Earnings Per Share (Tables)

6 Months Ended

May 31, 2016

Schedule of Calculation of Numerator and Denominator In Earnings Per Share

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)	2016		2015	2016	2015
Numerator:
Net earnings attributable to Lennar	$	218,469	183,016	362,549	297,979
Less: distributed earnings allocated to nonvested shares	86		89	175	180
Less: undistributed earnings allocated to nonvested shares	2,119		1,916	3,552	3,105
Numerator for basic earnings per share	216,264		181,011	358,822	294,694
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1)	396		—	598	—
Plus: interest on 3.25% convertible senior notes due 2021	1,889		1,982	3,872	3,964
Plus: undistributed earnings allocated to convertible shares	2,119		1,916	3,552	3,105
Less: undistributed earnings reallocated to convertible shares	1,987		1,705	3,321	2,774
Numerator for diluted earnings per share	$	217,889	183,204	362,327	298,989
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	213,601		202,991	211,947	202,961
Effect of dilutive securities:
Share-based payments	4		9	4	10
Convertible senior notes	16,312		28,041	17,466	27,708
Denominator for diluted earnings per share - weighted average common shares outstanding	229,917		231,041	229,417	230,679
Basic earnings per share	$	1.01	0.89	1.69	1.45
Diluted earnings per share	$	0.95	0.79	1.58	1.30

(1)

The amounts presented above relate to Rialto's Carried Interest Incentive Plan adopted in June 2015 (see Note 8) and 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.