For the three months ended September 30,

For the nine months ended September 30,

EPS Calculations (in thousands, except per share amounts)

2023

2022

2023

2022

Calculation of basic EPS

Walker & Dunlop net income

$

21,458

$

46,833

$

75,758

$

172,328

Less: dividends and undistributed earnings allocated to participating securities

534

1,296

1,942

4,984

Net income applicable to common stockholders

$

20,924

$

45,537

$

73,816

$

167,344

Weighted-average basic shares outstanding

32,737

32,290

32,654

32,300

Basic EPS

$

0.64

$

1.41

$

2.26

$

5.18

Calculation of diluted EPS

Net income applicable to common stockholders

$

20,924

$

45,537

$

73,816

$

167,344

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

—

7

2

34

Net income allocated to common stockholders

$

20,924

$

45,544

$

73,818

$

167,378

Weighted-average basic shares outstanding

32,737

32,290

32,654

32,300

Add: weighted-average diluted non-participating securities

158

330

199

345

Weighted-average diluted shares outstanding

32,895

32,620

32,853

32,645

Diluted EPS

$

0.64

$

1.40

$

2.25

$

5.13