Earnings Per Share

3 Months Ended

Feb. 28, 2025

Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) is considered participating securities.

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended

(In thousands, except per share amounts)	February 28, 2025		February 29, 2024
Numerator:
Net earnings attributable to Lennar	$	519,526	719,334
Less: distributed earnings allocated to nonvested shares	955		1,023
Less: undistributed earnings allocated to nonvested shares	3,862		5,877
Numerator for basic and diluted earnings per share	514,709		712,434





Denominator:
Denominator for basic and diluted earnings per share - weighted average common shares outstanding	262,733		276,946




Basic and diluted earnings per share	$	1.96	2.57

For both the three months ended February 28, 2025 and February 29, 2024, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.