Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 56

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 56
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 years. The final outcome of these examinations is not yet determinable. The statute of limitations for the Company's major tax jurisdictions remains open for examination for 2019 and subsequent years.

6. Earnings Per Share

Basic and diluted earnings per share were calculated as follows:Years Ended November 30,(In thousands, except per share amounts)202420232022Numerator:Net earnings attributable to Lennar$3,932,533 3,938,511 4,614,125 Less: distributed earnings allocated to nonvested shares4,980 5,514 4,471 Less: undistributed earnings allocated to nonvested shares33,843 43,022 47,509 Numerator for basic earnings per share3,893,710 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 outstanding272,019 283,319 289,824 Denominator for diluted earnings per share - weighted average common shares outstanding272,019 283,319 289,824 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.

7. Financial Instruments and Fair Value Disclosures

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at November 30, 2024 and 2023, using available market information and what the Company believes to be 

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Table of ContentsLENNAR CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value