Earnings Per Share (Tables)

9 Months Ended

Aug. 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			Nine Months Ended
	August 31,			August 31,
(In thousands, except per share amounts)	2016		2015	2016	2015
Numerator:
Net earnings attributable to Lennar	$	235,842	223,312	598,391	521,291
Less: distributed earnings allocated to nonvested shares	81		91	256	271
Less: undistributed earnings allocated to nonvested shares	2,232		2,313	5,798	5,431
Numerator for basic earnings per share	233,529		220,908	592,337	515,589
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1)	258		1,044	864	2,842
Plus: interest on 3.25% convertible senior notes due 2021	964		1,982	4,836	5,946
Plus: undistributed earnings allocated to convertible shares	2,232		2,313	5,797	5,430
Less: undistributed earnings reallocated to convertible shares	2,162		2,093	5,484	4,870
Numerator for diluted earnings per share	$	234,305	222,066	596,622	519,253
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	223,549		206,439	215,814	204,120
Effect of dilutive securities:
Share-based payments	3		7	4	9
Convertible senior notes	8,266		24,102	14,399	26,506
Denominator for diluted earnings per share - weighted average common shares outstanding	231,818		230,548	230,217	230,635
Basic earnings per share	$	1.04	1.07	2.74	2.53
Diluted earnings per share	$	1.01	0.96	2.59	2.25

(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.