Does it matter when/how I ask him out?

We're both in college and we are on the executive board of a club on campus. We've grown close over the last few months especially; we always find time to talk just the two of us and share personal stuff about our lives/futures. He is very polite and a gentleman and holds open every door for me - we also hug goodbye pretty much all of the time. I know that he is single and my feelings for him are strong. I'm not sure whether to ask him out now/before he goes home for winter break or if I should wait till sometime in January or February. I don't want to rush him but I want to know his thoughts and honestly kind of feel impatient that the subject of us dating has never really come up. When should I ask him and how should I go about doing so?

Does it matter when/how I ask him out?
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