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Stockholders' Equity
6 Months Ended
May 31, 2022
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
A summary of changes in stockholders’ equity is presented below (in thousands):
Three Months Ended May 31, 2022 and 2021
Number of Shares
Common
Stock
Grantor
Stock
Ownership
Trust
Treasury
Stock
Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossGrantor Stock
Ownership Trust
Treasury StockTotal Stockholders’ Equity
Balance at February 28, 2022100,711 (6,705)(5,384)$100,711 $828,238 $2,499,491 $(19,119)$(72,718)$(202,287)$3,134,316 
Net income— — — — — 210,670 — — — 210,670 
Dividends on common stock— — — — — (13,012)— — — (13,012)
Stock awards
— — 64 — (2,376)— — — 2,376 — 
Stock-based compensation— — — — 9,021 — — — — 9,021 
Stock repurchases— — (1,520)— — — — — (50,000)(50,000)
Balance at May 31, 2022100,711 (6,705)(6,840)$100,711 $834,883 $2,697,149 $(19,119)$(72,718)$(249,911)$3,290,995 
        
Balance at February 28, 2021100,042 (6,705)(1,305)$100,042 $827,456 $1,951,657 $(22,276)$(72,718)$(35,977)$2,748,184 
Net income— — — — — 143,364 — — — 143,364 
Dividends on common stock— — — — — (13,733)— — — (13,733)
Employee stock options/other65 — — 65 903 — — — — 968 
Stock awards44 — 44 (88)— — — 44 — 
Stock-based compensation— — — — 8,082 — — — — 8,082 
Balance at May 31, 2021100,151 (6,705)(1,303)$100,151 $836,353 $2,081,288 $(22,276)$(72,718)$(35,933)$2,886,865 
Six Months Ended May 31, 2022 and 2021
Number of Shares
Common
Stock
Grantor
Stock
Ownership
Trust
Treasury
Stock
Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossGrantor Stock
Ownership Trust
Treasury StockTotal Stockholders’ Equity
Balance at November 30, 2021100,711 (6,705)(5,785)$100,711 $848,620 $2,379,364 $(19,119)$(72,718)$(217,383)$3,019,475 
Net income— — — — — 344,927 — — — 344,927 
Dividends on common stock— — — — — (27,142)— — — (27,142)
Stock awards— — 785 — (29,625)— — — 29,625 — 
Stock-based compensation— — — — 15,888 — — — — 15,888 
Stock repurchases— — (1,520)— — — — — (50,000)(50,000)
Tax payments associated with stock-based compensation awards— — (320)— — — — — (12,153)(12,153)
Balance at May 31, 2022100,711 (6,705)(6,840)$100,711 $834,883 $2,697,149 $(19,119)$(72,718)$(249,911)$3,290,995 
Balance at November 30, 202099,869 (7,124)(1,107)$99,869 $824,306 $1,868,896 $(22,276)$(77,265)$(27,761)$2,665,769 
Cumulative effect of adoption of new accounting standard for credit losses— — — — — (226)— — — (226)
Net income— — — — — 240,415 — — — 240,415 
Dividends on common stock— — — — — (27,797)— — — (27,797)
Employee stock options/other238 — — 238 3,268 — — — — 3,506 
Stock awards44 419 12 44 (4,875)— — 4,547 284 — 
Stock-based compensation— — — — 13,654 — — — — 13,654 
Tax payments associated with stock-based compensation awards— — (208)— — — — — (8,456)(8,456)
Balance at May 31, 2021100,151 (6,705)(1,303)$100,151 $836,353 $2,081,288 $(22,276)$(72,718)$(35,933)$2,886,865 
    
On February 17, 2022, the management development and compensation committee of our board of directors approved the payout of 674,677 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 4, 2018. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on cumulative earnings per share, average return on invested capital, and revenue growth relative
to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2018 through November 30, 2021. Of the shares of common stock paid out, 319,815 shares, or $12.2 million, were purchased by us in the 2022 first quarter to satisfy the recipients’ withholding taxes on the vesting of the PSUs. The shares purchased were not considered repurchases under the authorizations described below.
On April 7, 2022, our board of directors authorized us to repurchase up to $300.0 million of our outstanding common stock. This authorization replaced a prior board of directors authorization, which had 331,400 shares remaining for repurchase. In the 2022 second quarter, we repurchased 1,519,646 shares of our common stock on the open market pursuant to this new authorization at a total cost of $50.0 million. Repurchases under the new authorization may occur periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at management’s discretion and dependent on market, business and other conditions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by our board of directors, and does not obligate us to purchase any shares. As of May 31, 2022, we had $250.0 million of common stock authorized for repurchase.
On April 7, 2022, our board of directors also terminated a separate stock repurchase authorization it made in 2014 for the repurchase of not more than 680,000 shares of our outstanding common stock, solely as necessary for director elections in respect of outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. As the remaining outstanding stock appreciation rights awards expired in April 2022, this stock repurchase authorization was no longer needed.
In the three-month periods ended May 31, 2022 and 2021, our board of directors declared, and we paid, a quarterly cash dividend on our common stock of $.15 per share. Quarterly dividends declared and paid during the six-month periods ended May 31, 2022 and 2021 totaled $.30 per share.