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Earnings Per Share | 3 Months Ended
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Feb. 28, 2025
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 and the effect of our convertible debt using the if-converted method. The following table sets forth the calculation of basic and diluted earnings per share on an interim basis:
| Three Months Ended |  |
(in thousands, except per share data) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Net income | $ | 10,946 |  |  | $ | 22,639 |  |  |  |  |
Weighted average shares outstanding | 43,256 |  |  | 43,802 |  |  |  |  |
Effect of dilution from common stock equivalents | 1,163 |  |  | 1,024 |  |  |  |  |
Effect of dilution from if-converted convertible notes | 468 |  |  | — |  |  |  |  |
Diluted weighted average shares outstanding | 44,887 |  |  | 44,826 |  |  |  |  |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | 0.25 |  |  | $ | 0.52 |  |  |  |  |
Diluted | $ | 0.24 |  |  | $ | 0.51 |  |  |  |  |
We excluded stock awards representing approximately 397,000 and 714,000 shares of common stock from the calculation of diluted earnings per share in the three months ended February 28, 2025 and February 29, 2024, respectively, as these awards were anti-dilutive. The dilutive impact of the Notes on our calculation of diluted earnings per share is measured using the if-converted method. However, because the principal amount of the Notes will be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any. During the three months ended February 28, 2025, we included the 2026 Notes in our diluted earnings per share calculation and we excluded the 2030 Notes in our diluted earnings per share calculation because the conversion feature in the 2030 Notes was out of the money. During the three months ended February 29, 2024, we did not include the 2026 Notes in our diluted earnings per share calculation because the conversion feature was out of the money.

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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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