Earnings per Share

6 Months Ended

May 31, 2013

Earnings Per Share [Abstract]

Earnings per Share

Note 20. Earnings per Share

Earnings per share data is not provided for the three months ended May 31, 2013 as we are now a Limited Liability Company and wholly-owned subsidiary of Leucadia. The following is a reconciliation of the numerators and denominators of the Basic and Diluted earnings per common share computations for the three months ended February 28, 2013 and the three and six months ended May 31, 2012 (in thousands, except per share amounts):

	Predecessor
	Three Months Ended		Three Months Ended		Six Months Ended
	February 28, 2013		May 31, 2012		May 31, 2012
Earnings for basic earnings per common share:
Net earnings	$	90,842	$	68,379	$	165,096
Net earnings to noncontrolling interests		10,704		4,881		24,462
Net earnings to common shareholders		80,138		63,498		140,634
Less: Allocation of earnings to participating securities (1)		5,890		3,740		8,332
Net earnings available to common shareholders	$	74,248	$	59,758	$	132,302
Earnings for diluted earnings per common share:
Net earnings	$	90,842	$	68,379	$	165,096
Net earnings to noncontrolling interests		10,704		4,881		24,462
Net earnings to common shareholders		80,138		63,498		140,634
Add: Mandatorily redeemable convertible preferred stock dividends		1,016		1,016		2,031
Less: Allocation of earnings to participating securities (1)		5,882		3,751		8,340
Net earnings available to common shareholders	$	75,272	$	60,763	$	134,325
Shares:
Average common shares used in basic computation		213,732		216,597		217,384
Stock options		2		4		3
Mandatorily redeemable convertible preferred stock		4,110		4,110		4,110
Convertible debt		—		—		—
Average common shares used in diluted computation		217,844		220,711		221,497
Earnings per common share:
Basic	$	0.35	$	0.28	$	0.61
Diluted	$	0.35	$	0.28	$	0.61

(1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and restricted stock units for which requisite service has not yet been rendered and amounted to weighted average shares of 16,756,000, 13,208,000 and 13,647,000 for the three months ended February 28, 2013 and three and six months ended May 31, 2012, respectively. Dividends declared on participating securities during the three months ended February 28, 2013 and three and six months ended May 31, 2012 amounted to approximately $1,315,000, $1,106,000 and $2,064,000, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

Our ability to pay distributions to Leucadia is subject to the restrictions set forth in certain financial covenants associated with the $950.0 million Credit Facility as described in Note 15, Long-Term Debt and the governing provisions of the Delaware Limited Liability Company Act.

Dividends per share of common stock declared during the quarter are reflected below:

	1st Quarter		2nd Quarter
2013	$	0.075		N/a
2012	$	0.075	$	0.075