Earnings Per Share (Tables)

6 Months Ended

May 31, 2012

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