14 unchanged sentences
We plan to retain our earnings to finance the continuing operation and growth of the business.
−Removed: Future cash dividends, if any, will depend upon our financial condition, results of operations, capital requirements, statutory requirements, as well as other factors considered relevant by our Board of Directors.
+Added: Future cash dividends, if any, will depend upon our financial condition, results of operations, capital requirements, statutory requirements, restrictions imposed by our Credit Facility, as well as other factors considered relevant by our Board of Directors.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources”.
2 unchanged sentences
up to $100.0 million to repurchase shares of our common stock.
+Added: On November 13, 2020, the Board of Directors authorized the expenditure of an additional $100.0 million to repurchase shares of our common stock under this program.
+Added: On August 12, 2021, the Board of Directors authorized the expenditure of an additional $100.0 million to repurchase shares of our common stock under this program.
There is no stated expiration for this program.
2 unchanged sentences
The share repurchase program may be modified, suspended or discontinued at any time.
−Removed: On November 13, 2020, the Board of Directors authorized the expenditure of an additional $100.0 million to repurchase shares of our common stock under this program, which was announced on January 27, 2021.
We acquired 639,346 shares of our common stock at an aggregate purchase price of $61.0 million for the year ended December 31, 2021.
6 unchanged sentences
Total 243,885 243,885
−Removed: Selected Financial Data
−Removed: The following table presents selected historical consolidated financial and operating data of Meritage Homes Corporation and subsidiaries as of and for each of the last five years ended December 31, 2020.
−Removed: The financial data has been derived from our audited consolidated financial statements and related notes for the periods presented.
−Removed: This table should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes included elsewhere in this Annual Report.
−Removed: These historical results may not be indicative of future results.
−Removed: Historical Consolidated Financial Data
−Removed: Years Ended December 31,
−Removed: ($ in thousands, except per share amounts)
−Removed: 2020 2019 2018 2017 2016
−Removed: Income Statement Data:
−Removed: Homebuilding:
−Removed: Total closing revenue $ 4,482,120 $ 3,650,483 $ 3,513,419 $ 3,226,772 $ 3,029,227
−Removed: Total cost of closings (1) (3,522,506) (2,970,868) (2,884,266) (2,660,273) (2,498,015)
−Removed: Total closing gross profit 959,614 679,615 629,153 566,499 531,212
−Removed: Financial services profit 16,388 20,579 24,044 22,055 21,902
−Removed: Commissions and other sales costs (287,901) (246,728) (241,897) (221,647) (215,092)
−Removed: General and administrative expenses (159,020) (146,093) (138,478) (124,041) (123,803)
−Removed: Interest expense (2,177) (8,370) (785) (3,853) (5,172)
−Removed: Other income/(expense), net 6,662 9,577 11,217 8,784 9,013
−Removed: Loss on early extinguishment of debt — (5,635) — (278) —
−Removed: Earnings before income taxes 533,566 302,945 283,254 247,519 218,060
−Removed: Provision for income taxes (110,091) (53,282) (55,922) (104,264) (68,519)
−Removed: Net earnings $ 423,475 $ 249,663 $ 227,332 $ 143,255 $ 149,541
−Removed: Earnings per common share:
−Removed: Basic $ 11.23 $ 6.55 $ 5.67 $ 3.56 $ 3.74
−Removed: Diluted (2) $ 11.00 $ 6.42 $ 5.58 $ 3.41 $ 3.55
−Removed: Balance Sheet Data (December 31):
−Removed: Cash, cash equivalents, and investments and securities $ 745,621 $ 319,466 $ 311,466 $ 170,746 $ 131,702
−Removed: Real estate $ 2,778,039 $ 2,744,361 $ 2,742,621 $ 2,731,380 $ 2,422,063
−Removed: Total assets $ 3,864,398 $ 3,398,249 $ 3,365,479 $ 3,251,258 $ 2,888,691
−Removed: Senior and convertible senior notes, net and loans payable and other borrowings $ 1,020,085 $ 1,018,981 $ 1,310,057 $ 1,283,804 $ 1,127,314
−Removed: Total liabilities $ 1,516,530 $ 1,424,259 $ 1,644,724 $ 1,674,433 $ 1,467,196
−Removed: Stockholders’ equity $ 2,347,868 $ 1,973,990 $ 1,720,755 $ 1,576,825 $ 1,421,495
−Removed: Cash Flow Data:
−Removed: Cash (used in)/provided by:
−Removed: Operating activities $ 530,360 $ 346,820 $ 262,200 $ (87,132) $ (103,402)
−Removed: Investing activities $ (18,234) $ (13,489) $ (33,527) $ (17,072) $ (20,106)
−Removed: Financing activities $ (85,971) $ (325,331) $ (87,953) $ 143,248 $ (6,998)
−Removed: (1) Total cost of closings includes $24.9 million, $7.3 million, $6.7 million, $6.7 million and $3.8 million of home and land impairments for the years ending December 31, 2020, 2019, 2018, 2017 and 2016, respectively.
−Removed: (2) Diluted earnings per common share for the years ended December 31, 2017 and 2016 includes adjustments to net earnings to account for the interest attributable to our convertible debt, net of income taxes.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.