LENNAR CORP /NEW/ Earnings Per Share Disclosure
| For the Years Ended November 30, | |||||||||||||||||
| (In thousands, except per share amounts) | 2025 | 2024 | 2023 | ||||||||||||||
| Numerator: | |||||||||||||||||
| Net earnings attributable to Lennar | $ | 2,078,179 | 3,932,533 | 3,938,511 | |||||||||||||
| Less: distributed earnings allocated to nonvested shares | 5,072 | 4,980 | 5,514 | ||||||||||||||
| Less: undistributed earnings allocated to nonvested shares | 15,024 | 33,843 | 43,022 | ||||||||||||||
| Numerator for basic and diluted earnings per share | $ | 2,058,083 | 3,893,710 | 3,889,975 | |||||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic and diluted earnings per share - weighted average common shares outstanding | 257,746 | 272,019 | 283,319 | ||||||||||||||
| Basic and diluted earnings per share | $ | 7.98 | 14.31 | 13.73 | |||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 28, 2026 | Showing above |
| 2024 | Jan 23, 2025 | |
| 2023 | Jan 26, 2024 | |
| 2022 | Jan 26, 2023 | |
| 2021 | Jan 28, 2022 | |
| 2020 | Jan 22, 2021 | |
| 2019 | Jan 27, 2020 | |
| 2018 | Jan 28, 2019 | |
| 2017 | Jan 25, 2018 | |
| 2016 | Jan 20, 2017 | |
| 2015 | Jan 22, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.