Earnings Per Share

12 Months Ended

Nov. 30, 2023

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


	Years Ended November 30,
	2023		2022		2021
Numerator:
Net income	$	590,177	$	816,666	$	564,746
Less: Distributed earnings allocated to participating securities	(413)		(268)		(253)
Less: Undistributed earnings allocated to participating securities	(3,861)		(3,904)		(2,366)
Numerator for basic earnings per share	585,903		812,494		562,127
Effect of dilutive securities:

Add: Undistributed earnings allocated to participating securities	3,861		3,904		2,366
Less: Undistributed earnings reallocated to participating securities	(3,744)		(3,796)		(2,286)
Numerator for diluted earnings per share	$	586,020	$	812,602	$	562,207


	Years Ended November 30,
	2023		2022		2021
Denominator:
Weighted average shares outstanding — basic	80,842		86,861		90,401
Effect of dilutive securities:
Share-based payments	2,538		2,487		3,186

Weighted average shares outstanding — diluted	83,380		89,348		93,587
Basic earnings per share	$	7.25	$	9.35	$	6.22
Diluted earnings per share	$	7.03	$	9.09	$	6.01

In 2023, 2022 and 2021, no outstanding stock options were excluded from the diluted earnings per share calculation. 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.