Stockholders' Equity

6 Months Ended

Mar. 31, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

D.R. Horton has an automatically effective universal shelf registration statement, filed with the SEC in July 2021, registering debt and equity securities that it may issue from time to time in amounts to be determined.

In April 2022, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock. During the six months ended March 31, 2023, the Company repurchased 4.5 million shares at a total cost including commissions and excise taxes of $421.3 million, leaving $17.0 million remaining on the repurchase authorization at March 31, 2023. In April 2023, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock, replacing the previous authorization. The authorization has no expiration date.

During each of the first two quarters of fiscal 2023, the Board of Directors approved a quarterly cash dividend of $0.25 per common share, the most recent of which was paid on February 14, 2023 to stockholders of record on February 7, 2023. In April 2023, the Board of Directors approved a quarterly cash dividend of $0.25 per common share, payable on May 10, 2023 to stockholders of record on May 3, 2023. Cash dividends of $0.225 per common share were approved and paid in each quarter of fiscal 2022.

Forestar has an effective shelf registration statement, filed with the SEC in October 2021, registering $750 million of equity securities, of which $300 million was reserved for sales under its at-the-market equity offering (ATM) program that became effective in November 2021. During the six months ended March 31, 2023, there were no shares issued under Forestar’s ATM program. At March 31, 2023, $748.2 million remained available for issuance under Forestar’s shelf registration statement, of which $298.2 million was reserved for sales under its ATM program.