v3.26.1
Earnings Per Share
 6 Months Ended
May 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):
Three Months Ended May 31,Six Months Ended May 31,
 2026202520262025
Numerator:
Net income $27,349 $107,883 $60,773 $217,440 
Less: Distributed earnings allocated to participating securities
(72)(114)(149)(228)
Less: Undistributed earnings allocated to participating securities
(56)(588)(134)(1,161)
Numerator for basic earnings per share27,221 107,181 60,490 216,051 
Effect of dilutive securities:
Add: Undistributed earnings allocated to participating securities
56 588 134 1,161 
Less: Undistributed earnings reallocated to participating securities
(55)(578)(132)(1,139)
Numerator for diluted earnings per share$27,222 $107,191 $60,492 $216,073 
Denominator:
Weighted average shares outstanding — basic61,789 69,976 62,214 70,745 
Effect of dilutive securities:
Share-based payments944 1,250 1,005 1,363 
Weighted average shares outstanding — diluted62,733 71,226 63,219 72,108 
Basic earnings per share$.44 $1.53 $.97 $3.05 
Diluted earnings per share$.43 $1.50 $.96 $3.00 
We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at May 31, 2026 and 2025.
For the three-month and six-month periods ended May 31, 2026 and 2025, no outstanding stock options were excluded from the diluted earnings per share calculations. Contingently issuable shares associated with outstanding performance-based restricted stock units (each, a “PSU”) were not included in the basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.