Stockholders' Equity

3 Months Ended

Dec. 31, 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.

Effective October 31, 2023, the Board of Directors authorized the repurchase of up to $1.5 billion of the Company’s common stock, replacing the previous authorization that was effective as of April 18, 2023. The authorization has no expiration date. During the three months ended December 31, 2023, the Company repurchased 3.3 million shares of its common stock at a total cost, including commissions and excise taxes, of $398.3 million, of which $201.6 million was repurchased under the previous authorization. At December 31, 2023, there was $1.3 billion remaining on the repurchase authorization.

During the three months ended December 31, 2023, the Board of Directors approved a quarterly cash dividend of $0.30 per common share totaling $99.9 million, which was paid on November 28, 2023 to stockholders of record on November 21, 2023. In January 2024, the Board of Directors approved a quarterly cash dividend of $0.30 per common share, payable on February 13, 2024 to stockholders of record on February 6, 2024.

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 three months ended December 31, 2023, there were no shares issued under Forestar’s ATM program. At December 31, 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.