UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
May 9, 2003
Date of Report
LENNAR CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware (State or Other Jurisdiction of Incorporation) |
1-11749 (Commission File Number) |
95-4337490 (IRS Employer Identification Number) |
700 Northwest 107th Avenue, Miami, Florida (Address of Principal Executive Offices) |
33172 (Zip Code) |
(305) 559-4000 (Registrants Telephone Number, Including Area Code) |
Item 5. Other Events.
On April 21, 2003, Lennar Corporation (the Company) distributed to the holders of record of its Class A and Class B Common Stock at the close of business on April 9, 2003, one share of Class B Common Stock for each ten shares of Class A or Class B Common Stock already held. In accordance with Statement of Financial Accounting Standards No. 128, Earnings per Share, basic and diluted per share amounts and average shares outstanding were adjusted to reflect the effect of this one for ten stock distribution. The adjusted amounts could not be determined until the adjustment to the conversion ratios of the Companys convertible securities was known. The Company determined that the conversion ratios of the convertible securities were increased by a factor of 1.1102.
The following schedule reflects the average shares outstanding and basic and diluted earnings per share amounts for the quarters and full years from fiscal 1998 through the first quarter of 2003, as originally reported in the Companys filings with the Securities and Exchange Commission and as adjusted for the Companys April 2003 stock distribution:
2
(In thousands, except earnings per share)
Quarter Ended February 28, |
||||||||||||||||||||||||||||||
2003 |
2003 |
|||||||||||||||||||||||||||||
Reported |
Adjusted |
|||||||||||||||||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||||
Basic |
|
70,633 |
|
70,633 |
||||||||||||||||||||||||||
Diluted |
|
78,813 |
|
78,876 |
||||||||||||||||||||||||||
Earnings per share: |
||||||||||||||||||||||||||||||
Basic |
$ |
1.51 |
$ |
1.51 |
||||||||||||||||||||||||||
Diluted |
$ |
1.37 |
$ |
1.37 |
||||||||||||||||||||||||||
Quarter Ended February 28, |
Quarter Ended May 31, |
Quarter Ended August 31, |
Quarter Ended November 30, |
Year Ended November 30, | ||||||||||||||||||||||||||
2002 |
2002 |
2002 |
2002 |
2002 |
2002 |
2002 |
2002 |
2002 |
2002 | |||||||||||||||||||||
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted | |||||||||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||||
Basic |
|
63,303 |
|
69,633 |
|
63,724 |
|
70,096 |
|
63,992 |
|
70,391 |
|
64,124 |
|
70,536 |
|
63,786 |
|
70,165 | ||||||||||
Diluted |
|
71,090 |
|
78,261 |
|
71,441 |
|
78,647 |
|
71,544 |
|
78,761 |
|
71,629 |
|
78,854 |
|
71,426 |
|
78,632 | ||||||||||
Earnings per share: |
||||||||||||||||||||||||||||||
Basic |
$ |
1.14 |
$ |
1.03 |
$ |
1.66 |
$ |
1.51 |
$ |
2.22 |
$ |
2.02 |
$ |
3.51 |
$ |
3.19 |
$ |
8.55 |
$ |
7.77 | ||||||||||
Diluted |
$ |
1.03 |
$ |
0.94 |
$ |
1.51 |
$ |
1.37 |
$ |
2.01 |
$ |
1.83 |
$ |
3.16 |
$ |
2.87 |
$ |
7.72 |
$ |
7.01 | ||||||||||
Quarter Ended February 28, |
Quarter Ended May 31, |
Quarter Ended August 31, |
Quarter Ended November 30, |
Year Ended November 30, | ||||||||||||||||||||||||||
2001 |
2001 |
2001 |
2001 |
2001 |
2001 |
2001 |
2001 |
2001 |
2001 | |||||||||||||||||||||
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted | |||||||||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||||
Basic |
|
62,097 |
|
68,307 |
|
62,699 |
|
68,969 |
|
63,025 |
|
69,328 |
|
63,127 |
|
69,440 |
|
62,737 |
|
