Earnings Per Share

3 Months Ended

Feb. 28, 2015

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
	February 28,
(In thousands, except per share amounts)	2015		2014
Numerator:
Net earnings attributable to Lennar	$	114,963	78,117
Less: distributed earnings allocated to nonvested shares	91		98
Less: undistributed earnings allocated to nonvested shares	1,184		842
Numerator for basic earnings per share	113,688		77,177
Plus: interest on 3.25% convertible senior notes due 2021	1,982		1,982
Plus: undistributed earnings allocated to convertible shares	1,184		842
Less: undistributed earnings reallocated to convertible shares	1,064		770
Numerator for diluted earnings per share	$	115,790	79,231
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	202,930		201,955
Effect of dilutive securities:
Share-based payments	11		10
Convertible senior notes	27,375		25,670
Denominator for diluted earnings per share - weighted average common shares outstanding	230,316		227,635
Basic earnings per share	$	0.56	0.38
Diluted earnings per share	$	0.50	0.35

For both the three months ended February 28, 2015 and 2014, there were no options to purchase shares of Class A common stock that were outstanding and anti-dilutive.