v3.26.3
Earnings Per Share
 9 Months Ended
Aug. 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 August 31,Nine Months Ended August 31,
2026202520262025
Numerator:
Net income $65,280 $109,828 $126,053 $327,268 
Less: Distributed earnings allocated to participating securities
(73)(113)(221)(339)
Less: Undistributed earnings allocated to participating securities
(240)(633)(371)(1,779)
Numerator for basic earnings per share64,967 109,082 125,461 325,150 
Effect of dilutive securities:
Add: Undistributed earnings allocated to participating securities
240 633 371 1,779 
Less: Undistributed earnings reallocated to participating securities
(237)(620)(366)(1,745)
Numerator for diluted earnings per share$64,970 $109,095 $125,466 $325,184 
Denominator:
Weighted average shares outstanding — basic60,833 66,368 61,753 69,279 
Effect of dilutive securities:
Share-based payments926 1,369 979 1,364 
Weighted average shares outstanding — diluted61,759 67,737 62,732 70,643 
Basic earnings per share$1.07 $1.64 $2.03 $4.69 
Diluted earnings per share$1.05 $1.61 $2.00 $4.60 
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 August 31, 2026 and 2025.
For the three-month and nine-month periods ended August 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.