What is the ruling on praying the two rak'ahs of Eid while the imam is delivering the the sermon?

The Eid prayers are a collective obligation (fard kifaya). Whoever misses the prayer with the Imam is recommended to make it up (qada'), performing it in its prescribed manner without a sermon afterward. This is the view of Imam Malik, Ash-Shafi'i, Ahmad, An-Nakh'i, and others. The evidence for this is the hadith: "Whatever you catch, pray, and whatever you miss, complete." This is also supported by what was reported from Anas concerning this matter. It is recommended for one who is present while the Imam is delivering the sermon to listen, and then perform the prayer afterward, thereby combining both benefits.