69,011 | ||||||||||
Diluted |
|
70,141 |
|
77,218 |
|
70,580 |
|
77,701 |
|
70,825 |
|
77,971 |
|
70,770 |
|
77,910 |
|
70,579 |
|
77,700 | ||||||||||
Earnings per share: |
||||||||||||||||||||||||||||||
Basic |
$ |
0.83 |
$ |
0.75 |
$ |
1.55 |
$ |
1.41 |
$ |
1.69 |
$ |
1.54 |
$ |
2.58 |
$ |
2.35 |
$ |
6.66 |
$ |
6.05 | ||||||||||
Diluted |
$ |
0.75 |
$ |
0.68 |
$ |
1.40 |
$ |
1.27 |
$ |
1.53 |
$ |
1.39 |
$ |
2.32 |
$ |
2.11 |
$ |
6.01 |
$ |
5.46 | ||||||||||
Quarter Ended February 29, |
Quarter Ended May 31, |
Quarter Ended August 31, |
Quarter Ended November 30, |
Year Ended November 30, | ||||||||||||||||||||||||||
2000 |
2000 |
2000 |
2000 |
2000 |
2000 |
2000 |
2000 |
2000 |
2000 | |||||||||||||||||||||
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted | |||||||||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||||
Basic |
|
53,160 |
|
58,476 |
|
52,779 |
|
58,057 |
|
61,650 |
|
67,815 |
|
61,773 |
|
67,950 |
|
57,341 |
|
63,075 | ||||||||||
Diluted |
|
59,676 |
|
65,706 |
|
59,426 |
|
65,431 |
|
69,145 |
|
76,122 |
|
69,748 |
|
76,785 |
|
64,499 |
|
71,011 | ||||||||||
Earnings per share: |
||||||||||||||||||||||||||||||
Basic |
$ |
0.42 |
$ |
0.38 |
$ |
0.69 |
$ |
0.63 |
$ |
0.99 |
$ |
0.90 |
$ |
1.77 |
$ |
1.61 |
$ |
4.00 |
$ |
3.63 | ||||||||||
Diluted |
$ |
0.40 |
$ |
0.36 |
$ |
0.64 |
$ |
0.58 |
$ |
0.90 |
$ |
0.82 |
$ |
1.59 |
$ |
1.44 |
$ |
3.64 |
$ |
3.31 | ||||||||||
Quarter Ended February 28, |
Quarter Ended May 31, |
Quarter Ended August 31, |
Quarter Ended November 30, |
Year Ended November 30, | ||||||||||||||||||||||||||
1999 |
1999 |
1999 |
1999 |
1999 |
1999 |
1999 |
1999 |
1999 |
1999 | |||||||||||||||||||||
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted | |||||||||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||||
Basic |
|
58,216 |
|
64,038 |
|
58,281 |
|
64,109 |
|
58,324 |
|
64,156 |
|
58,163 |
|
63,979 |
|
58,246 |
|
64,071 | ||||||||||
Diluted |
|
65,200 |
|
71,783 |
|
65,158 |
|
71,736 |
|
65,097 |
|
71,669 |
|
64,686 |
|
71,217 |
|
65,035 |
|
71,601 | ||||||||||
Earnings per share: |
||||||||||||||||||||||||||||||
Basic |
$ |
0.48 |
$ |
0.44 |
$ |
0.68 |
$ |
0.62 |
$ |
0.78 |
$ |
0.71 |
$ |
1.03 |
$ |
0.93 |
$ |
2.97 |
$ |
2.70 | ||||||||||
Diluted |
$ |
0.45 |
$ |
0.41 |
$ |
0.63 |
$ |
0.57 |
$ |
0.72 |
$ |
0.65 |
$ |
0.95 |
$ |
0.86 |
$ |
2.74 |
$ |
2.49 | ||||||||||
Quarter Ended February 28, |
Quarter Ended May 31, |
Quarter Ended August 31, |
Quarter Ended November 30, |
Year Ended November 30, | ||||||||||||||||||||||||||
1998 |
1998 |
1998 |
1998 |
1998 |
1998 |
1998 |
1998 |
1998 |
1998 | |||||||||||||||||||||
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted |
Reported |
Adjusted | |||||||||||||||||||||
Average shares outstanding: |
||||||||||||||||||||||||||||||
Basic |
|
53,248 |
|
58,573 |
|
53,806 |
|
59,187 |
|
57,447 |
|
63,192 |
|
58,138 |
|
63,952 |
|
55,660 |
|
61,226 | ||||||||||
Diluted |
|
54,157 |
|
59,573 |
|
54,941 |
|
60,435 |
|
60,477 |
|
66,545 |
|
64,921 |
|
71,476 |
|
58,624 |
|
64,507 | ||||||||||
Earnings per share: |
||||||||||||||||||||||||||||||
Basic |
$ |
0.30 |
$ |
0.28 |
$ |
0.48 |
$ |
0.43 |
$ |
0.61 |
$ |
0.55 |
$ |
1.16 |
$ |
1.05 |
$ |
2.59 |
$ |
2.35 | ||||||||||
Diluted |
$ |
0.30 |
$ |
0.27 |
$ |
0.47 |
$ |
0.42 |
$ |
0.59 |
$ |
0.53 |
$ |
1.06 |
$ |
0.96 |
$ |
2.49 |
$ |
2.26 | ||||||||||
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 9, 2003
LENNAR CORPORATION (Registrant) | ||
By: |
/s/ BRUCE E. GROSS | |
Name: |
Bruce E. Gross | |
Title: |
Vice President and Chief Financial Officer |
4