Earnings per share

9 Months Ended

Aug. 31, 2020

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						Nine Months Ended
	August 31, 2020		August 31, 2019		August 31, 2020		August 31, 2019
Net income	$	23,977	$	13,557	$	62,061	$	31,140
Weighted average shares outstanding	45,036		44,716		44,941		44,761
Dilutive impact from common stock equivalents	328		587		441		531
Diluted weighted average shares outstanding	45,364		45,303		45,382		45,292
Basic earnings per share	$	0.53	$	0.30	$	1.38	$	0.70
Diluted earnings per share	$	0.53	$	0.30	$	1.37	$	0.69

We excluded stock awards representing approximately 1,450,000 shares and 1,216,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2020, respectively, because these awards were anti-dilutive. In the three and nine months ended August 31, 2019, we excluded stock awards representing 1,236,000 shares and 898,000 shares of common stock, respectively, from the calculation of diluted earnings per share as they were anti-dilutive.