Stockholders’ Equity

A summary of changes in stockholders’ equity is presented below (in thousands):



	Nine Months Ended August 31, 2017
	Number of Shares
	Common Stock	Grantor Stock Ownership Trust		Treasury Stock		Common Stock		Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Grantor Stock Ownership Trust			Treasury Stock			Total Stockholders’ Equity
Balance at November 30, 2016	116,224	(9,432	)	(21,720	)	$	116,224	$	696,938		$	1,563,742		$	(16,057	)	$	(102,300	)	$	(535,402	)	$	1,723,145
Net income	—	—		—		—		—			96,249			—			—			—			96,249
Dividends on common stock	—	—		—		—		—			(6,479		)	—			—			—			(6,479		)
Employee stock options/other	1,205	—		—		1,205		19,472			—			—			—			—			20,677
Stock awards	69	279		27		69		(3,767		)	—			—			3,021			677			—
Stock-based compensation	—	—		—		—		9,893			—			—			—			—			9,893
Stock repurchases	—	—		(152	)	—		—			—			—			—			(2,543		)	(2,543		)
Balance at August 31, 2017	117,498	(9,153	)	(21,845	)	$	117,498	$	722,536		$	1,653,512		$	(16,057	)	$	(99,279	)	$	(537,268	)	$	1,840,942

We maintain an account with our transfer agent to reserve the maximum number of shares of our common stock potentially deliverable upon conversion to holders of the 1.375% Convertible Senior Notes due 2019 based on the terms of their governing instruments. Accordingly, the common stock reserve account had a balance of 12,602,735 shares at August 31, 2017. The maximum number of shares would potentially be deliverable to holders only in certain limited circumstances as set forth in the governing instruments.

On February 15, 2017, the management development and compensation committee of our board of directors approved the payout of PSUs that were granted to certain employees on October 10, 2013. The 278,460 shares of our common stock that were granted under the terms of PSUs that vested in 2017 included an aggregate of 125,460 additional shares above the target amount awarded to the eligible recipients based on our achieving certain levels of average return on equity performance and revenue growth performance relative to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2013 through November 30, 2016.

As of August 31, 2017, we were authorized to repurchase 1,627,000 shares of our common stock under a board approved share repurchase program. We did not repurchase any of our common stock under this program in the nine months ended August 31, 2017.

During the nine months ended August 31, 2017, we repurchased 152,569, or $2.5 million, of previously issued shares delivered to us by employees to satisfy withholding taxes on the vesting of restricted stock and PSU awards as well as shares forfeited by individuals upon their termination of employment. These transactions were not considered repurchases under the above-described board of directors authorization.

During each of the three-month periods ended August 31, 2017 and 2016, our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock. Quarterly cash dividends declared and paid during the nine months ended August 31, 2017 and 2016 totaled $.075 per share of common stock.