Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 28

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 28
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(Dollars in thousands, except price per share)Class AClass BClass AClass BShares repurchased11,942,725 1,612,501 7,499,660 2,500,340 Total purchase price$1,906,049 $243,860 $851,502 $248,835 Average price per share$159.60 $151.23 $113.54 $99.52 Restrictions on Payment of DividendsThere are no restrictions on the payment of dividends on common stock by the Company. There are no agreements which restrict the payment of dividends by subsidiaries of the Company other than the need to maintain the financial ratios and net worth requirements under the Financial Services segment’s warehouse lines of credit, which restrict the payment of dividends from the Company’s mortgage subsidiaries following the occurrence and during the continuance of an event of default thereunder.401(k) PlanUnder the Company’s 401(k) Plan (the "Plan"), contributions made by associates can be invested in a variety of mutual funds or proprietary funds provided by the Plan trustee. The Company may also make contributions for the benefit of associates. The Company records as compensation expense its contribution to the Plan. For the years ended November 30, 2024, 2023 and 2022, this amount was $69.7 million, $53.4 million and $37.5 million, respectively.Share-Based PaymentsCompensation expense related to the Company’s share-based awards was as follows:Years Ended November 30,(In thousands)202420232022Total compensation expense for nonvested share-based awards$176,676 160,720 184,086 The fair value of nonvested shares is determined based on the trading price of the Company’s common stock on the grant date. The weighted average fair value of nonvested shares granted during the years ended November 30, 2024, 2023 and 2022 was $141.11, $91.61 and $88.92, respectively. A summary of the Company’s nonvested shares activity for the year ended November 30, 2024 was as follows:SharesWeighted Average Grant Date Fair ValueNonvested shares at November 30, 20232,970,760 $92.51 Grants1,504,041 $141.11 Vested(1,665,703)$98.95 Forfeited(98,077)$114