Earnings Per Share (Tables)

9 Months Ended

Aug. 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			Nine Months Ended
	August 31,			August 31,
(In thousands, except per share amounts)	2021		2020	2021	2020
Numerator:
Net earnings attributable to Lennar	$	1,406,888	666,418	3,239,620	1,582,276
Less: distributed earnings allocated to nonvested shares	776		324	2,182	1,014
Less: undistributed earnings allocated to nonvested shares	15,918		7,474	38,329	17,433
Numerator for basic earnings per share	1,390,194		658,620	3,199,109	1,563,829
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1)	785		3,606	2,907	6,928



Numerator for diluted earnings per share	$	1,389,409	655,014	3,196,202	1,556,901
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	307,296		308,889	308,403	309,492
Effect of dilutive securities:
Shared based payments	—		1	—	1

Denominator for diluted earnings per share - weighted average common shares outstanding	307,296		308,890	308,403	309,493
Basic earnings per share	$	4.52	2.13	10.37	5.05
Diluted earnings per share	$	4.52	2.12	10.36	5.03

(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.