Stockholders' Equity

12 Months Ended

Sep. 30, 2019

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

The Company 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. On September 30, 2019, Forestar issued 6.0 million shares of its common stock for $17.50 per share in a public underwritten offering. Net proceeds to Forestar from this offering after deducting underwriting discounts and commissions and other expenses were $100.7 million. As a result of the issuance, D.R. Horton's ownership of Forestar's outstanding common shares decreased from 75% to approximately 66%. Following the offering, $394.3 million remains available for issuance under Forestar’s shelf registration statement.

At September 30, 2019, the Company had 392,172,821 shares of common stock issued and 368,431,454 shares outstanding. No shares of preferred stock were issued or outstanding.

During fiscal 2019, the Company repurchased 11.9 million shares of its common stock for $479.8 million. Effective July 30, 2019, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock, which replaced the previous authorization. The new authorization has no expiration date. Shares repurchased under the new authorization reduced the remaining authorization amount to $895.7 million at September 30, 2019.

The Board of Directors approved and paid quarterly cash dividends of $0.15 per common share and $0.125 per common share in fiscal 2019 and 2018, respectively. In November 2019, the Board of Directors approved a cash dividend of $0.175 per common share, payable on December 11, 2019, to stockholders of record on November 27, 2019.