For the three months ended September 30,

For the nine months ended September 30,

EPS Calculations (in thousands, except per share amounts)

2024

2023

2024

2023

Calculation of basic EPS

Walker & Dunlop net income

$

28,802

$

21,458

$

63,331

$

75,758

Less: dividends and undistributed earnings allocated to participating securities

626

534

1,449

1,942

Net income applicable to common stockholders

$

28,176

$

20,924

$

61,882

$

73,816

Weighted-average basic shares outstanding

33,169

32,737

33,090

32,654

Basic EPS

$

0.85

$

0.64

$

1.87

$

2.26

Calculation of diluted EPS

Net income applicable to common stockholders

$

28,176

$

20,924

$

61,882

$

73,816

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

—

2

Net income allocated to common stockholders

$

28,176

$

20,924

$

61,882

$

73,818

Weighted-average basic shares outstanding

33,169

32,737

33,090

32,654

Add: weighted-average diluted non-participating securities

34

158

45

199

Weighted-average diluted shares outstanding

33,203

32,895

33,135

32,853

Diluted EPS

$

0.85

$

0.64

$

1.87

$

2.25