Earnings Per Share

12 Months Ended

Nov. 30, 2022

Basic and diluted earnings per share were calculated as follows:


	Years Ended November 30,
(In thousands, except per share amounts)	2022		2021	2020
Numerator:
Net earnings attributable to Lennar	$	4,614,125	4,430,111	2,465,036
Less: distributed earnings allocated to nonvested shares	4,471		2,690	1,658
Less: undistributed earnings allocated to nonvested shares	47,509		50,229	26,731
Numerator for basic earnings per share	4,562,145		4,377,192	2,436,647
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1)	4,919		2,907	8,971




Numerator for diluted earnings per share	$	4,557,226	4,374,285	2,427,676
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	289,824		306,612	309,406
Effect of dilutive securities:
Share-based payments	—		—	1

Denominator for diluted earnings per share - weighted average common shares outstanding	289,824		306,612	309,407
Basic earnings per share	$	15.74	14.28	7.88
Diluted earnings per share	$	15.72	14.27	7.85

(1)The amounts 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, 2022, 2021 and 2020, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.