Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 113

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 113
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 of 0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business day July 3, 2025. The Company approved and paid cash dividends of $0.50 per share for each of the four quarters of 2024 for both its Class A and Class B common stock.

18

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

 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 August 31, 2025, we have a remaining authorization to repurchase $1.7 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:Three Months Ended August 31,Nine Months Ended August 31,2025202420252024(Dollars in thousands, except price per share amounts)Class AClass BClass AClass BClass AClass BClass AClass BShares repurchased3,931,000 188,066 2,892,320 462,906 13,202,936 851,386 9,311,923 1,243,303 Total purchase price$484,372 $22,154 $447,845 $71,434 $1,624,220 $101,779 $1,445,909 $182,641 Average price per share$123.22 $117.80 $154.84 $154.32 $123.02 $119.55 $155.27 $146.90 

(6)Income Taxes

The provision for income taxes and effective tax rate were as follows:Three Months EndedNine Months EndedAugust 31,August 31,(Dollars in thousands)2025202420252024Provision for income taxes$190,892 347,859 520,478 859,195 Effective tax rate (1)