Schedule of Changes in 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, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 2022 | | | (In thousands) | Total Equity | | Class A Common Stock | | Class B Common Stock | | Additional Paid - in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income | | Retained Earnings | | Noncontrolling Interests | Balance at February 28, 2022 | $ | 20,847,432 | | | 30,243 | | | 3,944 | | | 8,855,151 | | | (3,290,748) | | | 1,686 | | | 15,078,788 | | | 168,368 | | Net earnings (including net earnings attributable to noncontrolling interests) | 1,322,558 | | | — | | | — | | | — | | | — | | | — | | | 1,320,756 | | | 1,802 | | Employee stock and directors plans | (2,533) | | | 6 | | | — | | | 994 | | | (3,533) | | | — | | | — | | | — | | Retirement of treasury stock | — | | | (4,667) | | | (284) | | | (3,533,425) | | | 3,538,376 | | | — | | | — | | | — | | Purchases of treasury stock | (320,710) | | | — | | | — | | | — | | | (320,710) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization of restricted stock | 35,053 | | | — | | | — | | | 35,053 | | | — | | | — | | | — | | | — | | Cash dividends | (110,846) | | | — | | | — | | | — | | | — | | | — | | | (110,846) | | | — | | | | | | | | | | | | | | | | | | Receipts related to noncontrolling interests | 11,111 | | | — | | | — | | | — | | | — | | | — | | | — | | | 11,111 | | Payments related to noncontrolling interests | (3,708) | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,708) | | Non-cash purchase or activity of noncontrolling interests, net | 11,355 | | | — | | | — | | | (2,591) | | | — | | | — | | | — | | | 13,946 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive income, net of tax | 62 | | | — | | | — | | | — | | | — | | | 62 | | | — | | | — | | Balance at May 31, 2022 | $ | 21,789,774 | | | 25,582 | | | 3,660 | | | 5,355,182 | | | (76,615) | | | 1,748 | | | 16,288,698 | | | 191,519 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 31, 2021 | | | (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, 2021 | $ | 19,017,451 | | | 30,047 | | | 3,944 | | | 8,724,192 | | | (1,348,710) | | | (1,747) | | | 11,488,520 | | | 121,205 | | Net earnings (including net earnings attributable to noncontrolling interests) | 836,772 | | | — | | | — | | | — | | | — | | | — | | | 831,363 | | | 5,409 | | Employee stock and directors plans | (4,537) | | | 2 | | | — | | | 1,165 | | | (5,704) | | | — | | | — | | | — | | Purchases of treasury stock | (98,460) | | | — | | | — | | | — | | | (98,460) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization of restricted stock | 32,276 | | | — | | | — | | | 32,276 | | | — | | | — | | | — | | | — | | Cash dividends | (78,483) | | | — | | | — | | | — | | | — | | | — | | | (78,483) | | | — | | | | | | | | | | | | | | | | | | Receipts related to noncontrolling interests | 5,009 | | | — | | | — | | | — | | | — | | | — | | | — | | | 5,009 | | Payments related to noncontrolling interests | (5,829) | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,829) | | | | | | | | | | | | | | | | | | Non-cash purchase or activity of noncontrolling interests, net | (2,417) | | | — | | | — | | | (2,613) | | | — | | | — | | | — | | | 196 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive income, net of tax | 316 | | | — | | | — | | | — | | | — | | | 316 | | | — | | | — | | Balance at May 31, 2021 | $ | 19,702,098 | | | 30,049 | | | 3,944 | | | 8,755,020 | | | (1,452,874) | | | (1,431) | | | 12,241,400 | | | 125,990 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended May 31, 2022 | | | (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, 2021 | $ | 20,996,282 | | | 30,050 | | | 3,944 | | | 8,807,891 | | | (2,709,448) | | | (1,341) | | | 14,685,329 | | | 179,857 | | Net earnings (including net earnings attributable to noncontrolling interests) | 1,831,873 | | | — | | | — | | | — | | | — | | | — | | | 1,824,337 | | | 7,536 | | Employee stock and directors plans | (57,419) | | | 199 | | | — | | | 854 | | | (58,472) | | | — | | | — | | | — | | Retirement of treasury stock | — | | | (4,667) | | | (284) | | | (3,533,425) | | | 3,538,376 | | | — | | | — | | | — | | Purchases of treasury stock | (847,071) | | | — | | | — | | | — | | | (847,071) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization of restricted stock | 116,510 | | | — | | | — | | | 116,510 | | | — | | | — | | | — | | | — | | Cash dividends | (220,968) | | | — | | | — | | | — | | | — | | | — | | — | | (220,968) | | | — | | | | | | | | | | | | | | | | | | Receipts related to noncontrolling interests | 18,095 | | | — | | | — | | | — | | | — | | | — | | | — | | | 18,095 | | Payments related to noncontrolling interests | (65,521) | | | — | | | — | | | — | | | — | | | — | | | — | | | (65,521) | | Non-cash purchase or activity of noncontrolling interests, net | 14,904 | | | — | | | — | | | (36,648) | | | — | | | — | | | — | | | 51,552 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive income, net of tax | 3,089 | | | — | | | — | | | — | | | — | | | 3,089 | | | — | | | — | | Balance at May 31, 2022 | $ | 21,789,774 | | | 25,582 | | | 3,660 | | | 5,355,182 | | | (76,615) | | | 1,748 | | | 16,288,698 | | | 191,519 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended May 31, 2021 | | | (In thousands) | Total Equity | | Class A Common Stock | | Class B Common Stock | | Additional Paid - in Capital | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Noncontrolling Interests | Balance at November 30, 2020 | $ | 18,099,401 | | | 29,894 | | | 3,944 | | | 8,676,056 | | | (1,279,227) | | | (805) | | | 10,564,994 | | | 104,545 | | Net earnings (including net earnings attributable to noncontrolling interests) | 1,853,681 | | | — | | | — | | | — | | | — | | | — | | | 1,832,732 | | | 20,949 | | Employee stock and directors plans | (30,816) | | | 155 | | | — | | | 1,106 | | | (32,077) | | | — | | | — | | | — | | Purchases of treasury stock | (141,570) | | | — | | | — | | | — | | | (141,570) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortization of restricted stock | 81,094 | | | — | | | — | | | 81,094 | | | — | | | — | | | — | | | — | | Cash dividends | (156,326) | | | — | | | — | | | — | | | — | | | — | | — | | (156,326) | | | — | | | | | | | | | | | | | | | | | | Receipts related to noncontrolling interests | 13,905 | | | — | | | — | | | — | | | — | | | — | | | — | | | 13,905 | | Payments related to noncontrolling interests | (17,226) | | | — | | | — | | | — | | | — | | | — | | | — | | | (17,226) | | Non-cash purchase or activity of noncontrolling interests, net | 581 | | | — | | | — | | | (3,236) | | | — | | | — | | | — | | | 3,817 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive loss, net of tax | (626) | | | — | | | — | | | — | | | — | | | (626) | | | — | | | — | | Balance at May 31, 2021 | $ | 19,702,098 | | | 30,049 | | | 3,944 | | | 8,755,020 | | | (1,452,874) | | | (1,431) | | | 12,241,400 | | | 125,990 | |
The following table represents the repurchases of the Company's Class A and Class B common stocks under the authorized repurchase programs for the three and six months ended May 31, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | May 31, | | May 31 | | 2022 | | 2021 | | 2022 | | 2021 | (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 | 3,630,000 | | | 470,000 | | | 1,000,000 | | | — | | | 8,246,000 | | | 1,122,000 | | | 1,510,000 | | | — | | Total purchase price | $ | 289,358 | | | $ | 31,270 | | | $ | 98,440 | | | $ | — | | | $ | 762,282 | | | $ | 84,601 | | | $ | 141,540 | | | $ | — | | Average price per share | $ | 79.71 | | | $ | 66.53 | | | $ | 98.44 | | | $ | — | | | $ | 92.44 | | | $ | 75.40 | | | $ | 93.73 | | | $ | — | |
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