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Earnings Per Share
9 Months Ended
Aug. 31, 2021
Earnings Per Share, Basic and Diluted [Abstract]  
Earnings Per Share Earnings Per Share
Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):
Three Months Ended August 31,Nine Months Ended August 31,
 2021202020212020
Numerator:
Net income $150,097 $78,415 $390,512 $190,152 
Less: Distributed earnings allocated to nonvested restricted stock(62)(42)(188)(129)
Less: Undistributed earnings allocated to nonvested restricted stock(625)(360)(1,594)(875)
Numerator for basic earnings per share149,410 78,013 388,730 189,148 
Effect of dilutive securities:
Add: Undistributed earnings allocated to nonvested restricted stock625 360 1,594 875 
Less: Undistributed earnings reallocated to nonvested restricted stock(604)(346)(1,540)(843)
Numerator for diluted earnings per share$149,431 $78,027 $388,784 $189,180 
Denominator:
Weighted average shares outstanding — basic90,076 90,535 91,290 90,292 
Effect of dilutive securities:
Share-based payments3,188 3,570 3,222 3,496 
Weighted average shares outstanding — diluted93,264 94,105 94,512 93,788 
Basic earnings per share$1.66 $.86 $4.26 $2.09 
Diluted earnings per share$1.60 $.83 $4.11 $2.02 
We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at August 31, 2021 or 2020.
For the three-month and nine-month periods ended August 31, 2021 and 2020, no outstanding stock options were excluded from the diluted earnings per share calculations. Contingently issuable shares associated with outstanding performance-based restricted stock units (each, a “PSU”) were not included in the basic earnings per share calculations for the periods presented as the applicable vesting conditions had not been satisfied.