Earnings Per Share

12 Months Ended

Nov. 30, 2024

Basic and diluted earnings per share were calculated as follows:


	Years Ended November 30,
(In thousands, except per share amounts)	2024		2023	2022
Numerator:
Net earnings attributable to Lennar	$	3,932,533	3,938,511	4,614,125
Less: distributed earnings allocated to nonvested shares	4,980		5,514	4,471
Less: undistributed earnings allocated to nonvested shares	33,843		43,022	47,509
Numerator for basic earnings per share	3,893,710		3,889,975	4,562,145
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1)	—		—	4,919




Numerator for diluted earnings per share	$	3,893,710	3,889,975	4,557,226
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding	272,019		283,319	289,824



Denominator for diluted earnings per share - weighted average common shares outstanding	272,019		283,319	289,824
Basic earnings per share	$	14.31	13.73	15.74
Diluted earnings per share	$	14.31	13.73	15.72

(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.

For the years ended November 30, 2024, 2023 and 2022, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.