Earnings Per Share

6 Months Ended

May 31, 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 and six months ended May 31, 2016 and 2017, respectively (in thousands, except share and per share amounts):



	Three Months Ended				Six Months Ended
	May 31, 2016		May 31, 2017		May 31, 2016		May 31, 2017
Numerator:
Net income	$	21,898	$	13,227	$	41,729	$	34,500
Denominator:
Weighted average shares outstanding	46,231,560		44,857,837		46,424,992		44,960,205
Effect of dilutive securities	15,167		13,418		14,810		14,160
Diluted weighted average shares outstanding	46,246,727		44,871,255		46,439,802		44,974,365

Basic and diluted earnings per share	$	0.47	$	0.29	$	0.90	$	0.77

Anti-dilutive shares excluded in the computation of diluted earnings per share	90,390		65,628		90,882		65,969