Earnings Per Share

12 Months Ended

Nov. 30, 2015

Basic and diluted earnings per share were calculated as follows:



	Years Ended November 30,
(In thousands, except per share amounts)	2015		2014	2013
Numerator:
Net earnings attributable to Lennar	$	802,894	638,916	479,674
Less: distributed earnings allocated to nonvested shares	361		414	458
Less: undistributed earnings allocated to nonvested shares	8,371		7,379	6,356
Numerator for basic earnings per share	794,162		631,123	472,860
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1)	4,120		—	—
Plus: interest on 3.25% convertible senior notes due 2021 and 2.00% convertible senior notes due 2020 (2)	7,928		7,928	11,302
Plus: undistributed earnings allocated to convertible shares	8,371		7,379	6,356
Less: undistributed earnings reallocated to convertible shares	7,528		6,632	5,506
Numerator for diluted earnings per share	$	798,813	639,798	485,012
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	205,189		202,209	190,473
Effect of dilutive securities:
Shared based payments	9		8	254
Convertible senior notes	25,614		26,023	35,193
Denominator for diluted earnings per share - weighted average common shares outstanding	230,812		228,240	225,920
Basic earnings per share	$	3.87	3.12	2.48
Diluted earnings per share	$	3.46	2.80	2.15

(1)

During the year ended November 30, 2015, Rialto adopted the Plan which provides participants in the Plan an equity interest in a Rialto subsidiary that entitles them to a specified percentages of distributions made to a Rialto subsidiary from real estate funds or other investment vehicles managed by the Rialto subsidiary. Some Rialto employees may receive up to 40% of the distributions received by the Rialto subsidiary (see Note 8). The amount presented above represents the difference between the advanced tax distributions received by Rialto's subsidiary and the amount Lennar, as the parent company, is assumed to own.


(2)	Interest on the 2.00% convertible senior notes due 2020 was included for the year ended November 30, 2013 because the holders of the 2.00% convertible senior notes due 2020 converted the notes into shares of Class A common stock on November 30, 2013.

For the years ended November 30, 2015, 2014 and 2013, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.