Stockholders' Equity |
Stockholders' Equity The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and six months ended May 31, 2020 and 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 2020 | | | | | | | | | | | | | (In thousands) | Total Equity | | Class A Common Stock | | Class B Common Stock | | Additional Paid - in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Noncontrolling Interests | Balance at February 29, 2020 | $ | 16,193,377 | | | 29,802 | | | 3,944 | | | 8,609,944 | | | (1,253,756) | | | 452 | | | 8,654,213 | | | 148,778 | | Net earnings (including net loss attributable to noncontrolling interests) | 516,098 | | | — | | | — | | | — | | | — | | | — | | | 517,406 | | | (1,308) | | Employee stock and directors plans | 651 | | | 2 | | | — | | | 756 | | | (107) | | | — | | | — | | | — | | Purchases of treasury stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization of restricted stock | 23,286 | | | — | | | — | | | 23,286 | | | — | | | — | | | — | | | — | | Cash dividends | (38,905) | | | — | | | — | | | — | | | — | | | — | | | (38,905) | | | — | | Receipts related to noncontrolling interests | 80,148 | | | — | | | — | | | — | | | — | | | — | | | — | | | 80,148 | | Payments related to noncontrolling interests | (4,767) | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,767) | | | | | | | | | | | | | | | | | | Non-cash purchase or activity of noncontrolling interests, net
| (5,168) | | | — | | | — | | | (3,544) | | | — | | | — | | | — | | | (1,624) | | Non-cash consolidations/deconsolidations, net | (131,306) | | | — | | | — | | | — | | | — | | | — | | | — | | | (131,306) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive loss, net of tax | (790) | | | — | | | — | | | — | | | — | | | (790) | | | — | | | — | | Balance at May 31, 2020 | $ | 16,632,624 | | | 29,804 | | | 3,944 | | | 8,630,442 | | | (1,253,863) | | | (338) | | | 9,132,714 | | | 89,921 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 2019 | | | | | | | | | | | | | (In thousands) | Total Equity | | Class A Common Stock | | Class B Common Stock | | Additional Paid - in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Noncontrolling Interests | Balance at February 28, 2019 | $ | 14,893,695 | | | 29,501 | | | 3,944 | | | 8,514,301 | | | (485,016) | | | (158) | | | 6,724,242 | | | 106,881 | | Net earnings (including net loss attributable to noncontrolling interests) | 418,869 | | | — | | | — | | | — | | | — | | | — | | | 421,472 | | | (2,603) | | Employee stock and directors plans | 731 | | | 2 | | | — | | | 1,036 | | | (307) | | | — | | | — | | | — | | Purchases of treasury stock | (51,783) | | | — | | | — | | | — | | | (51,783) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization of restricted stock | 14,491 | | | — | | | — | | | 14,491 | | | — | | | — | | | — | | | — | | Cash dividends | (13,017) | | | — | | | — | | | — | | | — | | | — | | | (13,017) | | | — | | | | | | | | | | | | | | | | | | Receipts related to noncontrolling interests | 589 | | | — | | | — | | | — | | | — | | | — | | | — | | | 589 | | Payments related to noncontrolling interests | (12,020) | | | — | | | — | | | — | | | — | | | — | | | — | | | (12,020) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non-cash activities related to noncontrolling interests | (5,616) | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,616) | | Cumulative-effect of accounting change | 211 | | | — | | | — | | | — | | | — | | | — | | | 211 | | | — | | | | | | | | | | | | | | | | | | Total other comprehensive earnings, net of tax | 385 | | | — | | | — | | | — | | | — | | | 385 | | | — | | | — | | Balance at May 31, 2019 | $ | 15,246,535 | | | 29,503 | | | 3,944 | | | 8,529,828 | | | (537,106) | | | 227 | | | 7,132,908 | | | 87,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended May 31, 2020 | | | | | | | | | | | | | (In thousands) | Total Equity | | Class A Common Stock | | Class B Common Stock | | Additional Paid - in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Noncontrolling Interests | Balance at November 30, 2019 | $ | 16,033,830 | | | 29,712 | | | 3,944 | | | 8,578,219 | | | (957,857) | | | 498 | | | 8,295,001 | | | 84,313 | | Net earnings (including net loss attributable to noncontrolling interests) | 907,321 | | | — | | | — | | | — | | | — | | | — | | | 915,858 | | | (8,537) | | Employee stock and directors plans | (6,773) | | | 92 | | | — | | | 626 | | | (7,491) | | | — | | | — | | | — | | Purchases of treasury stock | (288,515) | | | — | | | — | | | — | | | (288,515) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization of restricted stock | 55,141 | | | — | | | — | | | 55,141 | | | — | | | — | | | — | | | — | | Cash dividends | (78,145) | | | — | | | — | | | — | | | — | | | — | | | (78,145) | | | — | | Receipts related to noncontrolling interests | 169,061 | | | — | | | — | | | — | | | — | | | — | | | — | | | 169,061 | | Payments related to noncontrolling interests | (21,501) | | | — | | | — | | | — | | | — | | | — | | | — | | | (21,501) | | | | | | | | | | | | | | | | | | Non-cash purchase or activity of noncontrolling interests, net
