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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2021
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance Disclosure
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officers (“PEOs”), and the average compensation of our
Non-PEO
named executive officers
(“Non-PEO
NEOs”) and Company performance for the fiscal years listed below.
 
Year
 
Summary
Compensation
Table Total
for First
PEO
1
($)
   
Summary
Compensation
Table Total
for Second
PEO
1
($)
   
Summary
Compensation
Table Total
for Third PEO
1
($)
   
Compensation
Actually Paid
to First
PEO
1,2,3
($)
   
Compensation
Actually Paid
to Second
PEO
1,2,3
($)
   
Compensation
Actually Paid
to Third
PEO
1,2,3
($)
   
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
1
($)
   
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
1,2,3
($)
   
Value of Initial

Fixed $100
Investment

based on:
4
   
Net
Income
($ Millions)
   
Pretax
Income
($ Millions)
5
 
 
Total
Shareholder
Return
(“TSR”)
($)
   
Peer
Group
TSR
($)
 
2024
          25,086,806       29,546,675             24,747,900       29,216,181       3,824,311       4,703,030       242.97       230.38       3,933       5,150  
2023
    43,807,563       29,140,667       34,284,913       (714,918     62,138,860       72,458,683       4,496,245       6,701,147       175.95       160.51       3,939       5,180  
2022
    30,447,048       30,032,983             33,989,081       34,618,820             12,287,576       12,862,760       119.19       110.92       4,614       5,980  
2021
    34,045,217       34,045,217             57,303,560       53,539,484             13,029,166       21,327,286       139.95       136.32       4,430       5,793  
 
1.
Rick Beckwitt (“First PEO”) was our
Co-PEO
from November 2020 until his retirement in September 2023. Jonathan M. Jaffe (“Second PEO”) was our
Co-PEO
for each year presented. Stuart Miller (“Third PEO”) was our
Co-PEO
from September 2023 to present. The individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
 
2021-2022    2023-2024
Stuart Miller    Diane Bessette
Diane Bessette    Jeff McCall
Jeff McCall    Mark Sustana
Mark Sustana    David Collins
 
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
 
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table.
Second PEO Summary Compensation Table Total to Compensation Actually Paid Reconciliation
 
             
2024 
    
    
    
    
 
Summary Compensation Table Total (
$
)
  
 
(A)
 
  
$
 25,086,806 
 
  
 
             
 
  
 
             
 
Exclusion of Stock Awards ($)   
 
 
 
   ($ 23,374,974)        
Total Deductions from Summary Compensation Table ($)   
 
(B)
 
   ($ 23,374,974)        
Increase for
Year-End
Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($)
  
 
 
 
    $ 22,538,483         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($)   
 
 
 
   ($ 6,456,463)        
Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($)   
 
 
 
    $ 2,595,904         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($)   
 
 
 
    $ 4,358,144         
Total Adjustments (
$
)
  
 
(C)
 
  
$
23,036,068 
 
     
Compensation Actually Paid (
$
)
  
 
(A) + (B) + (C)
 
  
$
24,747,900 
 
     
 
 
Third PEO Summary Compensation Table Total to Compensation Actually Paid Reconciliation
 
             
2024 
    
    
    
    
 
Summary Compensation Table Total (
$
)
  
 
(A)
 
    $
 29,546,675 
 
  
 
             
 
  
 
             
 
Exclusion of Stock Awards ($)             ($ 26,699,567)        
Total Deductions from Summary Compensation Table ($)   
 
(B)
 
   ($ 26,699,567)        
Increase for
Year-End
Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($)
             $ 25,720,573         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($)             ($ 7,387,033)        
Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($)              $ 2,985,006         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($)              $ 5,050,527         
Total Adjustments ($)   
 
(C)
 
  
$
 26,369,073 
 
     
Compensation Actually Paid (
$
)
  
 
(A) + (B) + (C)
 
    $
29,216,181 
 
     
Non-PEO
NEOs Average Summary Compensation Table Total to Average Compensation Actually Paid Reconciliation
 
             
2024 
    
    
    
    
 
Summary Compensation Table Total ($)
  
 
(A)
 
    $
 3,824,311 
 
  
 
             
 
  
 
             
 
Exclusion of Stock Awards ($)             ($ 1,882,257)        
Total Deductions from Summary Compensation Table ($)   
 
