Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

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

	March 31,	December 31,
(In thousands)	2021	2020
Common stock authorized	75,000	75,000
Common stock issued	28,340	28,243
Treasury stock	3,087	3,087
Common stock outstanding	25,253	25,156

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)	2021	2020
Weighted average shares outstanding for basic earnings per share	25,193	25,075
Common stock equivalents pertaining to stock-based awards	132	68
Weighted average shares outstanding for diluted earnings per share	25,325	25,143
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been anti-dilutive	147	109

The table below summarizes the regular quarterly dividends declared and paid during the periods ended March 31, 2021 and December 31, 2020:

(In thousands, except per share data)	Per Share		Record Date	Payment Date	Total Paid
First Quarter 2020	$	0.65	03/06/20	03/20/20	$	16,321
Second Quarter 2020	0.65		06/05/20	06/19/20	16,349
Third Quarter 2020	0.75		09/04/20	09/18/20	18,865
Fourth Quarter 2020	0.75		12/04/20	12/18/20	18,866
Total 2020	$	2.80			$	70,401
First Quarter 2021	$	0.75	03/12/21	03/26/21	$	18,939

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.

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, 2020	335,087	$	90.04
Issued	1,340	132.28
Granted	93,615	143.53
Dividend equivalents	1,639	131.62
Forfeited	(973)	96.55
Vested	(139,913)	86.42
Outstanding at March 31, 2021	290,795	$	106.32

Performance Stock Units

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 PSUs under the 2018 Plan are summarized as follows:

	Number of Shares	Weighted Average Price
Outstanding at December 31, 2020	119,727	$	89.92
Granted	40,102	143.54
Dividend equivalents	833	131.62
Forfeited	(1,053)	96.55
Vested	(12,593)	95.03
Outstanding at March 31, 2021	147,016	$	104.01