Three Months Ended

April 30,

Six Months Ended

April 30,

(In thousands, except per share data)

2014

2013

2014

2013

Numerator:

Net (loss) earnings attributable to Hovnanian

$(7,902

)

$1,318

$(32,425

)

$(9,990

)

Less: undistributed earnings allocated to nonvested shares

(2

)

Numerator for basic earnings per share

(7,902

)

1,316

(32,425

)

(9,990

)

Plus: undistributed earnings allocated to nonvested shares

2

Less: undistributed earnings reallocated to nonvested shares

(2

)

Numerator for diluted earnings per share

(7,902

)

1,316

(32,425

)

(9,990

)

Denominator:

Denominator for basic earnings per share

146,325

145,948

146,151

144,373

Effect of dilutive securities:

Share based payments

1,283

Denominator for diluted earnings per share – weighted average shares outstanding

146,325

147,231

146,151

144,373

Basic earnings per share

$(0.05

)

$0.01

$(0.22

)

$(0.07

)

Diluted earnings per share

$(0.05

)

$0.01

$(0.22

)

$(0.07

)