(B)
 
   ($ 1,882,257)        
Increase for
Year-End
Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($)
             $ 1,861,314         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($)              $ 150,178         
Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($)              $ 241,061         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($)              $ 508,423         
Total Adjustments ($)   
 
(C)
 
  
$
 2,760,976 
 
     
Compensation Actually Paid (
$
)
  
 
(A) + (B) + (C)
 
  
$
4,703,030 
 
     
 
4.
The Peer Group TSR set forth in this table utilizes the Dow Jones U.S. Home Construction Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the year ended November 30, 2024. The comparison assumes $100 was invested for the period starting November 30, 2020, through the end of the listed year in the Company and in the Dow Jones U.S. Home Construction Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
 
5.
We determined Pretax Income (as defined in “Compensation Discussion and Analysis—2024 Compensation Decisions—Annual Cash Incentive Compensation” of this proxy statement) to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and
Non-PEO
NEOs in 2024. We may determine a different financial
performance
measure to be the most important financial performance measure in future years.
     
Company Selected Measure Name Pretax Income      
Named Executive Officers, Footnote
1.
Rick Beckwitt (“First PEO”) was our
Co-PEO
from November 2020 until his retirement in September 2023. Jonathan M. Jaffe (“Second PEO”) was our
Co-PEO
for each year presented. Stuart Miller (“Third PEO”) was our
Co-PEO
from September 2023 to present. The individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
 
2021-2022    2023-2024
Stuart Miller    Diane Bessette
Diane Bessette    Jeff McCall
Jeff McCall    Mark Sustana
Mark Sustana    David Collins
     
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the Dow Jones U.S. Home Construction Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the year ended November 30, 2024. The comparison assumes $100 was invested for the period starting November 30, 2020, through the end of the listed year in the Company and in the Dow Jones U.S. Home Construction Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
     
Adjustment To PEO Compensation, Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table.
Second PEO Summary Compensation Table Total to Compensation Actually Paid Reconciliation
 
             
2024 
    
    
    
    
 
Summary Compensation Table Total (
$
)
  
 
(A)
 
  
$
 25,086,806 
 
  
 
             
 
  
 
             
 
Exclusion of Stock Awards ($)   
 
 
 
   ($ 23,374,974)        
Total Deductions from Summary Compensation Table ($)   
 
(B)
 
   ($ 23,374,974)        
Increase for
Year-End
Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($)
  
 
 
 
    $ 22,538,483         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($)   
 
 
 
   ($ 6,456,463)        
Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($)   
 
 
 
    $ 2,595,904         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($)   
 
 
 
    $ 4,358,144         
Total Adjustments (
$
)
  
 
(C)
 
  
$
23,036,068 
 
     
Compensation Actually Paid (
$
)
  
 
(A) + (B) + (C)
 
  
$
24,747,900 
 
     
 
 
Third PEO Summary Compensation Table Total to Compensation Actually Paid Reconciliation
 
             
2024 
    
    
    
    
 
Summary Compensation Table Total (
$
)
  
 
(A)
 
    $
 29,546,675 
 
  
 
             
 
  
 
             
 
Exclusion of Stock Awards ($)             ($ 26,699,567)        
Total Deductions from Summary Compensation Table ($)   
 
(B)
 
   ($ 26,699,567)        
Increase for
Year-End
Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($)
             $ 25,720,573         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($)             ($ 7,387,033)        
Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($)              $ 2,985,006         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($)              $ 5,050,527         
Total Adjustments ($)   
 
(C)
 
  
$
 26,369,073 
 
     
Compensation Actually Paid (
$
)
  
 
(A) + (B) + (C)
 
    $
29,216,181 
 
     
     
Non-PEO NEO Average Total Compensation Amount $ 3,824,311 $ 4,496,245 $ 12,287,576 $ 13,029,166
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,703,030 6,701,147 12,862,760 21,327,286
Adjustment to Non-PEO NEO Compensation Footnote
Non-PEO
NEOs Average Summary Compensation Table Total to Average Compensation Actually Paid Reconciliation
 
             
2024 
    
    
    
    
 
Summary Compensation Table Total ($)
  
 
(A)
 
    $
 3,824,311 
 
  
 
             
 
  
 
             
 
Exclusion of Stock Awards ($)             ($ 1,882,257)        
Total Deductions from Summary Compensation Table ($)   
 
(B)
 
   ($ 1,882,257)        
Increase for
Year-End
Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($)
             $ 1,861,314         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($)              $ 150,178         
Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($)              $ 241,061         
Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($)              $ 508,423         
Total Adjustments ($)   
 
(C)
 
  
$
 2,760,976 
 
     
Compensation Actually Paid (
$
)
  
 
(A) + (B) + (C)
 
  
$
4,703,030 
 
     
     
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between Compensation Actually Paid, Company TSR, and Peer Group TSR
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, the Company’s cumulative TSR over the four most recently completed fiscal years, and the Peer Group TSR over the same period.
 
