Stockholders’ Equity

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



	Three Months Ended February 28, 2018
	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, 2017	117,946	(8,898	)	(22,021	)	$	117,946	$	727,483		$	1,735,695		$	(16,924	)	$	(96,509	)	$	(541,380	)	$	1,926,311
Net loss	—	—		—		—		—			(71,255		)	—			—			—			(71,255		)
Dividends on common stock	—	—		—		—		—			(2,322		)	—			—			—			(2,322		)
Employee stock options/other	268	—		—		268		2,678			—			—			—			—			2,946
Stock awards	—	438		(10	)	—		(4,551		)	—			—			4,749			(198		)	—
Stock-based compensation	—	—		—		—		3,829			—			—			—			—			3,829
Stock repurchases	—	—		(217	)	—		—			—			—			—			(6,787		)	(6,787		)
Balance at February 28, 2018	118,214	(8,460	)	(22,248	)	$	118,214	$	729,439		$	1,662,118		$	(16,924	)	$	(91,760	)	$	(548,365	)	$	1,852,722

We maintain 12,602,735 shares of our common stock to meet conversions of our 1.375% Convertible Senior Notes due 2019 if and when they occur. This represents the maximum number of shares of our common stock potentially deliverable upon conversion to holders of our 1.375% Convertible Senior Notes due 2019 based on the terms of their governing instruments. The maximum number of shares would potentially be deliverable to holders only in certain limited circumstances as set forth in the instruments governing these notes.

On February 14, 2018, the management development and compensation committee of our board of directors approved the payout of 437,689 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 9, 2014. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on average return on invested capital and cumulative earnings per share, and revenue growth relative to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2014 through November 30, 2017. Of the shares of common stock paid out, 217,006 shares or $6.8 million, were purchased by us to satisfy the recipients’ withholding taxes on the vesting of the PSUs. The shares purchased were not considered repurchases under the authorizations described below.

As of February 28, 2018, we were authorized to repurchase 1,627,000 shares of our common stock under a board of directors approved share repurchase program. We did not repurchase any of our common stock under this program in the three months ended February 28, 2018.

Unrelated to the share repurchase program, our board of directors authorized in 2014 the repurchase of not more than 680,000 shares of our outstanding common stock solely as necessary for director compensation elections with respect to settling outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. As of February 28, 2018, we have not repurchased any shares pursuant to the board of directors authorization.

During each of the three-month periods ended February 28, 2018 and 2017, our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock.