Earnings Per Share

6 Months Ended

May 31, 2016

We compute basic earnings per share using the weighted average number of common shares outstanding. We compute diluted earnings per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, restricted stock units and deferred stock units, using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share on an interim basis (in thousands, except per share data):



	Three Months Ended				Six Months Ended
	May 31, 2016		May 31, 2015		May 31, 2016		May 31, 2015
Net income	$	7,275	$	5,769	$	10,491	$	4,798
Weighted average shares outstanding	49,873		50,342		50,341		50,505
Dilutive impact from common stock equivalents	481		743		556		719
Diluted weighted average shares outstanding	50,354		51,085		50,897		51,224
Basic earnings per share	$	0.15	$	0.11	$	0.21	$	0.10
Diluted earnings per share	$	0.14	$	0.11	$	0.21	$	0.09

We excluded stock awards representing approximately 450,000 shares and 491,000 shares of common stock from the calculation of diluted earnings per share in the three and six months ended May 31, 2016, respectively, because these awards were anti-dilutive. In the three and six months ended May 31, 2015, we excluded stock awards representing 247,000 shares and 250,000 shares of common stock, respectively, from the calculation of diluted earnings per share as they were anti-dilutive.