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Stockholders' Equity
 9 Months Ended
Aug. 31, 2022
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
A summary of changes in stockholders’ equity is presented below (in thousands):
Three Months Ended August 31, 2022 and 2021
Number of Shares
Common
Stock		Grantor
Stock
Ownership
Trust		Treasury
Stock		Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossGrantor Stock
Ownership Trust		Treasury StockTotal Stockholders’ Equity
Balance at May 31, 2022100,711 (6,705)(6,840)$100,711 $834,883 $2,697,149 $(19,119)$(72,718)$(249,911)$3,290,995 
Net income— — — — — 255,329 — — — 255,329 
Dividends on common stock— — — — — (12,772)— — — (12,772)
Stock-based compensation— — — — 7,056 — — — — 7,056 
Stock repurchases— — (1,582)— — — — — (50,000)(50,000)
Balance at August 31, 2022100,711 (6,705)(8,422)$100,711 $841,939 $2,939,706 $(19,119)$(72,718)$(299,911)$3,490,608 
        
Balance at May 31, 2021100,151 (6,705)(1,303)$100,151 $836,353 $2,081,288 $(22,276)$(72,718)$(35,933)$2,886,865 
Net income— — — — — 150,097 — — — 150,097 
Dividends on common stock— — — — — (13,168)— — — (13,168)
Stock awards— — 3 — (87)— — — 87 — 
Stock-based compensation— — — — 6,114 — — — — 6,114 
Stock repurchases— — (4,669)— — — — — (188,175)(188,175)
Balance at August 31, 2021100,151 (6,705)(5,969)$100,151 $842,380 $2,218,217 $(22,276)$(72,718)$(224,021)$2,841,733 
Nine Months Ended August 31, 2022 and 2021
Number of Shares
Common
Stock		Grantor
Stock
Ownership
Trust		Treasury
Stock		Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossGrantor Stock
Ownership Trust		Treasury StockTotal Stockholders’ Equity
Balance at November 30, 2021100,711 (6,705)(5,785)$100,711 $848,620 $2,379,364 $(19,119)$(72,718)$(217,383)$3,019,475 
Net income— — — — — 600,256 — — — 600,256 
Dividends on common stock— — — — — (39,914)— — — (39,914)
Stock awards— — 785 — (29,625)— — — 29,625 — 
Stock-based compensation— — — — 22,944 — — — — 22,944 
Stock repurchases— — (3,102)— — — — — (100,000)(100,000)
Tax payments associated with stock-based compensation awards— — (320)— — — — — (12,153)(12,153)
Balance at August 31, 2022100,711 (6,705)(8,422)$100,711 $841,939 $2,939,706 $(19,119)$(72,718)$(299,911)$3,490,608 
Balance at November 30, 202099,869 (7,124)(1,107)$99,869 $824,306 $1,868,896 $(22,276)$(77,265)$(27,761)$2,665,769 
Cumulative effect of adoption of new accounting standard for credit losses— — — — — (226)— — — (226)
Net income— — — — — 390,512 — — — 390,512 
Dividends on common stock— — — — — (40,965)— — — (40,965)
Employee stock options/other238 — — 238 3,268 — — — — 3,506 
Stock awards44 419 15 44 (4,962)— — 4,547 371 — 
Stock-based compensation— — — — 19,768 — — — — 19,768 
Stock repurchases— — (4,669)— — — — — (188,175)(188,175)
Tax payments associated with stock-based compensation awards— — (208)— — — — — (8,456)(8,456)
Balance at August 31, 2021100,151 (6,705)(5,969)$100,151 $842,380 $2,218,217 $(22,276)$(72,718)$(224,021)$2,841,733 
    
On February 17, 2022, the management development and compensation committee of our board of directors approved the payout of 674,677 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 4, 2018. 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, 2018 through November 30, 2021. Of the shares of common stock paid out, 319,815 shares, or $12.2 million, were purchased by us in the 2022 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.
On April 7, 2022, our board of directors authorized us to repurchase up to $300.0 million of our outstanding common stock. This authorization replaced a prior board of directors authorization, which had 331,400 shares remaining for repurchase. In the 2022 third quarter, we repurchased 1,581,504 shares of our common stock on the open market pursuant to this authorization at a total cost of $50.0 million, bringing our total repurchases for the nine months ended August 31, 2022 to 3,101,150 shares of common stock at a total cost of $100.0 million. Repurchases under the new authorization may occur periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at management’s discretion and dependent on market, business and other conditions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by our board of directors, and does not obligate us to purchase any shares. As of August 31, 2022, we were authorized to repurchase up to $200.0 million of our outstanding common stock.
On April 7, 2022, our board of directors also terminated a separate stock repurchase authorization it made in 2014 for the repurchase of not more than 680,000 shares of our outstanding common stock, solely as necessary for director elections in respect of outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. As the remaining outstanding stock appreciation rights awards expired in April 2022, this stock repurchase authorization was no longer needed.
In the three-month periods ended August 31, 2022 and 2021, our board of directors declared, and we paid, a quarterly cash dividend on our common stock of $.15 per share. Quarterly dividends declared and paid during the nine-month periods ended August 31, 2022 and 2021 totaled $.45 per share.