For the years ended December 31,

EPS Calculations (in thousands, except per share amounts)

2025

2024

2023

Calculation of basic EPS

Walker & Dunlop net income

$

56,247

$

108,167

$

107,357

Less: dividends and undistributed earnings allocated to participating securities

1,355

2,441

2,752

Net income applicable to common stockholders

$

54,892

$

105,726

$

104,605

Weighted-average basic shares outstanding

33,347

33,116

32,697

Basic EPS

$

1.65

$

3.19

$

3.20

Calculation of diluted EPS

Net income applicable to common stockholders

$

54,892

$

105,726

$

104,605

Add: reallocation of dividends and undistributed earnings based on assumed conversion

(1)

1

3

Net income allocated to common stockholders

$

54,891

$

105,727

$

104,608

Weighted-average basic shares outstanding

33,347

33,116

32,697

Add: weighted-average diluted non-participating securities

22

42

178

Weighted-average diluted shares outstanding

33,369

33,158

32,875

Diluted EPS

$

1.64

$

3.19

$

3.18