Share-Based Payments

12 Months Ended

Nov. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Compensation expense related to the Company’s share-based awards was as follows:



	Years ended November 30,
(In thousands)	2015		2014	2013
Nonvested shares	$	43,742	40,581	33,559
Stock options (1)	131		137	130
Total compensation expense for share-based awards	$	43,873	40,718	33,689


(1)	Stock options expense relates to stock option awards granted to Lennar's non-employee directors in each of the years presented. The fair value of these stock option awards was estimated on the date of grant using a Black-Scholes option-pricing model.

Cash flows resulting from tax benefits related to tax deductions in excess of the compensation expense recognized are classified as financing cash flows. For the years ended November 30, 2015, 2014 and 2013 there was $0.1 million, $7.5 million and $10.1 million, respectively, of excess tax benefits from share-based awards.

The fair value of nonvested shares is determined based on the trading price of the Company’s common stock on the grant date. The weighted average fair value of nonvested shares granted during the years ended November 30, 2015, 2014 and 2013 was $49.01, $41.89 and $35.04, respectively. A summary of the Company’s nonvested shares activity for the year ended November 30, 2015 was as follows:



	Shares		Weighted Average Grant Date Fair Value
Nonvested shares at November 30, 2014	2,289,126		$	37.38
Grants	1,186,960		$	49.01
Vested	(1,180,977	)	$	35.79
Forfeited	(43,556	)	$	39.66
Nonvested shares at November 30, 2015	2,251,553		$	44.30

At November 30, 2015, there was $79.7 million of unrecognized compensation expense related to unvested share-based awards granted under the Company’s share-based payment plan, all of which relates to nonvested shares with a weighted average remaining contractual life of 2.1 years. During both the years ended November 30, 2015 and 2014, 1.2 million nonvested shares were vested. For the year ended November 30, 2013, 1.3 million nonvested shares were vested. For the year ended November 30, 2015, the Company recorded no excess tax benefit related to vested shares. For the years ended November 30, 2014 and 2013, the Company recorded an excess tax benefit related to vested shares of $7.4 million and $6.9 million, respectively.