NOTE 14—EARNINGS (LOSS) PER SHARE:
Basic and diluted earnings (loss) per common share (“EPS”) are computed using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating security.
Fiscal Years Ended November 30,
202520242023
Basic earnings (loss) per common share:
Net income (loss)$(1,278,924)$251,217 $313,842 
Less: net income allocated to participating securities(1)
(4,103)(9,504)(6,001)
Net income (loss) attributable to common stockholders$(1,283,027)$241,713 $307,841 
Weighted-average number of common shares - basic63,012 64,977 53,801 
Basic earnings (loss) per common share$(20.36)$3.72 $5.72 
Diluted earnings (loss) per common share:
Net income (loss)$(1,278,924)$251,217 $313,842 
Less: net income allocated to participating securities(1)
(4,103)(9,490)(5,978)
Net income (loss) attributable to common stockholders$(1,283,027)$241,727 $307,864 
Weighted-average number of common shares - basic63,012 64,977 53,801 
Effect of dilutive securities:
Stock options and certain restricted stock units(2)
— 97 209 
Weighted-average number of common shares - diluted63,012 65,074 54,010 
Diluted earnings (loss) per common share$(20.36)$3.71 $5.70 
(1)    Restricted stock awards and certain restricted stock units granted to employees by the Company are considered participating securities. For the fiscal year ended November 30, 2025, participating securities did not participate in net losses prior to dividends. As a result, the allocation in fiscal 2025 represents dividends paid to participating securities.
(2)    As a result of the Company’s net loss for the fiscal year ended November 30, 2025, the effect of stock options and other certain restricted stock units awards would be antidilutive. As a result, they have been excluded from the diluted EPS calculation for the fiscal year ended November 30, 2025.

Historical Timeline

Fiscal YearFiled
2025Jan 28, 2026Showing above
2024Jan 28, 2025
2023Jan 29, 2024
2022Jan 27, 2023
2021Jan 28, 2022

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.