For the year ended December 31,

EPS Calculations (in thousands, except per share amounts)

2019

2018

2017

Calculation of basic EPS

Walker & Dunlop net income

$

173,373

$

161,439

$

211,127

Less: dividends and undistributed earnings allocated to participating securities

5,649

5,790

8,443

Net income applicable to common stockholders

$

167,724

$

155,649

$

202,684

Weighted-average basic shares outstanding

29,913

30,202

30,176

Basic EPS

$

5.61

$

5.15

$

6.72

Calculation of diluted EPS

Net income applicable to common stockholders

$

167,724

$

155,649

$

202,684

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

126

170

313

Net income allocated to common stockholders

$

167,850

$

155,819

$

202,997

Weighted-average basic shares outstanding

29,913

30,202

30,176

Add: weighted-average diluted non-participating securities

902

1,182

1,210

Weighted-average diluted shares outstanding

30,815

31,384

31,386

Diluted EPS

$

5.45

$

4.96

$

6.47