For the three months ended September 30,

For the nine months ended September 30,

EPS Calculations (in thousands, except per share amounts)

2022

2021

2022

2021

Calculation of basic EPS

Walker & Dunlop net income

$

46,833

$

71,721

$

172,328

$

185,831

Less: dividends and undistributed earnings allocated to participating securities

1,296

2,364

4,984

6,163

Net income applicable to common stockholders

$

45,537

$

69,357

$

167,344

$

179,668

Weighted-average basic shares outstanding

32,290

31,064

32,300

30,969

Basic EPS

$

1.41

$

2.23

$

5.18

$

5.80

Calculation of diluted EPS

Net income applicable to common stockholders

$

45,537

$

69,357

$

167,344

$

179,668

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

7

23

34

57

Net income allocated to common stockholders

$

45,544

$

69,380

$

167,378

$

179,725

Weighted-average basic shares outstanding

32,290

31,064

32,300

30,969

Add: weighted-average diluted non-participating securities

330

395

345

398

Weighted-average diluted shares outstanding

32,620

31,459

32,645

31,367

Diluted EPS

$

1.40

$

2.21

$

5.13

$

5.73