KB HOME — Director's Dealing 2012

Jan 24, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KB HOME (KBH)
CIK: 0000795266
Period of Report: 2012-01-23

Reporting Person: Norton Thomas F (SVP,Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-23	Common Stock	M	5556	—	Acquired	12843	Direct
2012-01-23	Common Stock	D	5556	$9.01	Disposed	7287	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-23	Phantom Share	$	M	5556	Disposed	2012-01-23	Common Stock (5556)	Direct

Footnotes

F1: Each phantom share was the economic equivalent of one share of KB Home common stock, and was settled in cash per the terms established at grant.