Earnings Per Share (Tables)

6 Months Ended

May 31, 2023

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)	2023		2022	2023	2022
Numerator:
Net earnings attributable to Lennar	$	871,694	1,320,756	1,468,228	1,824,337
Less: distributed earnings allocated to nonvested shares	3,572		2,395	4,296	3,175
Less: undistributed earnings allocated to nonvested shares	9,935		14,980	15,695	19,189
Numerator for basic earnings per share	858,187		1,303,381	1,448,237	1,801,973
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1)	—		1,045	—	2,843



Numerator for diluted earnings per share	$	858,187	1,302,336	1,448,237	1,799,130
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	284,910		289,895	285,492	291,913



Denominator for diluted earnings per share - weighted average common shares outstanding	284,910		289,895	285,492	291,913
Basic earnings per share	$	3.01	4.50	5.07	6.17
Diluted earnings per share	$	3.01	4.49	5.07	6.16

(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.