Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 27

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 27
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 2025, we have a remaining authorization to repurchase $2.2 billion in value of the Company's Class A or Class B common stock. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:

18

Lennar Corporation and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Three Months Ended May 31,Six Months Ended May 31,2025202420252024(Dollars in thousands, except price per share amounts)Class AClass BClass AClass BClass AClass BClass AClass BShares repurchased4,501,936 204,515 3,393,475 406,525 9,271,936 663,320 6,419,603 780,397 Total purchase price$495,230 $21,504 $543,276 $59,570 $1,139,849 $79,625 $998,064 $111,207 Average price per share$110.00 $105.15 $160.09 $146.54 $122.94 $120.04 $155.47 $142.50 

(6)Income Taxes

The provision for income taxes and effective tax rate were as follows:Three Months EndedSix Months EndedMay 31,May 31,(Dollars in thousands)2025202420252024Provision for income taxes$160,061 300,471 329,586 511,336 Effective tax rate (1)25.1%23.9%24.8 %23.4 %(1)For the three and six months ended May 31, 2025 and 2024, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate for the three months ended May 31, 2025 from the prior year was primarily due to a decrease in solar tax credits. The increase in the effective tax rate for the six months ended May 31, 2025 from the prior year was primarily due to a decrease in excess tax benefits from share-based compensation and a decrease in solar tax credits.

(7)Earnings Per Share

Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding