Earnings Per Share

12 Months Ended

Nov. 30, 2021

Basic and diluted earnings per share were calculated as follows:


	Years Ended November 30,
(In thousands, except per share amounts)	2021		2020	2019
Numerator:
Net earnings attributable to Lennar	$	4,430,111	2,465,036	1,849,052
Less: distributed earnings allocated to nonvested shares	2,690		1,658	420
Less: undistributed earnings allocated to nonvested shares	50,229		26,731	15,722
Numerator for basic earnings per share	4,377,192		2,436,647	1,832,910
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1)	2,907		8,971	4,204




Numerator for diluted earnings per share	$	4,374,285	2,427,676	1,828,706
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	306,612		309,406	318,419
Effect of dilutive securities:
Share-based payments	—		1	3

Denominator for diluted earnings per share - weighted average common shares outstanding	306,612		309,407	318,422
Basic earnings per share	$	14.28	7.88	5.76
Diluted earnings per share	$	14.27	7.85	5.74

(1)The amounts presented above relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received by the Lennar Other segment and the amount Lennar, as the parent company, is assumed to own.

For the years ended November 30, 2021, 2020 and 2019, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.