Earnings Per Share (Tables)

6 Months Ended

May 31, 2020

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)	2020		2019	2020	2019
Numerator:
Net earnings attributable to Lennar	$	517,406	421,472	915,858	661,382
Less: distributed earnings allocated to nonvested shares	357		94	690	193
Less: undistributed earnings allocated to nonvested shares	5,931		3,063	9,962	4,987
Numerator for basic earnings per share	511,118		418,315	905,206	656,202
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1)	3,322		3,331	3,322	3,654



Numerator for diluted earnings per share	$	507,796	414,984	901,884	652,548
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	308,373		320,329	309,793	320,834
Effect of dilutive securities:
Shared based payments	—		1	1	6

Denominator for diluted earnings per share - weighted average common shares outstanding	308,373		320,330	309,794	320,840
Basic earnings per share	$	1.66	1.31	2.92	2.05
Diluted earnings per share	$	1.65	1.30	2.91	2.03

(1)The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.