Common Shares and Earnings Per Common Share (Tables)

12 Months Ended

Nov. 30, 2021

The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):


	Year Ended November 30,
	2021		2020		2019
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$	1,667,403	$	769,605	$	959,593
Allocation of earnings to participating securities (1)	(9,961)		(4,795)		(5,576)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	1,657,442		764,810		954,017
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	207		23		(5)
Mandatorily redeemable convertible preferred share dividends	6,949		5,634		5,103
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$	1,664,598	$	770,467	$	959,115

Denominator for earnings per share:
Weighted average common shares outstanding	246,991		268,518		297,796
Weighted average shares of restricted stock outstanding with future service required	(1,567)		(1,785)		(1,939)
Weighted average RSUs outstanding with no future service required	18,171		18,960		14,837
Denominator for basic earnings per share – weighted average shares	263,595		285,693		310,694
Stock options	1,203		—		—
Senior executive compensation plan awards	2,262		356		2,140
Mandatorily redeemable convertible preferred shares	4,441		4,441		4,198
Denominator for diluted earnings per share	271,501		290,490		317,032

(1)Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,586,500, 1,801,700 and 1,947,600 for the years ended November 30, 2021, 2020 and 2019, respectively. Dividends declared on participating securities were $1.4 million, $1.0 million and $3.6 million during the years ended November 30, 2021, 2020 and 2019, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.