XML 31 R19.htm IDEA: XBRL DOCUMENT v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS' EQUITY
The following table summarizes information about shares of the Company's common stock at:
 June 30,December 31,
(In thousands)20252024
Common stock authorized75,000 75,000 
Common stock issued28,900 28,804 
Treasury stock4,074 3,341 
Common stock outstanding24,826 25,463 

The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2025 and December 31, 2024:
(In thousands, except per share data)Per ShareRecord DatePayment DateTotal Paid
First Quarter 2024$1.05 03/08/2403/22/24$26,721 
Second Quarter 20241.05 05/31/2406/14/2426,734 
Third Quarter 20241.05 08/30/2409/13/2426,736 
Fourth Quarter 20241.15 11/29/2412/13/2429,280 
Total 2024$4.30 $109,471 
First Quarter 2025$1.15 03/07/2503/21/25$29,352 
Second Quarter 20251.15 05/30/2506/13/2529,036 
Total 2025$2.30 $58,388 

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 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2024301,477 $119.84 
Issued767 89.17 
Granted164,234 102.40 
Dividend equivalents8,450 88.10 
Forfeited(2,658)116.81 
Vested(143,237)119.32 
Outstanding at June 30, 2025329,033 $110.88 

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 SharesWeighted Average Price
Outstanding at December 31, 2024245,878 $120.26 
Granted79,688 103.49
Dividend equivalents6,531 88.10
Forfeited(76,651)122.07
Outstanding at June 30, 2025255,446 $114.33 

Stock Repurchase Programs

In May 2022, the Company's Board of Directors authorized a stock repurchase program (the "2022 Share Repurchase Program") granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, which ended on May 19, 2025. The timing of stock repurchases, and the number of shares, were dependent upon market conditions and other factors. Share repurchases could be made in the open market and/or in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program was subject to modification, suspension, or termination at any time by the Board of Directors. In March 2025, the Company purchased 308,898 shares at a weighted average price of $91.47 per share, totaling $28.4 million, including excise tax, under the 2022 Share Repurchase Program. Following such repurchase, no additional shares were purchased under the 2022 Share Repurchase Program prior to its expiration on May 19, 2025. No shares were purchased under the 2022 Share Repurchase Program in the six months ended June 30, 2024.
In May 2025, the Company's Board of Directors authorized a new stock repurchase program (the "2025 Share Repurchase Program") for the purchase of up to $300.0 million of the Company's common stock over a three-year period ending on May 15, 2028. The timing of stock repurchases, and the number of shares, will depend upon market conditions and other factors. Share repurchases, if any, will be made in privately negotiated and/or open market transactions, such as in compliance with Rule 10b-18 of the Securities Act of 1934, as amended (the "Exchange Act") and/or pursuant to a trading plan in accordance with Rule 10b5-1 of the Exchange Act, or a combination of methods. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors.
On June 11, 2025, the Company entered into a Rule 10b5-1 trading plan under the 2025 Share Repurchase Program for the period between June 13, 2025 and August 1, 2025 to repurchase up to $100.0 million of common stock, subject to certain parameters. Under this Rule 10b5-1 trading plan, the Company purchased 424,132 shares at a weighted average price of $89.79 per share totaling $38.5 million, including excise tax, during June 2025. As of June 30, 2025, there was $261.9 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.
From July 1, 2025 through the conclusion of the Rule 10b5-1 plan on August 1, 2025, the Company purchased 633,535 shares at a weighted average price of $97.73 per share totaling $62.5 million, including excise tax. Following these
subsequent repurchases, there was $200.0 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.