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Stockholders' Equity | 3 Months Ended
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Feb. 28, 2023
Equity [Abstract] |
Stockholders’ Equity | Stockholders’ Equity A summary of changes in stockholders’ equity is presented below (in thousands):
| Three Months Ended February 28, 2023 and 2022
| 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, 2022 | 100,711 |  |  | (6,705) |  |  | (10,016) |  |  | $ | 100,711 |  |  | $ | 836,260 |  |  | $ | 3,143,578 |  |  | $ | (5,575) |  |  | $ | (72,718) |  |  | $ | (341,461) |  |  | $ | 3,660,795 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125,500 |  |  | — |  |  | — |  |  | — |  |  | 125,500 |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,476) |  |  | — |  |  | — |  |  | — |  |  | (12,476) |
Employee stock options/other | 72 |  |  | — |  |  | — |  |  | 72 |  |  | 1,062 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,134 |
Stock awards | — |  |  | — |  |  | 671 |  |  | — |  |  | (23,285) |  |  | — |  |  | — |  |  | — |  |  | 23,285 |  |  | — |
Stock-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | 5,867 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,867 |
Stock repurchases | — |  |  | — |  |  | (1,965) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (75,609) |  |  | (75,609) |
Tax payments associated with stock-based compensation awards | — |  |  | — |  |  | (277) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,748) |  |  | (9,748) |
Balance at February 28, 2023 | 100,783 |  |  | (6,705) |  |  | (11,587) |  |  | $ | 100,783 |  |  | $ | 819,904 |  |  | $ | 3,256,602 |  |  | $ | (5,575) |  |  | $ | (72,718) |  |  | $ | (403,533) |  |  | $ | 3,695,463 |
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 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 134,257 |  |  | — |  |  | — |  |  | — |  |  | 134,257 |
Dividends on common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14,130) |  |  | — |  |  | — |  |  | — |  |  | (14,130) |
Stock awards | — |  |  | — |  |  | 721 |  |  | — |  |  | (27,249) |  |  | — |  |  | — |  |  | — |  |  | 27,249 |  |  | — |
Stock-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | 6,867 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,867 |
Tax payments associated with stock-based compensation awards | — |  |  | — |  |  | (320) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,153) |  |  | (12,153) |
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 |
On February 24, 2023, the management development and compensation committee of our board of directors approved the payout of 602,265 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 3, 2019. 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, 2019 through November 30, 2022. Of the shares of common stock paid out, 276,853 shares, or $9.7 million, were purchased by us in the 2023 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, excluding excise tax. As of November 30, 2022, there was $150.0 million of remaining availability under this share repurchase authorization, excluding excise tax. In the 2023 first quarter, we repurchased 1,965,442 shares of our common stock on the open market pursuant to this authorization at a total cost of approximately $75.0 million, excluding excise tax. Repurchases under the 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 February 28, 2023, we were authorized to repurchase up to $75.0 million of our outstanding common stock in additional transactions, excluding excise tax. The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. In the 2023 first quarter, we reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses and other liabilities on our consolidated balance sheet. In the three-month periods ended February 28, 2023 and 2022, our board of directors declared, and we paid, a quarterly cash dividend on our common stock of $.15 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&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 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: 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 https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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