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Stockholders' Equity
 9 Months Ended
Aug. 31, 2023
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
A summary of changes in stockholders’ equity is presented below (in thousands):
Three Months Ended August 31, 2023 and 2022
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 May 31, 2023101,019 (6,705)(13,704)$101,019 $830,765 $3,407,813 $(5,575)$(72,718)$(494,822)$3,766,482 
Net income— — — — — 149,933 — — — 149,933 
Dividends on common stock— — — — — (15,928)— — — (15,928)
Employee stock options/other240 — — 240 3,358 — — — — 3,598 
Stock-based compensation— — — — 9,248 — — — — 9,248 
Stock repurchases— — (1,531)— — — — — (83,205)(83,205)
Balance at August 31, 2023101,259 (6,705)(15,235)$101,259 $843,371 $3,541,818 $(5,575)$(72,718)$(578,027)$3,830,128 
        
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 
Net income— — — — — 255,329 — — — 255,329 
Dividends on common stock— — — — — (12,772)— — — (12,772)
Stock-based compensation— — — — 7,056 — — — — 7,056 
Stock repurchases— — (1,582)— — — — — (50,000)(50,000)
Balance at August 31, 2022100,711 (6,705)(8,422)$100,711 $841,939 $2,939,706 $(19,119)$(72,718)$(299,911)$3,490,608 
Nine Months Ended August 31, 2023 and 2022
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, 2022100,711 (6,705)(10,016)$100,711 $836,260 $3,143,578 $(5,575)$(72,718)$(341,461)$3,660,795 
Net income— — — — — 439,875 — — — 439,875 
Dividends on common stock— — — — — (41,635)— — — (41,635)
Employee stock options/other548 — — 548 8,060 — — — — 8,608 
Stock awards— — 717 — (24,883)— — — 24,883 — 
Stock-based compensation— — — — 23,934 — — — — 23,934 
Stock repurchases— — (5,659)— — — — — (251,701)(251,701)
Tax payments associated with stock-based compensation awards— — (277)— — — — — (9,748)(9,748)
Balance at August 31, 2023101,259 (6,705)(15,235)$101,259 $843,371 $3,541,818 $(5,575)$(72,718)$(578,027)$3,830,128 
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— — — — — 600,256 — — — 600,256 
Dividends on common stock— — — — — (39,914)— — — (39,914)
Stock awards— — 785 — (29,625)— — — 29,625 — 
Stock-based compensation— — — — 22,944 — — — — 22,944 
Stock repurchases— — (3,102)— — — — — (100,000)(100,000)
Tax payments associated with stock-based compensation awards— — (320)— — — — — (12,153)(12,153)
Balance at August 31, 2022100,711 (6,705)(8,422)$100,711 $841,939 $2,939,706 $(19,119)$(72,718)$(299,911)$3,490,608 
    
On February 24, 2023, the management development and compensation committee of our board of directors approved the payout of 602,265 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 3, 2019. 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, 2019 through November 30, 2022. Of the shares of common stock paid out, 276,853 shares, or $9.7 million, were purchased by us in the 2023 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, excluding excise tax. As of November 30, 2022, there was $150.0 million of remaining availability under this share repurchase authorization, excluding excise tax. In the 2023 first quarter, we repurchased 1,965,442 shares of our common stock on the open market pursuant to this authorization at a total cost of approximately $75.0 million, excluding excise tax. On March 21, 2023, our board of directors authorized us to repurchase up to $500.0 million of our outstanding common stock, excluding excise tax. This authorization replaced the prior board of directors authorization, which had $75.0 million remaining, excluding excise tax. In the 2023 third quarter, we repurchased 1,531,318 shares of our common stock at a total cost of approximately $82.5 million, excluding excise tax, bringing our total repurchases for the nine months ended August 31, 2023 to 5,659,642 shares of common stock at a total cost of approximately $249.6 million, excluding excise tax. Repurchases under the current 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 August 31, 2023, we were authorized to repurchase up to approximately $325.4 million of our outstanding common stock in additional transactions, excluding excise tax.
The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. In the nine months ended August 31, 2023, we reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses and other liabilities on our consolidated balance sheet.
In the 2023 third quarter, our board of directors approved a $.05 per share increase in the quarterly cash dividend on our common stock to $.20 per share and declared, and we paid, a quarterly cash dividend at the new higher rate. In the 2022 third quarter, our board of directors declared, and we paid a quarterly cash dividend on our common stock of $.15 per share. Quarterly cash dividends declared and paid during the nine-month periods ended August 31, 2023 and 2022 totaled $.50 per share and $.45 per share, respectively.