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Stockholders' Equity | 6 Months Ended
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May 31, 2022
Equity [Abstract] |
Stockholders’ Equity | Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands):
| Three Months Ended May 31, 2022 and 2021
| 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 February 28, 2022 | 100,711 |  |  | (6,705) |  |  | (5,384) |  |  | $ | 100,711 |  |  | $ | 828,238 |  |  | $ | 2,499,491 |  |  | $ | (19,119) |  |  | $ | (72,718) |  |  | $ | (202,287) |  |  | $ | 3,134,316 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 210,670 |  |  | — |  |  | — |  |  | — |  |  | 210,670 |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,012) |  |  | — |  |  | — |  |  | — |  |  | (13,012) |
Stock awards | — |  |  | — |  |  | 64 |  |  | — |  |  | (2,376) |  |  | — |  |  | — |  |  | — |  |  | 2,376 |  |  | — |
Stock-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | 9,021 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,021 |
Stock repurchases | — |  |  | — |  |  | (1,520) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (50,000) |  |  | (50,000) |
Balance at May 31, 2022 | 100,711 |  |  | (6,705) |  |  | (6,840) |  |  | $ | 100,711 |  |  | $ | 834,883 |  |  | $ | 2,697,149 |  |  | $ | (19,119) |  |  | $ | (72,718) |  |  | $ | (249,911) |  |  | $ | 3,290,995 |
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 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 143,364 |  |  | — |  |  | — |  |  | — |  |  | 143,364 |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,733) |  |  | — |  |  | — |  |  | — |  |  | (13,733) |
Employee stock options/other | 65 |  |  | — |  |  | — |  |  | 65 |  |  | 903 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 968 |
Stock awards | 44 |  |  | — |  |  | 2 |  |  | 44 |  |  | (88) |  |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |
Stock-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | 8,082 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,082 |
Balance at May 31, 2021 | 100,151 |  |  | (6,705) |  |  | (1,303) |  |  | $ | 100,151 |  |  | $ | 836,353 |  |  | $ | 2,081,288 |  |  | $ | (22,276) |  |  | $ | (72,718) |  |  | $ | (35,933) |  |  | $ | 2,886,865 |
| Six Months Ended May 31, 2022 and 2021
| 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, 2021 | 100,711 |  |  | (6,705) |  |  | (5,785) |  |  | $ | 100,711 |  |  | $ | 848,620 |  |  | $ | 2,379,364 |  |  | $ | (19,119) |  |  | $ | (72,718) |  |  | $ | (217,383) |  |  | $ | 3,019,475 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 344,927 |  |  | — |  |  | — |  |  | — |  |  | 344,927 |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27,142) |  |  | — |  |  | — |  |  | — |  |  | (27,142) |
Stock awards | — |  |  | — |  |  | 785 |  |  | — |  |  | (29,625) |  |  | — |  |  | — |  |  | — |  |  | 29,625 |  |  | — |
Stock-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | 15,888 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,888 |
Stock repurchases | — |  |  | — |  |  | (1,520) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (50,000) |  |  | (50,000) |
Tax payments associated with stock-based compensation awards | — |  |  | — |  |  | (320) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,153) |  |  | (12,153) |
Balance at May 31, 2022 | 100,711 |  |  | (6,705) |  |  | (6,840) |  |  | $ | 100,711 |  |  | $ | 834,883 |  |  | $ | 2,697,149 |  |  | $ | (19,119) |  |  | $ | (72,718) |  |  | $ | (249,911) |  |  | $ | 3,290,995 |
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 new accounting standard for credit losses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (226) |  |  | — |  |  | — |  |  | — |  |  | (226) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 240,415 |  |  | — |  |  | — |  |  | — |  |  | 240,415 |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27,797) |  |  | — |  |  | — |  |  | — |  |  | (27,797) |
Employee stock options/other | 238 |  |  | — |  |  | — |  |  | 238 |  |  | 3,268 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,506 |
Stock awards | 44 |  |  | 419 |  |  | 12 |  |  | 44 |  |  | (4,875) |  |  | — |  |  | — |  |  | 4,547 |  |  | 284 |  |  | — |
Stock-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | 13,654 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,654 |
Tax payments associated with stock-based compensation awards | — |  |  | — |  |  | (208) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,456) |  |  | (8,456) |
Balance at May 31, 2021 | 100,151 |  |  | (6,705) |  |  | (1,303) |  |  | $ | 100,151 |  |  | $ | 836,353 |  |  | $ | 2,081,288 |  |  | $ | (22,276) |  |  | $ | (72,718) |  |  | $ | (35,933) |  |  | $ | 2,886,865 |
On February 17, 2022, the management development and compensation committee of our board of directors approved the payout of 674,677 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 4, 2018. 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, 2018 through November 30, 2021. Of the shares of common stock paid out, 319,815 shares, or $12.2 million, were purchased by us in the 2022 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. On April 7, 2022, our board of directors authorized us to repurchase up to $300.0 million of our outstanding common stock. This authorization replaced a prior board of directors authorization, which had 331,400 shares remaining for repurchase. In the 2022 second quarter, we repurchased 1,519,646 shares of our common stock on the open market pursuant to this new authorization at a total cost of $50.0 million. Repurchases under the new authorization may occur periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at management’s discretion and dependent on market, business and other conditions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by our board of directors, and does not obligate us to purchase any shares. As of May 31, 2022, we had $250.0 million of common stock authorized for repurchase. On April 7, 2022, our board of directors also terminated a separate stock repurchase authorization it made in 2014 for the repurchase of not more than 680,000 shares of our outstanding common stock, solely as necessary for director elections in respect of outstanding stock appreciation rights awards granted under our Non-Employee Directors Compensation Plan. As the remaining outstanding stock appreciation rights awards expired in April 2022, this stock repurchase authorization was no longer needed. In the three-month periods ended May 31, 2022 and 2021, our board of directors declared, and we paid, a quarterly cash dividend on our common stock of $.15 per share. Quarterly dividends declared and paid during the six-month periods ended May 31, 2022 and 2021 totaled $.30 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 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: 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 + Details
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