Earnings Per Share

3 Months Ended

Feb. 29, 2016

Basic earnings per share is calculated using the Company's weighted-average outstanding common shares. Diluted earnings per share is calculated using the Company's weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when the Company recognizes a net loss, it excludes the impact of outstanding stock awards from the diluted loss per share calculation as their inclusion would have an anti-dilutive effect.

The following table sets forth the computation of basic and diluted earnings per share for the three months ended February 28, 2015 and February 29, 2016 (in thousands, except share and per share amounts):



	Three Months Ended
	February 28, 2015		February 29, 2016
Numerator:
Net income	$	14,953	$	19,831
Denominator:
Weighted average shares outstanding	46,583,832		46,620,549
Effect of dilutive securities	12,773		14,421
Diluted weighted average shares outstanding	46,596,605		46,634,970

Basic and diluted earnings per share	$	0.32	$	0.43

Anti-dilutive shares excluded in the computation of diluted earnings per share	104,909		91,379