Year Ended October 31,

(In thousands, except per share data)

2015

2014

2013

Numerator:

Net (loss) earnings attributable to Hovnanian

$(16,100

)

$307,144

$31,295

Less: undistributed earnings allocated to nonvested shares

-

(7,107

)

(58

)

Numerator for basic earnings per share

$(16,100

)

$300,037

$31,237

Plus: undistributed earnings allocated to nonvested shares

-

7,107

58

Less: undistributed earnings reallocated to nonvested shares

-

(7,127

)

(59

)

Plus: interest on senior exchangeable notes

-

3,487

3,720

Numerator for diluted earnings per share

$(16,100

)

$303,504

$34,956

Denominator:

Denominator for basic earnings per share

146,899

146,271

145,087

Effect of dilutive securities:

Share-based payments

-

1,013

1,396

Senior exchangeable notes

-

15,157

15,846

Denominator for diluted earnings per share – weighted-average shares outstanding

146,899

162,441

162,329

Basic (loss) earnings per share

$(0.11

)

$2.05

$0.22

Diluted (loss) earnings per share

$(0.11

)

$1.87

$0.22