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Stockholders' Equity | 3 Months Ended
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Feb. 28, 2021
Equity [Abstract] |
Stockholders’ Equity | Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands):
| Three Months Ended February 28, 2021 and February 29, 2020
| Number of Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common Stock |  | Grantor Stock Ownership Trust |  | Treasury Stock |  | Common Stock |  | Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Grantor Stock Ownership Trust |  | Treasury Stock |  | Total Stockholders’ Equity
Balance at November 30, 2020 | 99,869 |  |  | (7,124) |  |  | (1,107) |  |  | $ | 99,869 |  |  | $ | 824,306 |  |  | $ | 1,868,896 |  |  | $ | (22,276) |  |  | $ | (77,265) |  |  | $ | (27,761) |  |  | $ | 2,665,769 |
Cumulative effect of adoption of ASU 2016-13 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (226) |  |  | — |  |  | — |  |  | — |  |  | (226) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97,051 |  |  | — |  |  | — |  |  | — |  |  | 97,051 |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14,064) |  |  | — |  |  | — |  |  | — |  |  | (14,064) |
Employee stock options/other | 173 |  |  | — |  |  | — |  |  | 173 |  |  | 2,365 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,538 |
Stock awards | — |  |  | 419 |  |  | 10 |  |  | — |  |  | (4,787) |  |  | — |  |  | — |  |  | 4,547 |  |  | 240 |  |  | — |
Stock-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | 5,572 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,572 |
Tax payments associated with stock-based compensation awards | — |  |  | — |  |  | (208) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,456) |  |  | (8,456) |
Balance at February 28, 2021 | 100,042 |  |  | (6,705) |  |  | (1,305) |  |  | $ | 100,042 |  |  | $ | 827,456 |  |  | $ | 1,951,657 |  |  | $ | (22,276) |  |  | $ | (72,718) |  |  | $ | (35,977) |  |  | $ | 2,748,184 |
Balance at November 30, 2019 | 121,593 |  |  | (7,631) |  |  | (24,356) |  |  | $ | 121,593 |  |  | $ | 793,954 |  |  | $ | 2,157,183 |  |  | $ | (15,506) |  |  | $ | (82,758) |  |  | $ | (591,344) |  |  | $ | 2,383,122 |
Cumulative effect of adoption of ASC 842 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,510 |  |  | — |  |  | — |  |  | — |  |  | 1,510 |
Reclassification of stranded tax effects | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,643 |  |  | (1,643) |  |  | — |  |  | — |  |  | — |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 59,748 |  |  | — |  |  | — |  |  | — |  |  | 59,748 |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,233) |  |  | — |  |  | — |  |  | — |  |  | (8,233) |
Employee stock options/other | 698 |  |  | — |  |  | — |  |  | 698 |  |  | 7,528 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,226 |
Stock awards | — |  |  | 314 |  |  | (15) |  |  | — |  |  | (3,012) |  |  | — |  |  | — |  |  | 3,399 |  |  | (387) |  |  | — |
Stock-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | 4,950 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,950 |
Tax payments associated with stock-based compensation awards | — |  |  | — |  |  | (155) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,219) |  |  | (6,219) |
Balance at February 29, 2020 | 122,291 |  |  | (7,317) |  |  | (24,526) |  |  | $ | 122,291 |  |  | $ | 803,420 |  |  | $ | 2,211,851 |  |  | $ | (17,149) |  |  | $ | (79,359) |  |  | $ | (597,950) |  |  | $ | 2,443,104 |
On February 18, 2021, the management development and compensation committee of our board of directors approved the payout of 419,070 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 5, 2017. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on cumulative earnings per share, average return on invested capital, and revenue growth relative to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2017 through November 30, 2020. Of the shares of common stock paid out, 207,775 shares, or $8.5 million, were purchased by us in the 2021 first quarter to satisfy the recipients’ withholding taxes on the vesting of the PSUs. The shares purchased were not considered repurchases under the authorizations described below. As of February 28, 2021, we were authorized to repurchase 2,193,947 shares of our common stock under a board of directors approved share repurchase program. We did not repurchase any of our common stock under this program in the three months ended February 28, 2021. Unrelated to the share repurchase program, our board of directors authorized in 2014 the repurchase of not more than 680,000 shares of our outstanding common stock, and also authorized potential future grants of up to 680,000 stock payment awards under the KB Home 2014 Equity Incentive Plan (“2014 Plan”), in each case solely as necessary for director elections in respect of outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. The 2014 Plan was amended in April 2016. As of February 28, 2021, we have not repurchased any shares and no stock payment awards have been granted under the 2014 Plan, as amended, pursuant to the respective board of directors’ authorizations. In the three-month period ended February 28, 2021, our board of directors declared, and we paid, a quarterly cash dividend on our common stock of $.15 per share. In the three-month period ended February 29, 2020, our board of directors declared, and we paid, a quarterly cash dividend on our common stock of $.09 per share.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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