Earnings Per Share (Tables)

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