For the three months ended March 31,

EPS Calculations (in thousands, except per share amounts)

2025

2024

Calculation of basic EPS

Walker & Dunlop net income

$

2,754

$

11,866

Less: dividends and undistributed earnings allocated to participating securities

95

290

Net income applicable to common stockholders

$

2,659

$

11,576

Weighted-average basic shares outstanding

33,264

32,978

Basic EPS

$

0.08

$

0.35

Calculation of diluted EPS

Net income applicable to common stockholders

$

2,659

$

11,576

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

—

(1)

Net income allocated to common stockholders

$

2,659

$

11,575

Weighted-average basic shares outstanding

33,264

32,978

Add: weighted-average diluted non-participating securities

32

70

Weighted-average diluted shares outstanding

33,296

33,048

Diluted EPS

$

0.08

$

0.35