Stockholders' Equity

9 Months Ended

Jun. 30, 2019

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

D.R. Horton has an automatically effective universal shelf registration statement, filed with the SEC in August 2018, registering debt and equity securities that it may issue from time to time in amounts to be determined. Forestar also has an effective shelf registration statement filed with the SEC in September 2018, registering $500 million of equity securities.

Effective August 1, 2018, the Board of Directors authorized the repurchase of up to $400 million of the Company’s common stock effective through September 30, 2019. The Company had a remaining authorization of $375.5 million at September 30, 2018. During the nine months ended June 30, 2019, the Company used its remaining authorization to repurchase 9.8 million shares of its common stock. In July 2019, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock effective July 30, 2019. The new authorization has no expiration date.

During each of the first three quarters of fiscal 2019, the Board of Directors approved and paid quarterly cash dividends of $0.15 per common share, the most recent of which was paid on May 28, 2019 to stockholders of record on May 13, 2019. In July 2019, the Board of Directors approved a quarterly cash dividend of $0.15 per common share, payable on August 26, 2019 to stockholders of record on August 12, 2019. Cash dividends of $0.125 per common share were approved and paid in each quarter of fiscal 2018.