Earnings Per Share

3 Months Ended

Feb. 28, 2018

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, 2017 and 2018, respectively (in thousands, except share and per share amounts):



	Three Months Ended
	February 28, 2017		February 28, 2018
Numerator:
Net income	$	21,273	$	169,347
Denominator:
Weighted average shares outstanding	45,064,847		44,196,489
Effect of dilutive securities	14,934		13,613
Diluted weighted average shares outstanding	45,079,781		44,210,102

Basic and diluted earnings per share	$	0.47	$	3.83

Anti-dilutive shares excluded in the computation of diluted earnings per share	66,317		54,490