 
LOGO
     
Compensation Actually Paid vs. Net Income
Relationship Between Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Net Income during the four most recently completed fiscal years.
 
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
Relationship Between Compensation Actually Paid and Pretax Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Pretax Income during the four most recently completed fiscal years.
 
 
LOGO
     
Total Shareholder Return Vs Peer Group
Relationship Between Compensation Actually Paid, Company TSR, and Peer Group TSR
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, the Company’s cumulative TSR over the four most recently completed fiscal years, and the Peer Group TSR over the same period.
 
 
LOGO
     
Tabular List, Table
Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEOs and other NEOs for 2024 to Company performance. The measures in this table are not ranked.
 
 
 
Pretax Income
 
  Relative Gross Profit Percentage  
  Relative Return on Tangible Capital  
  Relative Total Shareholder Return  
  Debt to EBITDA Ratio  
     
Total Shareholder Return Amount $ 242.97 175.95 119.19 139.95
Peer Group Total Shareholder Return Amount 230.38 160.51 110.92 136.32
Net Income (Loss) $ 3,933,000,000 $ 3,939,000,000 $ 4,614,000,000 $ 4,430,000,000
Company Selected Measure Amount 5,150,000,000 5,180,000,000 5,980,000,000 5,793,000,000
Measure:: 1        
Pay vs Performance Disclosure        
Name Pretax Income      
Measure:: 2        
Pay vs Performance Disclosure        
Name Relative Gross Profit Percentage      
Measure:: 3        
Pay vs Performance Disclosure        
Name Relative Return on Tangible Capital      
Measure:: 4        
Pay vs Performance Disclosure        
Name Relative Total Shareholder Return      
Measure:: 5        
Pay vs Performance Disclosure        
Name Debt to EBITDA Ratio      
Rick Beckwitt [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 0 $ 43,807,563 $ 30,447,048 $ 34,045,217
PEO Actually Paid Compensation Amount $ 0 (714,918) 33,989,081 57,303,560
PEO Name Rick Beckwitt      
Jonathan M. Jaffe [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 25,086,806 29,140,667 30,032,983 34,045,217
PEO Actually Paid Compensation Amount $ 24,747,900 62,138,860 34,618,820 53,539,484
PEO Name Jonathan M. Jaffe      
Stuart Miller [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 29,546,675 34,284,913 0 0
PEO Actually Paid Compensation Amount $ 29,216,181 $ 72,458,683 $ 0 $ 0
PEO Name Stuart Miller      
PEO | Jonathan M. Jaffe [Member] | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 23,036,068      
PEO | Jonathan M. Jaffe [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 22,538,483      
PEO | Jonathan M. Jaffe [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (6,456,463)      
PEO | Jonathan M. Jaffe [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,595,904      
PEO | Jonathan M. Jaffe [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,358,144      
PEO | Jonathan M. Jaffe [Member] | Total Deductions from SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (23,374,974)      
PEO | Jonathan M. Jaffe [Member] | Exclusion of Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (23,374,974)      
PEO | Stuart Miller [Member] | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 26,369,073      
PEO | Stuart Miller [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 25,720,573      
PEO | Stuart Miller [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (7,387,033)      
PEO | Stuart Miller [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,985,006      
PEO | Stuart Miller [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,050,527      
PEO | Stuart Miller [Member] | Total Deductions from SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (26,699,567)      
PEO | Stuart Miller [Member] | Exclusion of Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (26,699,567)      
Non-PEO NEO | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,760,976      
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,861,314      
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 150,178      
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 241,061      
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 508,423      
Non-PEO NEO | Total Deductions from SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,882,257)      
Non-PEO NEO | Exclusion of Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (1,882,257)