Stockholders' Equity

12 Months Ended

Sep. 30, 2014

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

The Company has an automatically effective universal shelf registration statement, filed with the SEC in September 2012, registering debt and equity securities that it may issue from time to time in amounts to be determined. At September 30, 2014, the Company had 371,786,765 shares of common stock issued and 364,586,694 shares outstanding. No shares of preferred stock were issued or outstanding. At September 30, 2014, the Company had 23.2 million and 3.5 million shares of common stock reserved for issuance pursuant to the D.R. Horton, Inc. Stock Incentive Plans and Employee Stock Purchase Plan, respectively.

During April and May of 2014, the Company's outstanding 2% convertible senior notes were converted into 38.6 million shares of the Company's common stock. The conversion rate was 77.18004 shares of the Company's common stock per $1,000 principal amount of senior notes, which was equivalent to a conversion price of approximately $12.96 per share of common stock.

Effective August 1, 2014, the Board of Directors authorized the repurchase of up to $100 million of the Company’s common stock effective through July 31, 2015. All of the $100 million authorization was remaining at September 30, 2014.

The Board of Directors approved and paid cash dividends of $0.0375 per common share in each of the second and third quarters of fiscal 2014 and a cash dividend of $0.0625 per common share in the fourth quarter of fiscal 2014. In November 2014, the Board of Directors approved a cash dividend of $0.0625 per common share, payable on December 15, 2014, to stockholders of record on December 1, 2014.

During the first quarter of fiscal 2013, the Board of Directors approved and paid total cash dividends of $0.1875 per common share, which included cash dividends of $0.0375 per share and an additional cash dividend of $0.15 per share. The cash dividend of $0.15 per share was in lieu of and accelerated the payment of all quarterly dividends that the Company would have otherwise paid in calendar year 2013.