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Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
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, 2020, 2019, and 2018:
(In thousands, except per share data)Per ShareRecord DatePayment DateTotal Paid
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 
First Quarter 2019$0.60 03/08/1903/22/19$14,999 
Second Quarter 20190.65 06/07/1906/21/1916,267 
Third Quarter 20190.65 09/06/1909/20/1916,267 
Fourth Quarter 20190.65 12/06/1912/20/1916,280 
Total 2019$2.55 $63,813 
First Quarter 2020$0.65 03/06/2003/20/20$16,321 
Second Quarter 20200.65 06/05/2006/19/2016,349 
Third Quarter 20200.75 09/04/2009/18/2018,865 
Fourth Quarter 20200.75 12/04/2012/18/2018,866 
Total 2020$2.80 $70,401 

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 was 1,300,115, 1,361,748, and 1,570,274 at December 31, 2020, 2019, and 2018, respectively.
Stock-based compensation resulted in charges to operations as follows for the years ended December 31:
(In thousands)202020192018
Deferred and restricted stock units$14,329 $14,342 $12,427 
Restricted stock— — 590 
Stock awards4,173 1,735 1,048 
Stock-based compensation expense$18,502 $16,077 $14,065 

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.

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”), 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. As a result of the Company’s executive succession, the vesting of certain DSUs 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, 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 
Issued6,073 89.82 
Granted252,068 81.07 
Dividend equivalents10,243 89.65 
Forfeited(9,079)89.67 
Vested(177,563)69.65 
Outstanding at December 31, 2019346,148 $87.54 
Issued5,703 97.42 
Granted150,319 97.70 
Dividend equivalents10,042 95.08 
Forfeited(21,856)91.79 
Vested(155,269)87.69 
Outstanding at December 31, 2020335,087 $90.04 
As of December 31, 2020, there was $17.0 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.

Stock Awards and Performance Stock Units

The 2011 Plan provided 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 SharesStock Price
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 
Granted48,995 78.11 
Dividend equivalents3,658 67.03 
Forfeited(8,459)106.10 
Vested(102,434)77.93 
Outstanding at December 31, 2019129,128 $96.21 
Granted66,029 98.98
Dividend equivalents3,303 96.54
Forfeited(73,581)107.91
Vested(5,152)100.46
Outstanding at December 31, 2020119,727 $89.92 

As of December 31, 2020, there was $5.2 million of total unrecognized compensation cost related to outstanding stock awards and PSUs, which is expected to be recognized over a weighted average remaining period of 0.9 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)202020192018
Weighted average shares outstanding for basic earnings per share25,134 24,998 25,178 
Common stock equivalents pertaining to stock-based awards121 95 285 
Weighted average shares outstanding for diluted earnings per share25,255 25,093 25,463 

The weighted average diluted shares outstanding for the years ended December 31, 2020, 2019, and 2018, exclude the effect of 110,900, 122,775, and 94,747 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 repurchased 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. There were no share repurchases for the years ended December 31, 2020 and 2019.