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Earnings Per Share | 3 Months Ended
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Feb. 29, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) is considered participating securities. Basic and diluted earnings per share were calculated as follows:
| Three Months Ended |  |
(In thousands, except per share amounts) | February 29, 2024 |  | February 28, 2023 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net earnings attributable to Lennar | $ | 719,334 |  |  | 596,534 |  |  |  |  |
Less: distributed earnings allocated to nonvested shares | 1,023 |  |  | 724 |  |  |  |  |
Less: undistributed earnings allocated to nonvested shares | 5,877 |  |  | 5,895 |  |  |  |  |
Numerator for basic earnings per share | 712,434 |  |  | 589,915 |  |  |  |  |
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) | — |  |  | 1,038 |  |  |  |  |
Numerator for diluted earnings per share | $ | 712,434 |  |  | 588,877 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings per share - weighted average common shares outstanding | 276,946 |  |  | 286,074 |  |  |  |  |
Denominator for diluted earnings per share - weighted average common shares outstanding | 276,946 |  |  | 286,074 |  |  |  |  |
Basic earnings per share | $ | 2.57 |  |  | 2.06 |  |  |  |  |
Diluted earnings per share | $ | 2.57 |  |  | 2.06 |  |  |  |  |
(1)The amount presented relate to Rialto's Carried Interest Incentive Plan and represents 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. For both the three months ended February 29, 2024 and February 28, 2023, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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