Common Shares and Earnings Per Common Share

Basic and diluted earnings per common share amounts were calculated by dividing net earnings by the weighted-average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per common share are as follows (in thousands, except per share amounts):


	Year Ended November 30,
	2023		2022		2021
Numerator for earnings per common share:
Net earnings attributable to Jefferies Financial Group Inc.	$	275,672	$	777,168	$	1,667,403
Allocation of earnings to participating securities (1)	(14,729)		(3,015)		(9,961)
Net earnings attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	260,943		774,153		1,657,442
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	—		29		207
Preferred shares and mandatorily redeemable convertible preferred share dividends	—		8,281		6,949
Net earnings attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$	260,943	$	782,463	$	1,664,598
Denominator for earnings per common share:
Weighted average common shares outstanding	222,325		234,258		246,991
Weighted average shares of restricted stock outstanding with future service required	(1,920)		(1,330)		(1,567)
Weighted average RSUs outstanding with no future service required	12,204		14,450		18,171
Denominator for basic earnings per common share – weighted average shares	232,609		247,378		263,595
Stock options and other share-based awards	2,085		1,518		1,203
Senior executive compensation plan RSU awards	1,926		2,234		2,262
Preferred shares and mandatorily redeemable convertible preferred shares (2)	—		4,441		4,441
Denominator for diluted earnings per common share (3)	236,620		255,571		271,501
Earnings per common share:
Basic	$	1.12	$	3.13	$	6.29
Diluted	$	1.10	$	3.06	$	6.13

(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 certain preferred stock, restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 8.9 million 1.0 million and 1.6 million for the years ended November 30, 2023, 2022 and 2021, respectively. Dividends declared on participating securities were $2.1 million, $1.1 million and $1.4 million during the years ended November 30, 2023, 2022 and 2021, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

(2)The two-class method was more dilutive for each period presented.

(3)Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per share in the future. Antidilutive shares at November 30, 2023, were 9.5% of the weighted average common shares outstanding for the year ended November 30, 2023.

Historical Timeline

Fiscal Year	Filed
2023	Jan 26, 2024	Showing above
2017	Feb 27, 2018

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.

Jefferies Financial Group Inc. Earnings Per Share Disclosure

Historical Timeline

About Earnings Per Share Disclosures

Other Available Disclosures