Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

The following table summarizes information about shares of the Company’s common stock at:


	September 30,	December 31,
(In thousands)	2019	2018
Common stock authorized	75,000	75,000
Common stock issued	28,115	27,948
Treasury stock	3,087	3,087

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods:


	Three Months Ended September 30,			Nine Months Ended September 30,
(In thousands)	2019	2018	2019	2018
Weighted average shares outstanding for basic earnings per share	25,031	25,235	24,984	25,208
Common stock equivalents pertaining to stock-based awards	125	269	69	301
Weighted average shares outstanding for diluted earnings per share	25,156	25,504	25,053	25,509

Equity instruments excluded from diluted net earnings per share calculation as the effect would have been anti-dilutive	123	114	122	106

The table below summarizes the regular quarterly dividends declared and paid during the periods ended September 30, 2019 and December 31, 2018:


(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
First Quarter 2018	$	0.55	03/16/18	03/29/18	$	13,858
Second Quarter 2018	0.60		06/04/18	06/15/18	15,127
Third Quarter 2018	0.60		08/31/18	09/14/18	15,129
Fourth Quarter 2018	0.60		11/26/18	12/07/18	15,156
Total 2018	$	2.35			$	59,270

First Quarter 2019	$	0.60	03/08/19	03/22/19	$	14,999
Second Quarter 2019	0.65		06/07/19	06/21/19	16,267
Third Quarter 2019	0.65		09/06/19	09/20/19	16,267
Total 2019	$	1.90			$	47,533

Deferred and Restricted Stock Units

The LCI Industries 2018 Omnibus Incentive Plan (“the 2018 Plan”) provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units (“DSUs”), and those with time-based vesting provisions, such as restricted stock units (“RSUs”), 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. In addition, DSUs are issued in lieu of certain cash compensation.

Transactions in DSUs and RSUs under the LCI Industries Equity Award and Incentive Plan, as Amended and Restated (“the 2011 Plan”) or the 2018 Plan, as applicable, are summarized as follows:


	Number of Shares	Weighted Average Price
Outstanding at December 31, 2018	264,406	$	83.84
Issued	4,856	85.48
Granted	248,043	80.89
Dividend equivalents	8,163	85.19
Forfeited	(7,858)	90.83
Vested	(150,538)	74.74
Outstanding at September 30, 2019	367,072	$	84.43

Stock Awards and Performance Stock Units

The 2011 Plan provides for stock awards and the 2018 Plan provides for performance stock units (“PSUs”) that vest at a specific future date based on achievement of specified performance conditions.

Transactions in performance-based stock awards and PSUs under the 2011 Plan or the 2018 Plan, as applicable, are summarized as follows:


	Number of Shares	Weighted Average Price
Outstanding at December 31, 2018	187,368	$	91.39

Granted	48,995	78.11
Dividend equivalents	2,881	85.10
Forfeited	(8,459)	106.10
Vested	(102,434)	77.93
Outstanding at September 30, 2019	128,351	$	96.21