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Stockholders' Equity (Tables)

6 Months Ended

May 31, 2023

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, 2023 and 2022:


	Three Months Ended May 31, 2023
(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, 2023	$	24,555,287	25,834	3,660	5,503,789	(468,347)	3,259	19,350,060	137,032
Net earnings (including net earnings attributable to noncontrolling interests)	877,742		—	—	—	—	—	871,694	6,048
Employee stock and directors plans	4,229		9	—	1,631	2,589	—	—	—

Purchases of treasury stock	(209,928)		—	—	—	(209,928)	—	—	—




Amortization of restricted stock	40,173		—	—	40,173	—	—	—	—
Cash dividends	(110,386)		—	—	—	—	—	(110,386)	—

Receipts related to noncontrolling interests	2,421		—	—	—	—	—	—	2,421

Non-cash purchase or activity of noncontrolling interests, net	1,008		—	—	535	—	—	—	473



Total other comprehensive income, net of tax	573		—	—	—	—	573	—	—
Balance at May 31, 2023	$	25,161,119	25,843	3,660	5,546,128	(675,686)	3,832	20,111,368	145,974


	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


	Six Months Ended May 31, 2023
(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 November 30, 2022	$	24,240,367	25,608	3,660	5,417,796	(210,389)	2,408		18,861,417	139,867
Net earnings (including net earnings attributable to noncontrolling interests)	1,477,050		—	—	—	—	—		1,468,228	8,822
Employee stock and directors plans	(62,761)		235	—	1,442	(64,438)	—		—	—

Purchases of treasury stock	(400,859)		—	—	—	(400,859)	—		—	—




Amortization of restricted stock	126,731		—	—	126,731	—	—		—	—
Cash dividends	(218,277)		—	—	—	—	—	—	(218,277)	—

Receipts related to noncontrolling interests	4,918		—	—	—	—	—		—	4,918
Payments related to noncontrolling interests	(20,623)		—	—	—	—	—		—	(20,623)
Non-cash purchase or activity of noncontrolling interests, net	13,149		—	—	159	—	—		—	12,990



Total other comprehensive income, net of tax	1,424		—	—	—	—	1,424		—	—
Balance at May 31, 2023	$	25,161,119	25,843	3,660	5,546,128	(675,686)	3,832		20,111,368	145,974


	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 loss, 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

The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:


	Three Months Ended								Six Months Ended
	May 31,								May 31
	2023				2022				2023				2022
(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	1,269,681		730,319		3,630,000		470,000		2,715,886		1,284,114		8,246,000		1,122,000
Total purchase price	$	138,800	$	69,010	$	289,358	$	31,270	$	281,868	$	115,116	$	762,282	$	84,601
Average price per share	$	109.32	$	94.49	$	79.71	$	66.53	$	103.78	$	89.65	$	92.44	$	75.40