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:


	Fiscal Year Ended
(in thousands, except per share data)	November 30, 2025		November 30, 2024		November 30, 2023
Net income	$	73,133	$	68,438	$	70,197
Weighted average shares outstanding	42,996		43,268		43,456
Effect of dilution from common stock equivalents	891		992		1,158
Effect of dilution from if-converted convertible notes	132		167		44
Diluted weighted average shares outstanding	44,019		44,427		44,658

Earnings per share:
Basic	$	1.70	$	1.58	$	1.62
Diluted	$	1.66	$	1.54	$	1.57

We excluded stock awards representing approximately 1,088,000 shares, 699,000 shares, and 297,000 shares of common stock from the calculation of diluted earnings per share in the fiscal years ended November 30, 2025, 2024, and 2023, respectively, because these awards were anti-dilutive.

The dilutive impact of the convertible debt on diluted earnings per share is measured using the if-converted method. However, because the principal amount 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 fiscal years ended November 30, 2025, 2024, and 2023, we included the 2026 Notes in our diluted earnings per share calculation. During the fiscal years ended November 30, 2025 and 2024, 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.