Stockholders' Equity

3 Months Ended

Feb. 28, 2021

The following tables reflect 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 the three months ended February 28, 2021 and February 29, 2020:


			Three Months Ended February 28, 2021
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Noncontrolling Interests
Balance at November 30, 2020	$	18,099,401	29,894	3,944	8,676,056	(1,279,227)	(805)	10,564,994	104,545
Net earnings (including net earnings attributable to noncontrolling interests)	1,016,909		—	—	—	—	—	1,001,369	15,540
Employee stock and directors plans	(26,279)		153	—	(59)	(26,373)	—	—	—
Purchases of treasury stock	(43,110)		—	—	—	(43,110)	—	—	—



Amortization of restricted stock	48,818		—	—	48,818	—	—	—	—
Cash dividends	(77,843)		—	—	—	—	—	(77,843)	—
Receipts related to noncontrolling interests	8,896		—	—	—	—	—	—	8,896
Payments related to noncontrolling interests	(11,397)		—	—	—	—	—	—	(11,397)

Non-cash purchase or activity of noncontrolling interests, net	2,998		—	—	(623)	—	—	—	3,621



Total other comprehensive loss, net of tax	(942)		—	—	—	—	(942)	—	—
Balance at February 28, 2021	$	19,017,451	30,047	3,944	8,724,192	(1,348,710)	(1,747)	11,488,520	121,205


			Three Months Ended February 29, 2020
(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, 2019	$	16,033,830	29,712	3,944	8,578,219	(957,857)	498		8,295,001	84,313
Net earnings (including net loss attributable to noncontrolling interests)	391,223		—	—	—	—	—		398,452	(7,229)
Employee stock and directors plans	(7,424)		90	—	(130)	(7,384)	—		—	—
Purchases of treasury stock	(288,515)		—	—	—	(288,515)	—		—	—




Amortization of restricted stock	31,855		—	—	31,855	—	—		—	—
Cash dividends	(39,240)		—	—	—	—	—	—	(39,240)	—

Receipts related to noncontrolling interests	88,913		—	—	—	—	—		—	88,913
Payments related to noncontrolling interests	(16,734)		—	—	—	—	—		—	(16,734)
Non-cash consolidations, net	(485)		—	—	—	—	—		—	(485)



Total other comprehensive loss, net of tax	(46)		—	—	—	—	(46)		—	—
Balance at February 29, 2020	$	16,193,377	29,802	3,944	8,609,944	(1,253,756)	452		8,654,213	148,778

On February 12, 2021, the Company paid cash dividends of $0.25 per share on both its Class A and Class B common stock to holders of record at the close of business on January 29, 2021, as declared by its Board of Directors on January 14, 2021. The Company approved and paid cash dividends of $0.125 per share for each of the first three quarters of 2020 and $0.25 per share in the fourth quarter of 2020 on both its Class A and Class B common stock.

In January 2021, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, excluding commissions, or 25 million in shares, of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. The following table represents the repurchase of the Company's Class A and Class B common stocks under this program and its predecessor for the three months ended February 28, 2021 and February 29, 2020:


	Three Months Ended
	February 28, 2021				February 29, 2020
(Dollars in thousands, except price per share)	Class A		Class B		Class A		Class B
Shares repurchased	510,000		—		4,250,000		115,000
Principal	$	43,100	$	—	$	282,274	$	6,155
Average price per share	$	84.51	$	—	$	66.42	$	53.52