Earnings Per Share

6 Months Ended

May 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) are considered participating securities.

Basic and diluted earnings per share were calculated as follows:

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands, except per share amounts)	2012		2011	2012	2011
Numerator:
Net earnings attributable to Lennar	$	452,703	13,785	467,671	41,191
Less: distributed earnings allocated to nonvested shares	112		93	227	194
Less: undistributed earnings allocated to nonvested shares	6,594		78	6,807	340
Numerator for basic earnings per share	445,997		13,614	460,637	40,657
Plus: interest on 2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021	2,883		871	5,794	1,743
Plus: undistributed earnings allocated to convertible shares	6,594		79	6,807	339
Less: undistributed earnings reallocated to convertible shares	5,687		85	5,958	342
Numerator for diluted earnings per share	$	449,787	14,479	467,280	42,397
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	186,432		184,621	186,214	184,388
Effect of dilutive securities:
Shared based payments	1,074		679	979	689
Convertible senior notes	30,505		10,005	28,719	10,005
Denominator for diluted earnings per share - weighted average common shares outstanding	218,011		195,305	215,912	195,082
Basic earnings per share	$	2.39	0.07	2.47	0.22
Diluted earnings per share	$	2.06	0.07	2.16	0.22

Options to purchase 0.1 million and 0.8 million shares, respectively, in total of Class A common stock were outstanding and anti-dilutive for the three months ended May 31, 2012 and 2011. Options to purchase 0.4 million and 1.2 million shares, respectively, in total of Class A and Class B common stock were outstanding and anti-dilutive for the six months ended May 31, 2012 and 2011.