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Stockholders' Equity
 12 Months Ended
Dec. 31, 2018
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Dividends

In 2016, the Company initiated the payment of regular quarterly dividends. The table below summarizes the regular quarterly dividends declared and paid during the years ended December 31, 2018, 2017, and 2016:
(In thousands, except per share data) Per ShareRecord DatePayment DateTotal Paid
First Quarter 2016$0.30 04/01/1604/15/16$7,344 
Second Quarter 20160.30 06/06/1606/17/167,363 
Third Quarter 20160.30 08/19/1609/02/167,371 
Fourth Quarter 20160.50 11/28/1612/09/1612,359 
Total 2016$1.40 $34,437 
First Quarter 2017$0.50 03/06/1703/17/17$12,442 
Second Quarter 20170.50 05/19/1706/02/1712,445 
Third Quarter 20170.50 08/18/1709/01/1712,459 
Fourth Quarter 20170.55 11/17/1712/01/1713,711 
Total 2017$2.05 $51,057 
First Quarter 2018$0.55 03/16/1803/29/18$13,858 
Second Quarter 20180.60 06/04/1806/15/1815,127 
Third Quarter 20180.60 08/31/1809/14/1815,129 
Fourth Quarter 20180.60 11/26/1812/07/1815,156 
Total 2018$2.35 $59,270 

Stock-Based Awards

Prior to stockholder approval of the LCI Industries 2018 Omnibus Incentive Plan (the “2018 Plan) in May 2018, the Company granted to its directors, employees, and other eligible persons common stock-based awards, such as stock options, deferred and restricted stock units, restricted stock, and stock awards pursuant to the LCI Industries Equity Award and Incentive Plan, as Amended and Restated (the “2011 Plan”), which was approved by stockholders in May 2011. On May 24, 2018, the Company’s stockholders approved the 2018 Plan, which provides that the number of shares of common stock that may be the subject of awards and issued under the 2018 Plan is 1,500,000, plus shares subject to any awards outstanding as of May 24, 2018 under the 2011 Plan that subsequently expire, are forfeited or canceled, are settled for cash, are not issued in shares, or are tendered or withheld to pay the exercise price or satisfy any tax withholding obligations related to the award. Following the stockholders’ approval of the 2018 Plan, no further awards may be made under the 2011 Plan. Executive officers and other employees of the Company and its subsidiaries and affiliates, and independent directors, consultants, and others who provide substantial services to the Company and its subsidiaries and affiliates, are eligible to be granted awards under the 2018 Plan. Under the 2018 Plan, the Compensation Committee of LCII’s Board of Directors is authorized to grant stock options, stock appreciation rights, restricted stock awards, stock unit awards, other stock-based awards, and cash incentive awards.
The number of shares available for future awards under the 2018 Plan and 2011 Plan, as applicable, was 1,570,274, 737,689 and 1,049,752 at December 31, 2018, 2017 and 2016, respectively.
Stock-based compensation resulted in charges to operations as follows for the years ended December 31:
(In thousands)201820172016
Stock options$— $— $444 
Deferred and restricted stock units12,427 10,696 7,830 
Restricted stock590 1,191 1,770 
Stock awards1,048 8,149 5,376 
Stock-based compensation expense$14,065 $20,036 $15,420 

Stock-based compensation expense is recorded in the Consolidated Statements of Income in the same line as cash compensation to those employees is recorded, primarily in selling, general and administrative expenses. In addition, the Company issued deferred stock units to certain executive officers in lieu of cash for a portion of prior year incentive compensation, in accordance with their compensation arrangements, of $6.9 million and $0.3 million, for the years ended December 31, 2017 and 2016, respectively.

Stock Options

The 2018 Plan provides for the grant of stock options that qualify as incentive stock options under Section 422 of the Internal Revenue Code, and non-qualified stock options. The exercise price for stock options granted under the 2018 Plan must be at least equal to 100 percent of the fair market value of the shares subject to such stock option on the date of grant. The exercise price may be paid in cash, by withholding of shares otherwise issuable upon exercise, or by delivery of shares of the Company’s common stock already owned. Historically, upon exercise of stock options, new shares have been issued instead of using treasury shares.

No stock options were outstanding as of December 31, 2018 and 2017. Previously issued stock options expired six years from the date of grant, and either vested ratably over the service period of five years for employees or, for certain executive officers, based on achievement of specified performance conditions. As a result of the Company’s executive succession and corporate relocation in 2014, the vesting of certain stock options was accelerated pursuant to contractual obligations with certain employees whose employment terminated as a result of the relocation to Indiana. Transactions in stock options under the 2011 Plan are summarized as follows:
Number of Option Shares
Weighted Average
Exercise Price
Outstanding at December 31, 2015212,030 $15.38 
Exercised(183,600)15.10 
Forfeited(1,550)17.17 
Outstanding at December 31, 201626,880 17.17 
Exercised(26,180)17.17 
Forfeited(700)17.17 
Outstanding at December 31, 2017— $— 
Exercisable at December 31, 2017— $— 

Additional information for the exercise of stock options is as follows for the years ended December 31:
(In thousands)20172016
Intrinsic value of stock options exercised$2,340 $13,204 
Cash receipts from stock options exercised$450 $2,772 
Income tax benefits from stock option exercises$900 $4,435 
Grant date fair value of stock options vested$— $506 
Deferred and Restricted Stock Units

The 2018 Plan provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units (“DSUs”), those with time-based vesting provisions, such as restricted stock units (“RSUs”), and those to directors, employees and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs, and are subject to the same vesting criteria as the original grant.

DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest (i) ratably over the service period or (ii) at a specified future date. As a result of the Company’s executive succession and corporate relocation, the vesting of certain deferred stock units was accelerated pursuant to contractual obligations with certain employees whose employment terminated. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2011 Plan or the 2018 Plan, as applicable, are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2015527,513 $44.94 
Issued10,742 72.01 
Granted173,097 54.67 
Dividend equivalents9,075 87.01 
Forfeited(10,893)48.98 
Vested(203,087)43.55 
Outstanding at December 31, 2016506,447 $50.00 
Issued68,340 108.61 
Granted95,079 109.50 
Dividend equivalents9,799 104.12 
Forfeited(3,094)72.96 
Vested(227,516)40.39 
Outstanding at December 31, 2017449,055 $72.55 
Issued5,354 106.10 
Granted101,650 103.20 
Dividend equivalents8,036 89.66 
Forfeited(9,557)76.71 
Vested(290,132)74.83 
Outstanding at December 31, 2018264,406 $83.84 

As of December 31, 2018, there was $11.9 million of total unrecognized compensation cost related to DSUs and RSUs, which is expected to be recognized over a weighted average remaining period of 1.2 years.

Restricted Stock

The 2011 Plan provided for, and the 2018 Plan provides for, the grant of restricted stock to directors, employees and other eligible persons. As of December 31, 2018, no restricted stock awards had been granted under the 2018 Plan. The restriction period is established by the Compensation Committee, but may not be less than one year. Holders of restricted stock have all the rights of a stockholder of the Company, including the right to vote and the right to receive dividends granted to holders of the common stock, payable in additional shares of restricted stock, and subject to the same vesting criteria as the original grant. Shares of restricted stock are not transferable during the restriction period. Restricted stock grants, which were all made to directors, were as follows (in thousands except share and per share amounts):
201820172016
Granted— 14,018 17,439 
Weighted average stock price$— $92.25 $74.55 
Fair value of stock granted$— $1,293 $1,300 
Stock Awards and Performance Stock Units

The 2011 Plan provides for stock awards and the 2018 Plan provides for performance stock units (“PSUs”s) that vest at a specific future date based on achievement of specified performance conditions. Transactions under the 2011 Plan or the 2018 Plan, as applicable, are summarized as follows:
Number of SharesStock Price
Outstanding at December 31, 2015262,456 $49.36 
Granted86,918 54.47 
Dividend equivalents3,811 88.04 
Forfeited(10,832)53.95 
Vested(109,731)39.94 
Outstanding at December 31, 2016232,622 $55.60 
Granted103,382 90.36 
Dividend equivalents5,249 104.93 
Vested(69,434)51.20 
Outstanding at December 31, 2017271,819 $70.29 
Issued5,641 106.10 
Granted111,246 106.10 
Dividend equivalents6,280 90.47 
Forfeited(71,618)86.65 
Vested(136,000)64.32 
Outstanding at December 31, 2018187,368 $91.39 

As of December 31, 2018, there was $0.7 million of total unrecognized compensation cost related to outstanding stock awards, which is expected to be recognized over a weighted average remaining period of 0.20 years.

Weighted Average Common Shares Outstanding

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the years ended December 31:
(In thousands)201820172016
Weighted average shares outstanding for basic earnings per share 25,178 25,020 24,631 
Common stock equivalents pertaining to stock-based awards 285 355 302 
Weighted average shares outstanding for diluted earnings per share 25,463 25,375 24,933 

The weighted average diluted shares outstanding for the years ended December 31, 2018, 2017 and 2016, exclude the effect of 94,747, 104,073 and 184,277 shares of common stock, respectively, subject to stock-based awards. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions that those shares were subject to were not yet achieved.

Stock Repurchase Program

On October 31, 2018, the Company’s Board of Directors authorized a new stock repurchase program granting the Company authority to repurchase up to $150.0 million of the Company’s common stock over a three-year period. The timing of stock repurchases and the number of shares will depend upon the market conditions and other factors. Share repurchases, if any, will be made in the open market or in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program may be modified, suspended or terminated at any time by the Board of Directors. In 2018, the Company purchased 402,570 shares at a weighted average price of $71.28 per share, totaling $28.7 million.