Earnings Per Share (Tables)

6 Months Ended

May 31, 2021

Schedule of Calculation of Numerator and Denominator In Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands, except per share amounts)	2021		2020	2021	2020
Numerator:
Net earnings attributable to Lennar	$	831,363	517,406	1,832,732	915,858
Less: distributed earnings allocated to nonvested shares	776		357	1,406	690
Less: undistributed earnings allocated to nonvested shares	10,308		5,931	22,026	9,962
Numerator for basic earnings per share	820,279		511,118	1,809,300	905,206
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1)	1,569		3,322	2,122	3,322



Numerator for diluted earnings per share	$	818,710	507,796	1,807,178	901,884
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	308,893		308,373	308,957	309,793
Effect of dilutive securities:
Shared based payments	—		—	—	1

Denominator for diluted earnings per share - weighted average common shares outstanding	308,893		308,373	308,957	309,794
Basic earnings per share	$	2.66	1.66	5.86	2.92
Diluted earnings per share	$	2.65	1.65	5.85	2.91

(1)The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.