Stockholders' Equity

6 Months Ended

Apr. 30, 2022

Stock Repurchase Program [Abstract]

Stockholders’ Equity

Stockholders’ Equity

Stock Repurchase Program

From time to time since fiscal 2017, our Board of Directors has renewed its authorization to repurchase up to 20 million shares of our common stock in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions. Most recently, on May 17, 2022, our Board of Directors renewed its authorization to repurchase 20 million shares of our common stock. Shares may be repurchased in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. The Board of Directors did not fix any expiration date for this repurchase program.

The table below provides, for the periods indicated, information about our share repurchase programs:

	Three months ended April 30,				Six months ended April 30,
	2022		2021		2022		2021
Number of shares purchased (in thousands)	2,205		5		5,219		4,032
Average price per share	$	48.30	$	55.11	$	56.01	$	44.56
Remaining authorization at April 30 (in thousands)	7,344		15,952		7,344		15,952

Cash Dividends

On March 8, 2022, our Board of Directors approved an increase in our quarterly cash dividend from $0.17 per share to $0.20 per share. During the three month periods ended April 30, 2022 and 2021, we declared and paid cash dividends of $0.20 and

$0.17 per share, respectively, to our shareholders. During the six months ended April 30, 2022 and 2021, we declared and paid cash dividends of $0.37 and $0.28 per share, respectively, to our shareholders.

Accumulated Other Comprehensive Income (Loss)

The changes in each component of accumulated other comprehensive income (loss) (“AOCI”), for the periods indicated, were as follows (amounts in thousands):

	Three months ended April 30,				Six months ended April 30,
	2022		2021		2022		2021
Employee Retirement Plans
Beginning balance	$	(5,685)	$	(6,864)	$	(6,024)	$	(7,198)
Gains reclassified from AOCI to net income (1)	451		450		903		900
Less: Tax expense (2)	(113)		(115)		(226)		(231)
Net gains reclassified from AOCI to net income	338		335		677		669
Other comprehensive income – net of tax	338		335		677		669
Ending balance	$	(5,347)	$	(6,529)	$	(5,347)	$	(6,529)
Derivative Instruments
Beginning balance	$	11,496	$	378	$	7,133	$	—
Unrealized gains on derivative instruments	17,616		5,474		23,363		5,972
Less: Tax expense	(4,425)		(1,395)		(5,866)		(1,523)
Net gains on derivative instruments	13,191		4,079		17,497		4,449
Gains reclassified from AOCI to net income (3)	106		32		182		42
Less: Tax expense (2)	(27)		(8)		(46)		(10)
Net gains reclassified from AOCI to net income	79		24		136		32
Other comprehensive income – net of tax	13,270		4,103		17,633		4,481
Ending balance	$	24,766	$	4,481	$	24,766	$	4,481
Total AOCI ending balance	$	19,419	$	(2,048)	$	19,419	$	(2,048)

(1) Reclassified to “Other income – net”

(2) Reclassified to “Income tax provision”

(3) Reclassified to “Cost of revenues – home sales”