Stockholders' Equity (Tables)

3 Months Ended

Feb. 28, 2025

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, 2025 and February 29, 2024:


	Three Months Ended February 28, 2025
(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, 2024	$	28,021,225	25,998	3,660	5,729,434	(3,649,564)	7,529	25,753,078	151,090
Net earnings (including net earnings attributable to noncontrolling interests)	528,713		—	—	—	—	—	519,526	9,187
Employee stock and directors plans	(64,393)		135	—	232	(64,760)	—	—	—

Purchases of treasury stock	(709,715)		—	—	—	(709,715)	—	—	—




Amortization of restricted stock	84,085		—	—	84,085	—	—	—	—
Cash dividends	(131,646)		—	—	—	—	—	(131,646)	—

Receipts related to noncontrolling interests	11,328		—	—	—	—	—	—	11,328
Payments related to noncontrolling interests	(5,389)		—	—	—	—	—	—	(5,389)
Millrose Properties, Inc. spin-off	(4,838,827)		—	—	—	—	—	(4,838,827)	—
Non-cash purchase or activity of noncontrolling interests, net	(27,859)		—	—	(949)	—	—	—	(26,910)



Total other comprehensive loss, net of tax	(178)		—	—	—	—	(178)	—	—
Balance at February 28, 2025	$	22,867,344	26,133	3,660	5,812,802	(4,424,039)	7,351	21,302,131	139,306


	Three Months Ended February 29, 2024
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Income	Retained Earnings	Noncontrolling Interests
Balance at November 30, 2023	$	26,701,966	25,848	3,660	5,570,009	(1,393,100)	4,879	22,369,368	121,302
Net earnings (including net earnings attributable to noncontrolling interests)	719,921		—	—	—	—	—	719,334	587
Employee stock and directors plans	(83,473)		135	—	(65)	(83,543)	—	—	—

Purchases of treasury stock	(511,557)		—	—	—	(511,557)	—	—	—



Amortization of restricted stock	87,680		—	—	87,680	—	—	—	—
Cash dividends	(139,387)		—	—	—	—	—	(139,387)	—

Receipts related to noncontrolling interests	5,796		—	—	—	—	—	—	5,796
Payments related to noncontrolling interests	(1,979)		—	—	—	—	—	—	(1,979)

Non-cash purchase or activity of noncontrolling interests, net	(1,399)		—	—	(5,788)	—	—	—	4,389


Total other comprehensive income, net of tax	362		—	—	—	—	362	—	—
Balance at February 29, 2024	$	26,777,930	25,983	3,660	5,651,836	(1,988,200)	5,241	22,949,315	130,095

The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:


	Three Months Ended

	February 28, 2025				February 29, 2024
(Dollars in thousands, except price per share amounts)	Class A		Class B		Class A		Class B
Shares repurchased	4,770,000		458,805		3,026,128		373,872
Total purchase price	$	644,618	$	58,121	$	454,788	$	51,637
Average price per share	$	135.14	$	126.68	$	150.29	$	138.11