Year Ended October 31,

(In thousands, except per share data)

2020

2019

2018

Numerator:

Net earnings (loss) attributable to Hovnanian

$

50,928

$

(42,117

)

$

4,520

Less: undistributed earnings allocated to nonvested shares

(4,652

)

-

(159

)

Numerator for basic earnings (loss) per share

$

46,276

$

(42,117

)

$

4,361

Plus: undistributed earnings allocated to nonvested shares

4,652

-

159

Less: undistributed earnings reallocated to nonvested shares

(4,652

)

-

(159

)

Numerator for diluted earnings (loss) per share

$

46,276

$

(42,117

)

$

4,361

Denominator:

Denominator for basic earnings per share

6,189

5,968

5,941

Effect of dilutive securities:

Share-based payments

395

-

131

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

6,584

5,968

6,072

Basic earnings (loss) per share

$

7.48

$

(7.06

)

$

0.73

Diluted earnings (loss) per share

$

7.03

$

(7.06

)

$

0.72