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Stockholders' Equity
 3 Months Ended
Feb. 29, 2020
Equity [Abstract]  
Stockholders’ Equity
Stockholders’ Equity
A summary of changes in stockholders’ equity is presented below (in thousands):
 
Three Months Ended February 29, 2020 and February 28, 2019
 
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, 2019
121,593

 
(7,631
)
 
(24,356
)
 
$
121,593

 
$
793,954

 
$
2,157,183

 
$
(15,506
)
 
$
(82,758
)
 
$
(591,344
)
 
$
2,383,122

Cumulative effect of adoption of ASC 842
—

 
—

 
—

 
—

 
—

 
1,510

 
—

 
—

 
—

 
1,510

Reclassification of stranded tax effects (ASU 2018-02)
—

 
—

 
—

 
—

 
—

 
1,643

 
(1,643
)
 
—

 
—

 
—

Net income
—

 
—

 
—

 
—

 
—

 
59,748

 
—

 
—

 
—

 
59,748

Dividends on common stock
—

 
—

 
—

 
—

 
—

 
(8,233
)
 
—

 
—

 
—

 
(8,233
)
Employee stock options/other
698

 
—

 
—

 
698

 
7,528

 
—

 
—

 
—

 
—

 
8,226

Stock awards
—

 
314

 
(15
)
 
—

 
(3,012
)
 
—

 
—

 
3,399

 
(387
)
 
—

Stock-based compensation
—

 
—

 
—

 
—

 
4,950

 
—

 
—

 
—

 
—

 
4,950

Tax payments associated with stock-based compensation awards
—

 
—

 
(155
)
 
—

 
—

 
—

 
—

 
—

 
(6,219
)
 
(6,219
)
Balance at February 29, 2020
122,291

 
(7,317
)
 
(24,526
)
 
$
122,291

 
$
803,420

 
$
2,211,851

 
$
(17,149
)
 
$
(79,359
)
 
$
(597,950
)
 
$
2,443,104

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at November 30, 2018
119,196

 
(8,157
)
 
(24,113
)
 
$
119,196

 
$
753,570

 
$
1,897,168

 
$
(9,565
)
 
$
(88,472
)
 
$
(584,397
)
 
$
2,087,500

Cumulative effect of adoption of ASC 606
—

 
—

 
—

 
—

 
—

 
11,610

 
—

 
—

 
—

 
11,610

Net income
—

 
—

 
—

 
—

 
—

 
30,011

 
—

 
—

 
—

 
30,011

Dividends on common stock
—

 
—

 
—

 
—

 
—

 
(2,266
)
 
—

 
—

 
—

 
(2,266
)
Employee stock options/other
62

 
—

 
—

 
62

 
770

 
—

 
—

 
—

 
—

 
832

Stock awards
—

 
297

 
(4
)
 
—

 
(3,151
)
 
—

 
—

 
3,226

 
(75
)
 
—

Stock-based compensation
—

 
—

 
—

 
—

 
4,152

 
—

 
—

 
—

 
—

 
4,152

Tax payments associated with stock-based compensation awards
—

 
—

 
(147
)
 
—

 
—

 
—

 
—

 
—

 
(3,342
)
 
(3,342
)
Balance at February 28, 2019
119,258

 
(7,860
)
 
(24,264
)
 
$
119,258

 
$
755,341

 
$
1,936,523

 
$
(9,565
)
 
$
(85,246
)
 
$
(587,814
)
 
$
2,128,497


On February 20, 2020, the management development and compensation committee of our board of directors approved the payout of 313,246 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 6, 2016. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on cumulative earnings per share, average return on invested capital, and revenue growth relative to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2016 through November 30, 2019. Of the shares of common stock paid out, 155,307 shares or $6.2 million, were purchased by us in the 2020 first quarter 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 29, 2020, we were authorized to repurchase 2,193,947 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 29, 2020.
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, and also authorized potential future grants of up to 680,000 stock payment awards under the KB Home 2014 Equity Incentive Plan (“2014 Plan”), in each case solely as necessary for director elections in respect of outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. The 2014 Plan was amended in April 2016. As of February 29, 2020, we have not repurchased any shares and no stock payment awards have been granted under the 2014 Plan, as amended, pursuant to the respective board of directors’ authorizations.
During the three-month period ended February 29, 2020, our board of directors declared, and we paid, a quarterly cash dividend of $.090 per share of common stock. During the three-month period ended February 28, 2019, our board of directors declared, and we paid, a quarterly cash dividend of $.025 per share of common stock.