8-KOther Events

HORTON D R INC /DE/ 8-K Report (Feb 13, 2004)

Filed February 13, 2004For Securities:DHI

Summary

This 8-K filing by D.R. Horton, Inc. (DHI) on February 13, 2004, primarily discloses the impact of a previously announced three-for-two stock split (effected as a 50% stock dividend) that was paid on January 12, 2004. The filing details how this stock split, along with prior stock dividends and splits, has increased the number of shares available under various registration statements, including the company's acquisition shelf registration statement and its Stock Incentive Plan and Employee Stock Purchase Plan registration statements. This adjustment ensures that the company has sufficient shares registered to cover future issuances related to these programs following the increased share count. For investors, the key takeaway is the adjustment in share counts for future stock-based compensation and potential acquisitions due to the stock split. While the filing itself doesn't report new financial results or material business events, it provides important procedural information regarding the company's equity structure and its ability to utilize its existing registration statements for upcoming corporate actions. Investors should note the increased availability of shares for these purposes.

Key Highlights

  • 1D.R. Horton, Inc. announced and effected a three-for-two stock split (50% stock dividend) paid on January 12, 2004.
  • 2The stock split has increased the number of shares available under the acquisition shelf registration statement from 15,000,000 to 22,500,000.
  • 3Shares available under the 1991 Stock Incentive Plan registration statement increased from 2,386,500 to 3,579,750 due to the stock split.
  • 4The number of shares offered under the Employee Stock Purchase Plan registration statement saw a significant increase from 4,864,644 to 13,344,486, reflecting the stock split and prior dividends.
  • 5These adjustments are pursuant to Rule 416 under the Securities Act of 1933.
  • 6The filing also lists Amendments No. 2 and No. 3 to the 1991 Stock Incentive Plan as exhibits, categorized as management contracts or compensatory plan arrangements.

Frequently Asked Questions

The main purpose of this 8-K filing is to report the impact of D.R. Horton's recent three-for-two stock split on the number of shares registered for future issuances under its acquisition shelf registration statement, its Stock Incentive Plan, and its Employee Stock Purchase Plan.

The stock split proportionally increases the number of shares available under the company's existing registration statements. For example, the acquisition shelf registration statement now has 22,500,000 shares available instead of 15,000,000, and the Employee Stock Purchase Plan has a substantially larger pool of 13,344,486 shares.

No, this filing does not report any new financial results or material business developments. It is primarily an update on the share count adjustments resulting from the stock split and previous equity adjustments.

Exhibits 10.2b and 10.2c are Amendments No. 2 and No. 3 to the company's 1991 Stock Incentive Plan. These are listed as management contracts or compensatory plan arrangements, indicating updates to the company's equity-based compensation plans.