Stockholders' Equity

3 Months Ended

Dec. 31, 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. Forestar also has an effective shelf registration statement filed with the SEC in September 2018, registering $500 million of equity securities. As of December 31, 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 December 31, 2020, no shares had been issued under the at-the-market equity offering program.

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, 2020, the Company repurchased 1.0 million shares of its common stock for $69.8 million. The Company’s remaining authorization at December 31, 2020 was $465.5 million.

During the three months ended December 31, 2020, the Board of Directors approved a quarterly cash dividend of $0.20 per common share, which was paid on December 14, 2020 to stockholders of record on December 4, 2020. In January 2021, the Board of Directors approved a quarterly cash dividend of $0.20 per common share, payable on February 25, 2021 to stockholders of record on February 17, 2021. Cash dividends of $0.175 per common share were approved and paid in each quarter of fiscal 2020.