Earnings Per Share (Tables)

6 Months Ended

May 31, 2026

Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):


	Three Months Ended May 31,				Six Months Ended May 31,
	2026		2025		2026		2025
Numerator:
Net income	$	27,349	$	107,883	$	60,773	$	217,440
Less: Distributed earnings allocated to participating securities	(72)		(114)		(149)		(228)
Less: Undistributed earnings allocated to participating securities	(56)		(588)		(134)		(1,161)
Numerator for basic earnings per share	27,221		107,181		60,490		216,051
Effect of dilutive securities:

Add: Undistributed earnings allocated to participating securities	56		588		134		1,161
Less: Undistributed earnings reallocated to participating securities	(55)		(578)		(132)		(1,139)
Numerator for diluted earnings per share	$	27,222	$	107,191	$	60,492	$	216,073



Denominator:
Weighted average shares outstanding — basic	61,789		69,976		62,214		70,745
Effect of dilutive securities:
Share-based payments	944		1,250		1,005		1,363
Weighted average shares outstanding — diluted	62,733		71,226		63,219		72,108
Basic earnings per share	$	.44	$	1.53	$	.97	$	3.05
Diluted earnings per share	$	.43	$	1.50	$	.96	$	3.00

KB HOME 10-Q