KB HOME — Director's Dealing 2013

May 10, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KB HOME (KBH)
CIK: 0000795266
Period of Report: 2013-05-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-09	Common Stock	M	15000	$11.25	Acquired	30046	Direct
2013-05-09	Common Stock	S	15000	$24.22	Disposed	15046	Direct
2013-05-10	Common Stock	M	27293	$11.25	Acquired	42339	Direct
2013-05-10	Common Stock	S	20417	$24.23	Disposed	21922	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-09	Non-Qualified Stock Option (Right to Buy)	$11.25	M	15000	Disposed	2019-01-22	Common Stock (15000)	Direct
2013-05-10	Non-Qualified Stock Option (Right to Buy)	$11.25	M	27293	Disposed	2019-01-22	Common Stock (27293)	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.20 to $24.27, inclusive. The reporting person undertakes to provide to KB Home, any security holder of KB Home, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1) and (2) to this Form 4.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.20 to $24.31, inclusive.

F3: The option vested in three equal annual installments beginning on January 22, 2010.