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Stockholders' Equity (Tables)

9 Months Ended

Aug. 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 nine months ended August 31, 2023 and 2022:


	Three Months Ended August 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 May 31, 2023	$	25,161,119	25,843	3,660	5,546,128	(675,686)	3,832	20,111,368	145,974
Net earnings (including net earnings attributable to noncontrolling interests)	1,116,952		—	—	—	—	—	1,108,996	7,956
Employee stock and directors plans	(8,552)		1	—	(620)	(7,933)	—	—	—

Purchases of treasury stock	(368,381)		—	—	—	(368,381)	—	—	—




Amortization of restricted stock	12,885		—	—	12,885	—	—	—	—
Cash dividends	(107,082)		—	—	—	—	—	(107,082)	—

Receipts related to noncontrolling interests	1,391		—	—	—	—	—	—	1,391
Payments related to noncontrolling interests	(22,795)		—	—	—	—	—	—	(22,795)
Non-cash purchase or activity of noncontrolling interests, net	2,797		—	—	3,400	—	—	—	(603)



Total other comprehensive income, net of tax	208		—	—	—	—	208	—	—
Balance at August 31, 2023	$	25,788,542	25,844	3,660	5,561,793	(1,052,000)	4,040	21,113,282	131,923


	Three Months Ended August 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 May 31, 2022	$	21,789,774	25,582	3,660	5,355,182	(76,615)	1,748	16,288,698	191,519
Net earnings (including net earnings attributable to noncontrolling interests)	1,472,694		—	—	—	—	—	1,467,344	5,350
Employee stock and directors plans	(13,106)		—	—	39	(13,145)	—	—	—





Amortization of restricted stock	38,200		—	—	38,200	—	—	—	—
Cash dividends	(108,749)		—	—	—	—	—	(108,749)	—

Receipts related to noncontrolling interests	11,965		—	—	—	—	—	—	11,965
Payments related to noncontrolling interests	(19,577)		—	—	—	—	—	—	(19,577)

Non-cash purchase or activity of noncontrolling interests, net	(44,005)		—	—	(5,008)	—	—	—	(38,997)


Total other comprehensive income, net of tax	342		—	—	—	—	342	—	—
Balance at August 31, 2022	$	23,127,538	25,582	3,660	5,388,413	(89,760)	2,090	17,647,293	150,260


	Nine Months Ended August 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)	2,594,002		—	—	—	—	—		2,577,224	16,778
Employee stock and directors plans	(71,313)		236	—	822	(72,371)	—		—	—

Purchases of treasury stock	(769,240)		—	—	—	(769,240)	—		—	—




Amortization of restricted stock	139,616		—	—	139,616	—	—		—	—
Cash dividends	(325,359)		—	—	—	—	—	—	(325,359)	—

Receipts related to noncontrolling interests	6,309		—	—	—	—	—		—	6,309
Payments related to noncontrolling interests	(43,418)		—	—	—	—	—		—	(43,418)
Non-cash purchase or activity of noncontrolling interests, net	15,946		—	—	3,559	—	—		—	12,387



Total other comprehensive income, net of tax	1,632		—	—	—	—	1,632		—	—
Balance at August 31, 2023	$	25,788,542	25,844	3,660	5,561,793	(1,052,000)	4,040		21,113,282	131,923


	Nine Months Ended August 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)	3,304,567		—	—	—	—	—		3,291,681	12,886
Employee stock and directors plans	(70,525)		199	—	893	(71,617)	—		—	—
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	154,710		—	—	154,710	—	—		—	—
Cash dividends	(329,717)		—	—	—	—	—	—	(329,717)	—

Receipts related to noncontrolling interests	30,060		—	—	—	—	—		—	30,060
Payments related to noncontrolling interests	(85,098)		—	—	—	—	—		—	(85,098)
Non-cash purchase or activity of noncontrolling interests, net	(29,101)		—	—	(41,656)	—	—		—	12,555



Total other comprehensive loss, net of tax	3,431		—	—	—	—	3,431		—	—
Balance at August 31, 2022	$	23,127,538	25,582	3,660	5,388,413	(89,760)	2,090		17,647,293	150,260

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								Nine Months Ended
	August 31,								August 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	2,305,300		694,700		—		—		5,021,186		1,978,814		8,246,000		1,122,000
Total purchase price	$	287,024	$	78,855	$	—	$	—	$	568,892	$	193,970	$	762,282	$	84,601
Average price per share	$	124.51	$	113.51	$	—	$	—	$	113.30	$	98.02	$	92.44	$	75.40