| (5,168) | | | — | | | — | | | (3,544) | | | — | | | — | | | — | | | (1,624) | | Non-cash consolidations/deconsolidations, net | (131,791) | | | — | | | — | | | — | | | — | | | — | | | — | | | (131,791) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive earnings, net of tax | (836) | | | — | | | — | | | — | | | — | | | (836) | | | — | | | — | | Balance at May 31, 2020 | $ | 16,632,624 | | | 29,804 | | | 3,944 | | | 8,630,442 | | | (1,253,863) | | | (338) | | | 9,132,714 | | | 89,921 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended May 31, 2019 | | | | | | | | | | | | | (In thousands) | Total Equity | | Class A Common Stock | | Class B Common Stock | | Additional Paid - in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Noncontrolling Interests | Balance at November 30, 2018 | $ | 14,682,957 | | | 29,499 | | | 3,944 | | | 8,496,677 | | | (435,869) | | | (366) | | | 6,487,650 | | | 101,422 | | Net earnings (including net loss attributable to noncontrolling interests) | 658,293 | | | — | | | — | | | — | | | — | | | — | | | 661,382 | | | (3,089) | | Employee stock and directors plans | (691) | | | 4 | | | — | | | 1,761 | | | (2,456) | | | — | | | — | | | — | | Purchases of treasury stock | (98,781) | | | — | | | — | | | — | | | (98,781) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization of restricted stock | 31,390 | | | — | | | — | | | 31,390 | | | — | | | — | | | — | | | — | | Cash dividends | (25,877) | | | — | | | — | | | — | | | — | | | — | | | (25,877) | | | — | | | | | | | | | | | | | | | | | | Receipts related to noncontrolling interests | 8,937 | | | — | | | — | | | — | | | — | | | — | | | — | | | 8,937 | | Payments related to noncontrolling interests | (23,317) | | | — | | | — | | | — | | | — | | | — | | | — | | | (23,317) | | Non-cash consolidations, net | 8,894 | | | — | | | — | | | — | | | — | | | — | | | — | | | 8,894 | | Non-cash activities related to noncontrolling interests | (5,616) | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,616) | | Cumulative-effect of accounting change | 9,753 | | | — | | | — | | | — | | | — | | | — | | | 9,753 | | | — | | Total other comprehensive earnings, net of tax | 593 | | | — | | | — | | | — | | | — | | | 593 | | | — | | | — | | Balance at May 31, 2019 | $ | 15,246,535 | | | 29,503 | | | 3,944 | | | 8,529,828 | | | (537,106) | | | 227 | | | 7,132,908 | | | 87,231 | |
On June 25, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.125 per share on both its Class A and Class B common stock, payable on July 24, 2020 to holders of record at the close of business on July 10, 2020. On May 5, 2020, the Company paid cash dividends of $0.125 per share on both its Class A and Class B common stock to holders of record at the close of business on April 21, 2020, as declared by its Board of Directors on April 7, 2020. The Company approved and paid cash dividends of $0.04 per share on both its Class A and Class B common stock in each quarter for the year ended November 30, 2019. In January 2019, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, excluding commissions, or 25 million in shares, of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. The following table describes the repurchase of the Company's Class A and Class B common stocks, under this program, for the three and six months ended May 31, 2020 and 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | | | | Six Months Ended | | | | | | | | | May 31, 2020 | | | | May 31, 2019 | | | | May 31, 2020 | | | | May 31, 2019 | | | (Dollars in thousands, except price per share) | | Class A | | Class B | | Class A | | Class B | | Class A | | Class B | | Class A | | Class B | Shares repurchased | | — | | | — | | | 1,000,000 | | | — | | | 4,250,000 | | | 115,000 | | | 2,000,000 | | | — | | Purchase amount | | $ | — | | | $ | — | | | $ | 51,783 | | | $ | — | | | $ | 282,274 | | | $ | 6,155 | | | $ | 98,781 | | | $ | — | | Average price per share | | $ | — | | | $ | — | | | $ | 51.76 | | | $ | — | | | $ | 66.42 | | | $ | 53.52 | | | $ | 49.37 | | | $ | — | |
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