Stockholders' Equity

6 Months Ended

Mar. 31, 2024

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 six months ended March 31, 2024, the Company repurchased 6.1 million shares of its common stock at a total cost, including commissions and excise taxes, of $800.5 million, of which $201.6 million was repurchased under the previous authorization. At March 31, 2024, there was $901.1 million remaining on the repurchase authorization.

During each of the first two quarters of fiscal 2024, the Board of Directors approved a quarterly cash dividend of $0.30 per common share, the most recent of which was paid on February 13, 2024 to stockholders of record on February 6, 2024. In April 2024, the Board of Directors approved a quarterly cash dividend of $0.30 per common share, payable on May 9, 2024 to stockholders of record on May 2, 2024. Cash dividends declared and paid in the three and six months ended March 31, 2024 totaled $99.2 million and $199.1 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 three months ended March 31, 2024, Forestar issued 546,174 shares of common stock under its ATM program for proceeds of $19.7 million, net of commissions and other issuance costs totaling $0.4 million. At March 31, 2024, $728.1 million remained available for issuance under Forestar’s shelf registration statement, of which $278.1 million was reserved for sales under its ATM program.