Stockholders' Equity

3 Months Ended

Dec. 31, 2019

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

D.R. Horton has an automatically effective universal shelf registration statement, filed with the SEC in August 2018, registering debt and equity securities that it may issue from time to time in amounts to be determined.

Forestar also has an effective shelf registration statement filed with the SEC in September 2018, registering $500 million of equity securities. On September 30, 2019, Forestar issued approximately 6.0 million shares of its common stock for $17.50 per share in a public underwritten offering. Following the offering, $394.3 million remains available for issuance under Forestar’s shelf registration statement.

Effective July 30, 2019, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock. The authorization has no expiration date. During the three months ended December 31, 2019, the Company repurchased 3.0 million shares of its common stock for $163.1 million. The Company’s remaining authorization at December 31, 2019 was $732.6 million.

During the three months ended December 31, 2019, the Board of Directors approved a quarterly cash dividend of $0.175 per common share, which was paid on December 11, 2019 to stockholders of record on November 27, 2019. In January 2020, the Board of Directors approved a quarterly cash dividend of $0.175 per common share payable on February 24, 2020 to stockholders of record on February 10, 2020. Cash dividends of $0.15 per common share were approved and paid in each quarter of fiscal 2019.