Stockholders' Equity

12 Months Ended

Sep. 30, 2020

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. At September 30, 2020, the Company had 394,741,349 shares of common stock issued and 363,999,982 shares outstanding. No shares of preferred stock were issued or outstanding.

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 fiscal 2020, the Company repurchased 7.0 million shares of its common stock for $360.4 million. At September 30, 2020, the Company’s remaining stock repurchase authorization was $535.3 million.

The Board of Directors approved and paid quarterly cash dividends of $0.175 per common share in fiscal 2020 and $0.15 per common share in fiscal 2019. In November 2020, the Board of Directors approved a quarterly cash dividend of $0.20 per common share, payable on December 14, 2020, to stockholders of record on December 4, 2020.

Forestar also has an effective shelf registration statement filed with the SEC in September 2018, registering $500 million of equity securities. As of September 30, 2020, $394.3 million remained available for issuance under Forestar’s shelf registration statement, $100 million of which is reserved for sales under its at-the-market equity offering program that became effective in August 2020. As of September 30, 2020, no shares had been issued under the at-the-market equity offering program.