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Common Share and Earnings Per Common Share
 9 Months Ended
Aug. 31, 2022
Earnings Per Share [Abstract]  
Common Share and Earnings Per Common Share Common Share and Earnings Per Common Share
Basic and diluted earnings per share amounts were calculated by dividing net income by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):

For the Three Months Ended August 31,For the Nine Months Ended August 31,
 2022202120222021
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders
$195,459 $407,459 $636,920 $1,342,490 
  Allocation of earnings to participating securities (1)(571)(2,490)(2,662)(7,974)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share
194,888 404,969 634,258 1,334,516 
Adjustment to allocation of earnings to participating securities related to diluted shares (1)5 52 28 161 
Mandatorily redeemable convertible preferred share dividends2,070 1,849 6,211 5,101 
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share
$196,963 $406,870 $640,497 $1,339,778 
Denominator for earnings per share:    
Weighted average common shares outstanding
230,988 246,624 236,546 247,638 
Weighted average shares of restricted stock outstanding with future service required
(710)(1,602)(1,075)(1,561)
Weighted average RSUs outstanding with no future service required13,575 18,065 14,697 18,171 
Denominator for basic earnings per share – weighted average shares
243,853 263,087 250,168 264,248 
Stock options and other share based awards1,171 1,485 1,485 905 
Senior executive compensation plan RSUs awards1,774 2,392 1,989 2,152 
Mandatorily redeemable convertible preferred shares4,441 4,441 4,441 4,441 
Denominator for diluted earnings per share
251,239 271,405 258,083 271,746 

(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 714,600 and 1,621,000 for the three months ended August 31, 2022 and 2021, respectively, and 1,083,400 and 1,581,200 for the nine months ended August 31, 2022 and 2021, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 31, 2022 and 2021. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2022, the Board of Directors increased the share repurchase authorization by $87.5 million. In March 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. In June 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. During the first nine months of 2022, we purchased a total of 21,721,900 of our common shares for $738.6 million, or an average price of $34.00 per share, including 18,294,689 of our common shares in the open market for $616.3 million under our current Board of Director authorization, and 3,427,211 shares of our common stock for $122.2 million in connection with net-share settlements under our equity compensation plan. At August 31, 2022, we had $133.7 million remaining authorization of future repurchases. In September 2022, the Board of Directors increased the share repurchase authorization by $145.9 million back to a total of $250.0 million.