KB HOME — Director's Dealing 2010

Nov 12, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KB HOME (KBH)
CIK: 0000795266
Period of Report: 2010-11-09

Reporting Person: BARNARD GLEN (SVP, KBNxt Group)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-09	Stock Appreciation Rights	$36.19	D	21385	Disposed	2017-07-12	Common Stock (21385)	Direct
2010-11-09	Non-Qualified Stock Options (Right to Buy)	$36.19	A	21385	Acquired	2017-07-12	Common Stock (21385)	Direct
2010-11-09	Stock Appreciation Rights	$28.10	D	36885	Disposed	2017-10-04	Common Stock (36885)	Direct
2010-11-09	Non-Qualified Stock Options (Right to Buy)	$28.10	A	36885	Acquired	2017-10-04	Common Stock (36885)	Direct

Footnotes

F1: On November 9, 2010, the issuer canceled, pursuant to an exchange offer, the cash-settled stock appreciation rights (SARs) reported in Table II. In exchange, the issuer granted to the reporting person an equal number of non-qualified options to purchase shares of the issuer's common stock. The stock options granted to the reporting person have the same term, vesting schedule and exercise price as the canceled SARs. The SARs were originally granted to the reporting person on July 12, 2007 and vested in full on July 12, 2010.

F2: On November 9, 2010, the issuer canceled, pursuant to an exchange offer, the cash-settled stock appreciation rights (SARs) reported in Table II. In exchange, the issuer granted to the reporting person an equal number of non-qualified options to purchase shares of the issuer's common stock. The stock options granted to the reporting person have the same term, vesting schedule and exercise price as the canceled SARs. The SARs were originally granted to the reporting person on October 4, 2007 and vested in full on October 4, 2010.