Stockholders' Equity

9 Months Ended

Jun. 30, 2023

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.

In April 2023, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock, replacing the previous authorization. The authorization has no expiration date. The Company repurchased 3.1 million shares of its common stock during the three months ended June 30, 2023 at a total cost, including commissions and excise taxes, of $342.9 million. The Company repurchased 7.7 million shares for $764.2 million during the nine months ended June 30, 2023. At June 30, 2023, there was $657.1 million remaining on the repurchase authorization.

During each of the first three quarters of fiscal 2023, the Board of Directors approved a quarterly cash dividend of $0.25 per common share, the most recent of which was paid on May 10, 2023 to stockholders of record on May 3, 2023. In July 2023, the Board of Directors approved a quarterly cash dividend of $0.25 per common share, payable on August 14, 2023 to stockholders of record on August 7, 2023. Cash dividends declared and paid in the three and nine months ended June 30, 2023 totaled $85.2 million and $256.9 million, respectively.

Forestar has an effective shelf registration statement, filed with the SEC in October 2021, registering $750 million of equity securities, of which $300 million was reserved for sales under its at-the-market equity offering (ATM) program that became effective in November 2021. During the nine months ended June 30, 2023, there were no shares issued under Forestar’s ATM program. At June 30, 2023, $748.2 million remained available for issuance under Forestar’s shelf registration statement, of which $298.2 million was reserved for sales under its ATM program.