Earnings Per Share

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



	Three Months Ended				Nine Months Ended
	August 31, 2016		August 31, 2017		August 31, 2016		August 31, 2017
Numerator:
Net income	$	2,173	$	265	$	43,902	$	34,765
Denominator:
Weighted average shares outstanding	45,720,814		44,482,281		46,189,413		44,799,734
Effect of dilutive securities	14,040		8,997		14,550		12,368
Diluted weighted average shares outstanding	45,734,854		44,491,278		46,203,963		44,812,102

Basic and diluted earnings per share	$	0.05	$	0.01	$	0.95	$	0.78

Anti-dilutive shares excluded in the computation of diluted earnings per share	75,068		42,486		85,591		58,084