(b) On January 26, 2012, Mr. Leslie Moonves informed KB Home of his decision to not seek re-election to the Company's Board of Directors (the "Board") at the Company's upcoming Annual Meeting of Stockholders in April, and to retire from the Board after eight years of service effective as of the date of the Annual Meeting, when his current term as a director expires. A copy of a press release KB Home issued regarding Mr. Moonves' decision is attached as Exhibit 99.1 to this Current Report on Form 8-K.

(e) On January 26, 2012, the Management Development and Compensation Committee
(the "Committee") of the Board of Directors of KB Home (the "Company") determined the amount of incentive compensation payable to each of the Company's eligible executive officers under the Company's fiscal year 2011 annual incentive program. In accordance with the incentive program's design and underlying performance objectives, each such executive officer became eligible under the program to receive his maximum possible award. Given the challenging housing market conditions and the Company's financial performance in fiscal year 2011, however, the Committee exercised its authority under the program to significantly reduce the amount of each of the awards. The final amounts determined by the Committee for the Company's named executive officers are set forth below.

                                            September 30,
                 Name                     Annual Incentive Award
                 William R. Hollinger    $                300,000
                 Jeff J. Kaminski        $                400,000
                 Jeffrey T. Mezger       $              1,950,000
                 Brian J. Woram          $                375,000

(d) Exhibits.

The following Exhibit is furnished as part of this Current Report on Form 8-K.

99.1 Press release issued by KB Home on January 27, 2012.