Earnings Per Share

6 Months Ended

May 31, 2026

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			Six Months Ended
	May 31,			May 31,
(In thousands, except per share amounts)	2026		2025	2026	2025
Numerator:
Net earnings attributable to Lennar	$	304,772	477,449	534,155	996,975
Less: distributed earnings allocated to nonvested shares	3,051		2,973	4,221	3,929
Less: undistributed earnings allocated to nonvested shares	2,025		3,304	3,183	7,160
Numerator for basic and diluted earnings per share	299,696		471,172	526,751	985,886





Denominator:
Denominator for basic and diluted earnings per share - weighted average common shares outstanding	240,776		260,286	242,607	261,510




Basic and diluted earnings per share	$	1.24	1.81	2.17	3.77