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Stockholders' Equity
 6 Months Ended
May 31, 2019
Equity [Abstract]  
Stockholders' Equity
Stockholders' Equity
The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the six months ended May 31, 2019 and 2018:
 
 
 
Stockholders’ Equity
 
 
(In thousands)
Total
Equity
 
Class A
Common Stock
 
Class B
Common Stock
 
Additional
Paid - in Capital
 
Treasury
Stock
 
Accumulated Other Comprehensive Income (Loss)
 
Retained
Earnings
 
Noncontrolling
Interests
Balance at November 30, 2018
$
14,682,957

 
29,499

 
3,944

 
8,496,677

 
(435,869
)
 
(366
)
 
6,487,650

 
101,422

Net earnings (including net loss attributable to noncontrolling interests)
658,293

 
—

 
—

 
—

 
—

 
—

 
661,382

 
(3,089
)
Employee stock and directors plans
(691
)
 
4

 
—

 
1,761

 
(2,456
)
 
—

 
—

 
—

Purchases of treasury stock
(98,781
)
 
—

 
—

 
—

 
(98,781
)
 
—

 
—

 
—

Amortization of restricted stock
31,390

 
—

 
—

 
31,390

 
—

 
—

 
—

 
—

Cash dividends
(25,877
)
 
—

 
—

 
—

 
—

 
—

 
(25,877
)
 
—

Receipts related to noncontrolling interests
8,937

 
—

 
—

 
—

 
—

 
—

 
—

 
8,937

Payments related to noncontrolling interests
(23,317
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(23,317
)
Non-cash consolidations, net
8,894

 
—

 
—

 
—

 
—

 
—

 
—

 
8,894

Cumulative-effect of accounting change (see Note 1 to the Notes to the Condensed Consolidated Financial Statements)
9,753

 
—

 
—

 
—

 
—

 
—

 
9,753

 
—

Non-cash activity related to noncontrolling interests
(5,616
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(5,616
)
Total other comprehensive income, net of tax
593

 
—

 
—

 
—

 
—

 
593

 
—

 
—

Balance at May 31, 2019
$
15,246,535

 
29,503

 
3,944

 
8,529,828

 
(537,106
)
 
227

 
7,132,908

 
87,231

 
 
 
Stockholders’ Equity
 
 
(In thousands)
Total
Equity
 
Class A
Common Stock
 
Class B
Common Stock
 
Additional
Paid - in Capital
 
Treasury
Stock
 
Accumulated Other Comprehensive Income (Loss)
 
Retained
Earnings
 
Noncontrolling
Interests
Balance at November 30, 2017
$
7,986,132

 
20,543

 
3,769

 
3,142,013

 
(136,020
)
 
1,034

 
4,840,978

 
113,815

Net earnings (including net earnings attributable to noncontrolling interests)
451,666

 
—

 
—

 
—

 
—

 
—

 
446,472

 
5,194

Employee stock and directors plans
(24,205
)
 
57

 
—

 
4,266

 
(28,532
)
 
—

 
4

 
—

Stock issuance in connection with CalAtlantic acquisition
5,070,006

 
8,408

 
168

 
5,061,430

 
—

 
—

 
—

 
—

Conversion of convertible senior notes to Class A common stock
217,154

 
365

 
7

 
216,782

 
—

 
—

 
—

 
—

Amortization of restricted stock
33,720

 
—

 
—

 
33,720

 
—

 
—

 
—

 
—

Cash dividends
(22,780
)
 
—

 
—

 
—

 
—

 
—

 
(22,780
)
 
—

Receipts related to noncontrolling interests
3,882

 
—

 
—

 
—

 
—

 
—

 
—

 
3,882

Payments related to noncontrolling interests
(30,412
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(30,412
)
Non-cash activity to noncontrolling interests
15,080

 
—

 
—

 
—

 
—

 
—

 
—

 
15,080

Total other comprehensive loss, net of tax
(1,373
)
 
—

 
—

 
—

 
—

 
(1,373
)
 
—

 
—

Balance at May 31, 2018
$
13,698,870

 
29,373

 
3,944

 
8,458,211

 
(164,552
)
 
(339
)
 
5,264,674

 
107,559


On April 10, 2019, the Company's Board of Directors declared a quarterly cash dividend of $0.04 per share on both of its Class A and Class B common stock, payable on May 8, 2019 to holder of record at the close of business on April 24, 2019. On June 26, 2019, the Company's Board of Directors declared a quarterly cash dividend of $0.04 per share on both of its Class A and Class B common stock, payable on July 25, 2019 to holder of record at the close of business on July 11, 2019. The
Company approved and paid cash dividends of $0.04 per share for both its Class A and Class B common stock in each quarter for the year ended November 30, 2018.
In January 2019, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, or 25 million in shares of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. During the three months ended May 31, 2019, under this repurchase program, the Company repurchased one million shares of its Class A common stock for approximately $51.8 million at an average share price of $51.76. During the six months ended May 31, 2019, under this repurchase program, the Company repurchased two million shares of its Class A common stock for approximately $98.8 million at an average share price of $49.37.