Earnings Per Share

12 Months Ended

Nov. 30, 2020

Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):


	Years Ended November 30,
	2020		2019		2018
Numerator:
Net income	$	296,243	$	268,775	$	170,365
Less: Distributed earnings allocated to nonvested restricted stock	(197)		(123)		(51)
Less: Undistributed earnings allocated to nonvested restricted stock	(1,329)		(1,505)		(927)
Numerator for basic earnings per share	294,717		267,147		169,387
Effect of dilutive securities:
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes	—		541		3,190
Add: Undistributed earnings allocated to nonvested restricted stock	1,329		1,505		927
Less: Undistributed earnings reallocated to nonvested restricted stock	(1,278)		(1,412)		(805)
Numerator for diluted earnings per share	$	294,768	$	267,781	$	172,699

Denominator:
Weighted average shares outstanding — basic	90,464		87,996		87,773
Effect of dilutive securities:
Share-based payments	3,622		4,415		4,884
Convertible senior notes	—		1,427		8,402
Weighted average shares outstanding — diluted	94,086		93,838		101,059
Basic earnings per share	$	3.26	$	3.04	$	1.93
Diluted earnings per share	$	3.13	$	2.85	$	1.71

In 2020, no outstanding stock options were excluded from the diluted earnings per share calculation. In 2019 and 2018, outstanding stock options to purchase a nominal amount and .8 million shares of common stock, respectively, were excluded from the diluted earnings per share calculations because the effect of their inclusion would be antidilutive. The diluted earnings per share calculations for the years ended November 30, 2019 and 2018 included the dilutive effect of our 1.375% Convertible Senior Notes due 2019 based on the number of days they were outstanding during each period. We repaid these notes at their February 1, 2019 maturity.

Contingently issuable shares associated with outstanding PSUs were not included in the basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.