Stockholders' Equity

6 Months Ended

Mar. 31, 2021

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, of which $100 million is reserved for sales under its at-the-market equity offering program that became effective in August 2020. During the three months ended March 31, 2021, Forestar issued 1.0 million shares of common stock under its at-the-market equity offering program for proceeds of $23.3 million, net of commissions and other issuance costs. At March 31, 2021, $370.6 million remained available for issuance under Forestar’s shelf registration statement, of which $76.3 million is reserved for sales under its 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 six months ended March 31, 2021, the Company repurchased 5.5 million shares of its common stock for $420.2 million. The Company’s remaining authorization at March 31, 2021 was $115.1 million. Effective April 20, 2021, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock, replacing the prior authorization. The authorization has no expiration date.

During each of the first two quarters of fiscal 2021, the Board of Directors approved and paid quarterly cash dividends of $0.20 per common share, the most recent of which was paid on February 25, 2021 to stockholders of record on February 17, 2021. In April 2021, the Board of Directors approved a quarterly cash dividend of $0.20 per common share, payable on May 20, 2021 to stockholders of record on May 10, 2021. Cash dividends of $0.175 per common share were approved and paid in each quarter of fiscal 2020.