Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

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


	March 31,	December 31,
(In thousands)	2020	2019
Common stock authorized	75,000	75,000
Common stock issued	28,221	28,133
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 indicated:


	Three Months Ended March 31,
(In thousands)	2020	2019
Weighted average shares outstanding for basic earnings per share	25,075	24,914
Common stock equivalents pertaining to stock-based awards	68	15
Weighted average shares outstanding for diluted earnings per share	25,143	24,929

Equity instruments excluded from diluted net earnings per share calculation as the effect would have been anti-dilutive	109	122

The table below summarizes the regular quarterly dividends declared and paid during the periods ended March 31, 2020 and December 31, 2019:


(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
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
Fourth Quarter 2019	0.65		12/06/19	12/20/19	16,280
Total 2019	$	2.55			$	63,813

First Quarter 2020	$	0.65	03/06/20	03/20/20	$	16,321

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, 2019	346,148	$	87.54
Issued	2,175	66.83
Granted	135,475	98.01
Dividend equivalents	3,849	58.70
Forfeited	(3,354)	92.45
Vested	(130,266)	87.61
Outstanding at March 31, 2020	354,027	$	89.73

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, 2019	129,128	$	96.21

Granted	57,333	96.55
Dividend equivalents	1,193	58.70
Forfeited	(73,581)	107.91
Vested	(5,152)	100.46
Outstanding at March 31, 2020	108,921	$	87.92