Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our Class A and Class B common stock are listed on the New York Stock Exchange ("NYSE") under the symbols "LEN" and "LEN.B," respectively. As of December 31, 2020, the last reported sale price of our Class A and Class B common stock on the NYSE was $76.23 and $61.20, respectively. As of December 31, 2020, there were approximately 1,736 and 876 holders of record of our Class A and Class B common stock, respectively.
On January 14, 2021, o ur Board of Directors declared a quarterly cash dividend of $0.25 per share on both our Class A and Class B common stock, payable on February 12, 2021 to holders of record at the close of business on January 29, 2021.
The following table provides information about our repurchases of common stock during the three months ended November 30, 2020:
Period: Total Number of Shares Purchased (1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2)
September 1 to September 30, 2020 — $ — — 10,860,271
October 1 to October 31, 2020 — $ — — 10,860,271
November 1 to November 30, 2020 12,407 $ 77.92 — 10,860,271
(1) Includes shares of Class A and Class B common stock withheld by us to cover withholding taxes due with market value approximating the amount of withholding taxes due.
(2) In January 2019, our Board of Directors authorized a stock repurchase program, under which we are authorized to purchase up to the lesser of $1.0 billion in value, or 25 million in shares, of our outstanding Class A or Class B common stock. This repurchase authorization has no expiration. Subsequent to November 30, 2020, our Board of Directors authorized a stock repurchase program, which replaced the January 2019 stock repurchase program, under which we are authorized to purchase up to the lesser of $1 billion in value, or 25 million in shares of our outstanding Class A or Class B common stock. This repurchase authorization has no expiration.
The information required by Item 201(d) of Regulation S-K relating to equity compensation plans is provided in Item 12 of this Report.
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Performance Graph
The following graph compares the five-year cumulative total return of our Class A common stock with the Dow Jones U.S. Home Construction Index and the Dow Jones U.S. Total Market Index. The graph assumes $100 invested on November 30, 2015 in our Class A common stock, the Dow Jones U.S. Home Construction Index and the Dow Jones U.S. Total Market Index, and the reinvestment of all dividends.
2015 2016 2017 2018 2019 2020
Lennar Corporation $ 100 83 123 86 120 153
Dow Jones U.S. Home Construction Index $ 100 88 158 112 164 200
Dow Jones U.S. Total Market Index $ 100 102 124 131 152 180
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Item 6. Selected Financial Data.
The following table sets forth our selected consolidated financial and operating information as of or for each of the years ended November 30, 2016 through 2020. The information presented below is based upon our historical financial statements.
As of or for the Years Ended November 30,
(Dollars in thousands, except per share amounts) 2020 2019 2018 2017 2016
Results of Operations:
Revenues:
Homebuilding $ 20,981,136 20,793,216 19,077,597 11,188,876 9,741,337
Financial Services $ 890,311 824,810 954,631 891,957 809,694
Multifamily $ 576,328 604,700 421,132 394,771 287,441
Lennar Other $ 41,079 36,835 118,271 170,761 111,527
Total revenues $ 22,488,854 22,259,561 20,571,631 12,646,365 10,949,999
Operating earnings (loss):
Homebuilding $ 2,988,907 2,502,905 2,254,487 1,264,394 1,344,740
Financial Services $ 480,952 224,642 199,716 195,307 207,439
Multifamily $ 22,681 16,390 42,695 73,432 71,174
Lennar Other $ (10,334) 31,469 (33,707) (57,633) (60,322)
Gain on sale of Rialto investment and asset management
platform
$ — — 296,407 — —
Acquisition and integration costs related to CalAtlantic $ — — 152,980 — —
Corporate general and administrative expenses $ 358,418 341,114 343,934 285,889 232,562
Earnings before income taxes $ 3,123,788 2,434,292 2,262,684 1,189,611 1,330,469
Net earnings attributable to Lennar $ 2,465,036 1,849,052 1,695,831 810,480 911,844
Diluted earnings per share $ 7.85 5.74 5.44 3.38 3.86
Cash dividends declared per each - Class A and
Class B common stock
$ 0.625 0.16 0.16 0.16 0.16
Financial Position:
Total assets $ 29,935,177 29,359,511 28,566,181 18,745,034 15,361,781
Debt:
Homebuilding $ 5,955,758 7,776,638 8,543,868 6,410,003 4,575,977
Financial Services $ 1,463,919 1,745,755 1,558,702 1,191,344 1,300,704
Lennar Other $ 1,906 15,178 14,488 371,168 398,859
Multifamily $ — 36,125 — — —
Stockholders’ equity $ 17,994,856 15,949,517 14,581,535 7,872,317 7,026,042
Total equity $ 18,099,401 16,033,830 14,682,957 7,986,132 7,211,567
Shares outstanding (000s) 312,699 315,893 324,238 239,964 239,133
Stockholders’ equity per share $ 57.55 50.49 44.97 32.81 29.38
Homebuilding Data (including unconsolidated entities):
Number of homes delivered 52,925 51,491 45,627 29,394 26,563
New orders 56,169 51,439 45,826 30,348 27,372
Backlog of home sales contracts 18,821 15,577 15,616 8,935 7,623
Backlog dollar value $ 7,812,971 6,300,542 6,570,123 3,550,366 2,891,538
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