For the three months ended September 30,

For the nine months ended September 30,

EPS Calculations (in thousands, except per share amounts)

2019

2018

2019

2018

Calculation of basic EPS

Walker & Dunlop net income

$

44,043

$

37,716

$

130,457

$

115,689

Less: dividends and undistributed earnings allocated to participating securities

1,375

1,315

4,211

4,166

Net income applicable to common stockholders

$

42,668

$

36,401

$

126,246

$

111,523

Weighted-average basic shares outstanding

29,987

30,423

29,885

30,234

Basic EPS

$

1.42

$

1.20

$

4.22

$

3.69

Calculation of diluted EPS

Net income applicable to common stockholders

$

42,668

$

36,401

$

126,246

$

111,523

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

27

38

90

119

Net income allocated to common stockholders

$

42,695

$

36,439

$

126,336

$

111,642

Weighted-average basic shares outstanding

29,987

30,423

29,885

30,234

Add: weighted-average diluted non-participating securities

795

1,183

857

1,167

Weighted-average diluted shares outstanding

30,782

31,606

30,742

31,401

Diluted EPS

$

1.39

$

1.15

$

4.11

$

3.56