For the three months ended March 31,

EPS Calculations (in thousands, except per share amounts)

2020

2019

Calculation of basic EPS

Walker & Dunlop net income

$

47,829

$

44,218

Less: dividends and undistributed earnings allocated to participating securities

1,510

1,509

Net income applicable to common stockholders

$

46,319

$

42,709

Weighted-average basic shares outstanding

30,226

29,680

Basic EPS

$

1.53

$

1.44

Calculation of diluted EPS

Net income applicable to common stockholders

$

46,319

$

42,709

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

34

38

Net income allocated to common stockholders

$

46,353

$

42,747

Weighted-average basic shares outstanding

30,226

29,680

Add: weighted-average diluted non-participating securities

934

1,004

Weighted-average diluted shares outstanding

31,160

30,684

Diluted EPS

$

1.49

$

1.39