Earnings Per Share

3 Months Ended

Feb. 28, 2017

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 29, 2016 and February 28, 2017 (in thousands, except share and per share amounts):



	Three Months Ended
	February 29, 2016		February 28, 2017
Numerator:
Net income	$	19,831	$	21,273
Denominator:
Weighted average shares outstanding	46,620,549		45,064,847
Effect of dilutive securities	14,421		14,934
Diluted weighted average shares outstanding	46,634,970		45,079,781

Basic and diluted earnings per share	$	0.43	$	0.47

Anti-dilutive shares excluded in the computation of diluted earnings per share	91,379		66,317