Stock Repurchase Program, Authorized Amount

[Table of Contents](#if5e2d1c13bd74a82945554c9f702e646_7) D.R. HORTON, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) – (Continued)June 30, 2022NOTE H – EARNINGS PER SHARE  
The following table sets forth the numerators and denominators used in the computation of basic and diluted earnings per share. 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Three Months EndedJune 30, |  | Nine Months EndedJune 30, |
|   |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
|   |  | (In millions) |
| Numerator: |  |  |  |  |  |  |  |  |
| Net income attributable to D.R. Horton, Inc. |  | $ | 1,647.8  |  |  | $ | 1,115.5  |  |  | $ | 4,225.7  |  |  | $ | 2,836.8  |  |
| Denominator: |  |  |  |  |  |  |  |  |
| Denominator for basic earnings per share — weighted average common shares |  | 350.8  |  |  | 359.7  |  |  | 353.3  |  |  | 362.2  |  |
| Effect of dilutive securities: |  |  |  |  |  |  |  |  |
| Employee stock awards |  | 2.3  |  |  | 4.3  |  |  | 3.2  |  |  | 4.9  |  |
| Denominator for diluted earnings per share — adjusted weighted average common shares |  | 353.1  |  |  | 364.0  |  |  | 356.5  |  |  | 367.1  |  |
| Basic net income per common share attributable to D.R. Horton, Inc. |  | $ | 4.70  |  |  | $ | 3.10  |  |  | $ | 11.96  |  |  | $ | 7.83  |  |
| Diluted net income per common share attributable to D.R. Horton, Inc. |  | $ | 4.67  |  |  | $ | 3.06  |  |  | $ | 11.85  |  |  | $ | 7.73  |  |

   
NOTE I – STOCKHOLDERS’ EQUITY  
D.R. Horton has an automatically effective universal shelf registration statement, filed with the SEC in July 2021, registering debt and equity securities that it may issue from time to time in amounts to be determined.  
In April 2022, the Board of Directors authorized the repurchase of up to $1.0 billion of the Company’s common stock, replacing the previous authorization. The authorization has no expiration date. The Company repurchased 4.7 million shares of its common stock for $310.0 million during the current quarter for a total of 10.5 million shares repurchased for $854.2 million during the nine months ended June 30, 2022. At June 30, 2022, there was $690.0 million remaining on the repurchase authorization.  
During each of the first three quarters of fiscal 2022, the Board of Directors approved a quarterly cash dividend of $0.225 per common share, the most recent of which was paid on May 18, 2022 to stockholders of record on May 9, 2022. In July 2022, the Board of Directors approved a quarterly cash dividend of $0.225 per common share, payable on August 11, 2022 to stockholders of record on August 4, 2022. Cash dividends of $0.20 per common share were approved and paid in each quarter of fiscal 2021.  
Forestar has an effective shelf registration statement, filed with the SEC in October 2021, registering $750 million of equity securities, of which $300 million was reserved for sales under its at-the-market equity offering program that became effective in November 2021. During the nine months ended June 30, 2022, Forestar issued 84,547 shares of common stock under its at-the-market equity offering program for proceeds of $1.7 million, net of commissions and other issuance costs totaling $0.1 million. At June 30, 2022, $748.2 million remained available for issuance under Forestar’s shelf registration statement, of which $298.2 million was reserved for sales under its at-the-market equity offering program.  
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