outstanding | 42,872 |  |  | 43,452 |  |  | 43,296 |  |  | 43,365 |
Basic earnings per common share | $ | 0.66 |  |  | $ | 0.44 |  |  | $ | 1.55 |  |  | $ | 1.27 |
Diluted earnings per common share: |  |  |  |  |  |  |
Net income | $ | 28,464 |  |  | $ | 19,098 |  |  | $ | 67,291 |  |  | $ | 54,862 |
Weighted average shares outstanding | 42,872 |  |  | 43,452 |  |  | 43,296 |  |  | 43,365 |
Effect of dilution from common stock equivalents | 839 |  |  | 1,353 |  |  | 871 |  |  | 1,178 |
Effect of dilution from if-converted 2026 Notes | — |  |  | 176 |  |  | — |  |  | — |
Diluted weighted average shares outstanding | 43,711 |  |  | 44,981 |  |  | 44,167 |  |  | 44,543 |
Diluted earnings per share | $ | 0.65 |  |  | $ | 0.42 |  |  | $ | 1.52 |  |  | $ | 1.23 |
We excluded stock awards representing approximately 560,000 and 849,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2024, respectively, as these awards were anti-dilutive. We excluded stock awards representing approximately 252,000 and 286,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2023, respectively, as these awards were anti-dilutive. 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, 2024, 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 the three months ended August 31, 2023, the average daily closing price of the Company's common stock was greater than the conversion price for the 2026 Notes outstanding as of August 31, 2023. Therefore, for this period, the Company applied the if-converted method for calculating diluted earnings per common share. During the nine months ended August 31, 2023, the average daily closing price of the Company's common stock was less than the conversion price for the 2026 Notes. Therefore, for this period, the 2026 Notes had no impact on the computation of diluted earnings per common share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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