Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the period.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):


	Three Months Ended May 31,
	2026		2025
Numerator:
Net income	$	52,006	$	170,908



Denominator:
Weighted average shares outstanding for basic earnings per share	29,932		29,941
Effect of dilutive securities:
Employee stock awards	227		276

Denominator for diluted earnings per share	30,159		30,217

Basic earnings per common share	$	1.74	$	5.71
Diluted earnings per common share	$	1.72	$	5.66

For the three months ended May 31, 2026 and 2025, 55.6 thousand and 50.9 thousand shares, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. These shares could be dilutive in future periods.