Stockholders' Equity

3 Months Ended

Feb. 28, 2022

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, 2022 and 2021:


			Three Months Ended February 28, 2022
(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, 2021	$	20,996,282	30,050	3,944	8,807,891	(2,709,448)	(1,341)	14,685,329	179,857
Net earnings (including net earnings attributable to noncontrolling interests)	509,315		—	—	—	—	—	503,581	5,734
Employee stock and directors plans	(54,886)		193	—	(140)	(54,939)	—	—	—
Purchases of treasury stock	(526,361)		—	—	—	(526,361)	—	—	—




Amortization of restricted stock	81,457		—	—	81,457	—	—	—	—
Cash dividends	(110,122)		—	—	—	—	—	(110,122)	—

Receipts related to noncontrolling interests	6,984		—	—	—	—	—	—	6,984
Payments related to noncontrolling interests	(59,388)		—	—	—	—	—	—	(59,388)
Non-cash purchase or activity of noncontrolling interests, net	1,124		—	—	(34,057)	—	—	—	35,181



Total other comprehensive income, net of tax	3,027		—	—	—	—	3,027	—	—
Balance at February 28, 2022	$	20,847,432	30,243	3,944	8,855,151	(3,290,748)	1,686	15,078,788	168,368


			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 Income (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

On February 10, 2022, the Company paid cash dividends of $0.375 per share on both its Class A and Class B common stock to holders of record at the close of business on January 27, 2022, as declared by its Board of Directors on January 12, 2022. The Company approved and paid cash dividends of $0.250 per share for each of the four quarters of 2021 on both its Class A and Class B common stock.

In October 2021, the Company's Board of Directors authorized an increase to the Company's stock repurchase program to enable the Company to repurchase up to the lesser of an additional $1 billion in value or 25 million in shares, of its outstanding Class A or Class B common stock. As a result of prior authorizations being almost exhausted, in March 2022, the Company's Board of Directors approved an additional authorization for the Company to repurchase up to the lesser of $2 billion in value, or 30 million in shares, of its outstanding Class A or Class B common stock. The repurchase authorization has no expiration date. The following table represents the repurchases of the Company's Class A and Class B common stocks under the authorized repurchase programs for the three months ended February 28, 2022 and 2021:


	Three Months Ended
	February 28,
	2022				2021
(Dollars in thousands, except price per share)	Class A		Class B		Class A		Class B
Shares repurchased	4,616,000		652,000		510,000		—
Total purchase price	$	472,924	$	53,331	$	43,100	$	—
Average price per share	$	102.45	$	81.80	$	84.51	$	—