Stockholders' Equity

12 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

D.R. Horton has an automatically effective universal shelf registration statement, filed with the SEC in July 2021, registering debt and equity securities that it may issue from time to time in amounts to be determined. At September 30, 2021, the Company had 397,190,100 shares of common stock issued and 356,015,843 shares outstanding. No shares of preferred stock were issued or outstanding.

At September 30, 2021, Forestar had an effective shelf registration statement filed with the SEC in September 2018, registering $500 million of equity securities, of which $100 million was reserved for sales under its at-the-market equity offering program. During fiscal 2021, Forestar issued 1.4 million shares of common stock under its at-the-market equity offering program for proceeds of $33.4 million, net of commissions and other issuance costs. At September 30, 2021, $359.9 million remained available for issuance under Forestar’s shelf registration statement, of which $65.6 million was reserved for sales under its at-the-market equity offering program. In October 2021, after the expiration of Forestar’s existing registration statement and at-the-market equity offering program, a new shelf registration statement became effective, registering $750 million of equity securities.

In April 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 fiscal 2021, the Company repurchased 10.4 million shares of its common stock for $874.0 million. At September 30, 2021, there was $546.2 million remaining on the repurchase authorization.

The Board of Directors approved and paid quarterly cash dividends of $0.20 per common share in fiscal 2021 and $0.175 per common share in fiscal 2020. In October 2021, the Board of Directors approved a quarterly cash dividend of $0.225 per common share, payable on December 15, 2021, to stockholders of record on December 6, 2021.