Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 113

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 113
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 $0.50 per share for each of the four quarters of 2024 for both its Class A and Class B common stock. In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. This authorization was in addition to what was remaining of the Company's March 2022 stock repurchase program. The repurchase authorization has no expiration date. At May 31, 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