XML 36 R22.htm IDEA: XBRL DOCUMENT v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS' EQUITY
The following table summarizes information about shares of the Company's common stock at December 31:
(In thousands)20252024
Common stock authorized75,000 75,000 
Common stock issued28,906 28,804 
Treasury stock4,707 3,341 
Common stock outstanding24,199 25,463 
Dividends

The table below summarizes the regular quarterly dividends declared and paid during the years ended December 31:
(In thousands, except per share data)Per ShareRecord DatePayment DateTotal Paid
First Quarter 2023$1.05 03/10/2303/24/23$26,563 
Second Quarter 20231.05 06/02/2306/16/2326,591 
Third Quarter 20231.05 09/01/2309/15/2326,590 
Fourth Quarter 20231.05 12/01/2312/15/2326,592 
Total 2023$4.20 $106,336 
(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 
Third Quarter 20251.15 08/29/2509/12/2527,827 
Fourth Quarter 20251.15 11/28/2512/12/2527,828 
Total 2025$4.60 $114,043 
Stock-Based Awards

On May 24, 2018, the Company's stockholders approved the LCI Industries 2018 Omnibus Incentive Plan (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 LCI Industries Equity Award and Incentive Plan, as Amended and Restated, 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. 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 510,853, 640,848, and 821,703 at December 31, 2025, 2024, and 2023, respectively.
Stock-based compensation resulted in charges to operations as follows for the years ended December 31:
(In thousands)202520242023
Deferred and restricted stock units$17,161 $15,668 $15,462 
Performance stock units5,528 2,985 2,767 
Stock-based compensation expense$22,689 $18,653 $18,229 
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 RSUs 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 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2022277,774 $120.92 
Issued3,244 119.43 
Granted159,640 114.22 
Dividend equivalents10,731 116.99 
Forfeited(23,440)121.16 
Vested(131,644)112.10 
Outstanding at December 31, 2023296,305 $118.60 
Issued2,321 111.83 
Granted143,407 125.20 
Dividend equivalents11,596 112.25 
Forfeited(21,249)122.30 
Vested(130,903)114.87 
Outstanding at December 31, 2024301,477 $119.84 
Issued1,313 95.91 
Granted166,460 102.30 
Dividend equivalents15,244 97.91 
Forfeited(6,489)114.31 
Vested(153,555)118.61 
Outstanding at December 31, 2025324,450 $110.79 
As of December 31, 2025, there was $18.3 million of total unrecognized compensation cost related to DSUs and RSUs, which is expected to be recognized over a weighted average remaining period of 1.7 years.

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 SharesStock Price
Outstanding at December 31, 2022162,381 $120.12 
Granted140,953 108.42 
Dividend equivalents7,236 117.20 
Forfeited(3,245)96.55 
Vested(100,046)101.11 
Outstanding at December 31, 2023207,279 $122.57 
Granted108,096 132.77 
Dividend equivalents9,198 112.27 
Vested(78,695)143.54 
Outstanding at December 31, 2024245,878 $120.26 
Granted79,688 103.49 
Dividend equivalents11,893 98.01 
Forfeited(86,443)120.57 
Outstanding at December 31, 2025251,016 $114.55 
As of December 31, 2025, there was $9.8 million of total unrecognized compensation cost related to PSUs, which is expected to be recognized over a weighted average remaining period of 1.8 years.
Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of income taxes, are as follows:
(In thousands)Foreign currency itemsPension itemsTotal
Accumulated other comprehensive income (loss) at December 31, 2023$(14,789)$29,061 $14,272 
Net foreign currency translation adjustment(9,366)(1,441)(10,807)
Actuarial loss on pension plans— (233)(233)
Net current-period other comprehensive loss(9,366)(1,674)(11,040)
Accumulated other comprehensive income (loss) at December 31, 2024(24,155)27,387 3,232 
Net foreign currency translation adjustment30,598 3,526 34,124 
Actuarial gain on pension plans— 326 326 
Net current-period other comprehensive income30,598 3,852 34,450 
Accumulated other comprehensive income at December 31, 2025$6,443 $31,239 $37,682 

In both years ended December 31, 2025 and 2024, the Company recorded an immaterial amount in taxes related to other comprehensive income (loss).

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. No shares were purchased under the 2022 Share Repurchase Program in the year ended December 31, 2024. 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.
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 (excluding excise tax), subject to certain parameters. Under this Rule 10b5-1 trading plan, the Company purchased 1,057,667 shares at a weighted average price of $94.55 per share totaling $101.0 million, including excise tax, during the year ended December 31, 2025. As of December 31, 2025, there was $200.0 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.