Mezzanine Equity

3 Months Ended

Feb. 28, 2021

Temporary Equity Disclosure [Abstract]

Mezzanine Equity

Mezzanine Equity

Redeemable Noncontrolling Interests

At February 28, 2021 and November 30, 2020, redeemable noncontrolling interests include other redeemable noncontrolling interests of $31.0 million and $24.7 million, respectively, primarily related to our oil and gas exploration and development businesses.

Mandatorily Redeemable Convertible Preferred Shares

We have one series of callable mandatorily redeemable cumulative convertible preferred shares ("Preferred Shares"). Our 125,000 Preferred Shares are callable beginning January 2023 at a price of $1,000 per share, plus accrued interest and are mandatorily redeemable in 2038 for $125.0 million. The Preferred Shares have a dividend rate equal to the sum of 3.25% annual, cumulative cash dividend, plus an additional quarterly payment based on the amount by which our common stock dividends exceed $0.0625 per common share. The Preferred Shares are currently convertible into 4,440,863 common shares, an effective conversion price of $28.15 per share. 

In the first quarter of 2021, we increased our quarterly dividend from $0.15 to $0.20 per common share. This increased the preferred stock dividend from $1.4 million for the three months ended February 29, 2020 to $1.6 million for the three months ended February 28, 2021. Based on our current quarterly dividend of $0.20 per common share, the effective rate on these Preferred Shares is approximately 5.2%.