Lennar Corporation (LEN) drops its fourth-quarter earnings report on Tuesday after the closing bell, and if you're into homebuilder stocks, this one comes with a dividend angle worth exploring.

Analysts are expecting quarterly earnings of $2.18 per share, which represents a pretty significant drop from the $4.03 per share Lennar posted in the same quarter last year. Revenue estimates sit at $9.13 billion, down from last year's $9.95 billion.

The analyst community has mixed feelings. On Dec. 8, Barclays analyst Matthew Bouley downgraded Lennar from Equal-Weight to Underweight, though he did bump the price target up from $95 to $98. So there's that.

But here's where things get interesting for income-focused investors. Lennar currently pays an annual dividend yield of 1.68%, which breaks down to 50 cents per share every quarter, or $2.00 annually. Not exactly a dividend aristocrat, but it's something to work with.

So let's answer the question everyone's actually wondering: how much would you need to invest to pocket a clean $500 every month from Lennar dividends?

The math is straightforward. To generate $500 per month, or $6,000 annually, you'd need approximately $358,110 invested, which translates to around 3,000 shares. If you're thinking smaller—say $100 per month or $1,200 per year—you'd need about $71,622, or roughly 600 shares.

Here's how to calculate it yourself: Take your desired annual income ($6,000 or $1,200) and divide it by the annual dividend payment ($2.00). So $6,000 divided by $2.00 equals 3,000 shares needed for $500 monthly. And $1,200 divided by $2.00 equals 600 shares for $100 monthly.

Now, one important caveat: dividend yields aren't static. They fluctuate based on two moving parts—the dividend payment itself and the stock price.

Understanding the mechanics: Dividend yield is calculated by dividing the annual dividend payment by the current stock price.

Think of it this way. If a stock pays a $2 annual dividend and trades at $50, the yield is 4% ($2 divided by $50). But if that stock price climbs to $60, the yield drops to 3.33% ($2 divided by $60). Flip it around—if the price falls to $40, the yield jumps to 5% ($2 divided by $40).

The dividend payment side matters too. When companies increase dividends, yields go up (assuming the stock price holds steady). Cut the dividend, and the yield shrinks accordingly.

Recent Price Action: Shares of Lennar edged up 0.2% to close at $119.37 on Friday.