XML 52 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table The following table sets forth a comparison of Pay Versus Performance (“PVP”) related to compensation reflected in the Summary
Compensation Table to compensation actually paid to our Principal Executive Officer (“PEO”) and other NEOs as well as
information on our Company performance.
Year
Summary
Compensation
Table Total
for PEO (1)
Compensation
Actually Paid
to PEO (5)
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs (2)
Average
Compensation
Actually Paid
to Non-PEO
NEOs (5)
Value of Initial Fixed $100
Investment Based on:
Company Net
Income ($ in
millions)
Company
EBITDA (4)
($ in millions)
Company
Total
Shareholder
Return (3)
Peer Group Total 
Shareholder
Return (3)
2024
$6,400,374
$8,127,190
$2,649,309
$3,094,730
$262
$114
$138
$425
2023
6,748,551
15,496,536
2,138,092
3,039,172
207
146
143
405
2022
7,810,461
4,230,620
3,416,649
1,780,081
122
112
328
627
2021
8,023,798
12,877,899
3,789,459
6,581,026
159
145
225
457
2020
7,469,365
11,918,983
2,624,006
3,835,865
133
116
97
247
        
Company Selected Measure Name EBITDA        
Named Executive Officers, Footnote Mr. Nemeth served as our PEO for each year.
(2)The Company’s Non-PEO NEOs for the years ended December 31, 2024, 2023, 2022, 2021 and 2020 were as follows:
•2024 - Messrs. Rodino, Ellis, Roeder, Filer and Gonzalez
•2023 - Messrs. Rodino, Ellis, Filer, Jacob A. Petkovich and Joel D. Duthie
•2022 and 2021 – Messrs. Cleveland, Rodino, Ellis and Petkovich
•2020 - Messrs. Cleveland, Rodino, Ellis, Petkovich, John A. Forbes and Joshua A. Boone
Mr. Petkovich joined the Company as CFO in November 2020 and resigned from the Company in May 2023. Mr. Filer joined the Company as Senior Vice President
of Finance in November 2022 and served as Interim CFO from May 2023 through March 4, 2024, at which time he returned to his previous role as Senior Vice
President of Finance and was appointed Chief Accounting Officer in May 2024. Mr. Cleveland served as Executive Chairman during the period from 2020 through
2022 and served as our PEO through December 31, 2019. Equity awards granted to Mr. Cleveland while he served as PEO continued to vest during the period from
2020 through 2022. Mr. Boone resigned as CFO of the Company in June 2020. Mr. Forbes, an independent member of our Board, served as interim CFO from June
2020 until November 2020. The compensation for Mr. Forbes reflected in this table relates to the salary, bonus and equity grant Mr. Forbes received while serving
as interim CFO. The table does not include any compensation Mr. Forbes received related to his service as a member of the Board of Directors. 		       
Peer Group Issuers, Footnote Company Total Shareholder Return (“TSR”) reflects $100 invested as of market close on December 31, 2019, the final trading day of fiscal 2019. Peer Group TSR
reflects a customized peer group of companies, which includes Brunswick Corporation, Cavco Industries, Inc., LCI Industries, Malibu Boats, Inc., Polaris, Inc., Thor
Industries, Inc., Winnebago Industries, Inc., and Wabash National Corporation. See Stock Performance Graph on page 29 of our Form 10-K for the fiscal year ended
December 31, 2024.
        
PEO Total Compensation Amount $ 6,400,374 $ 6,748,551 $ 7,810,461 $ 8,023,798 $ 7,469,365
PEO Actually Paid Compensation Amount $ 8,127,190 15,496,536 4,230,620 12,877,899 11,918,983
Adjustment To PEO Compensation, Footnote The following table sets forth a reconciliation from the Summary Compensation Table (“SCT”) to Compensation Actually Paid to our PEO and for the average paid
for our Non-PEO NEOs for the year ended December 31, 2024.
PEO
Average Non-PEO NEOs
2024
2024
SCT Total Compensation
$6,400,374
$2,649,309
SUBTRACT Grant Fair Value of Equity Awards Made During Year (a)
(3,564,636)
(1,300,068)
ADD Year End Fair Value of Equity Awards Made During Year (b)
4,460,150
1,531,729
ADD Year Over Year Change in Fair Value of Outstanding and Unvested Equity Awards (c)
880,662
200,116
ADD Change in Fair Value of Equity Awards Granted in Prior Years That Vested During
Year (d)
(374,080)
(40,988)
ADD Fair Value at Vesting of Equity Awards Made During Year That Also Vested During
Year (e)
-
-
SUBTRACT Fair Value at the End of the Prior Year of Equity Awards That Were Forfeited
During Year (f)
-
-
ADD Value of Dividends Paid on Equity Awards That Vested During Year Not Included in
SCT Total Compensation (g)
324,720
54,632
Total Adjustments Related to Equity Awards
$1,726,816
$445,421
Total Adjustments Related to Pension Value (h)
-
-
Total Compensation Actually Paid
$8,127,190
$3,094,730
(a)Represents the grant date fair value of equity-based awards made during the fiscal year.
(b)Represents the year-end fair value of equity awards that were made during the fiscal year and were unvested as of year-end.
(c)Represents the change in fair value during the fiscal year of equity-based awards granted in prior fiscal years that were still unvested as of year-end.
(d)Represents the change in fair value during the fiscal year of equity-based awards granted in prior fiscal years that vested during the current fiscal year.
(e)Represents the fair value of equity awards that vested during the same year as grant.
(f)Represents the prior year-end fair value of equity awards forfeited during the year.
(g)Dividends accrued during vesting period on restricted equity awards are paid only on shares that vest with payment made at the time of vesting.
(h)Mr. Nemeth is the only participant in the Executive Retirement Plan. The annual interest credit on the annuity benefit is reported using the same value in the SCT
and in Compensation Actually Paid. 		       
Non-PEO NEO Average Total Compensation Amount $ 2,649,309 2,138,092 3,416,649 3,789,459 2,624,006
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,094,730 3,039,172 1,780,081 6,581,026 3,835,865
Adjustment to Non-PEO NEO Compensation Footnote The following table sets forth a reconciliation from the Summary Compensation Table (“SCT”) to Compensation Actually Paid to our PEO and for the average paid
for our Non-PEO NEOs for the year ended December 31, 2024.
PEO
Average Non-PEO NEOs
2024
2024
SCT Total Compensation
$6,400,374
$2,649,309
SUBTRACT Grant Fair Value of Equity Awards Made During Year (a)
(3,564,636)
(1,300,068)
ADD Year End Fair Value of Equity Awards Made During Year (b)
4,460,150
1,531,729
ADD Year Over Year Change in Fair Value of Outstanding and Unvested Equity Awards (c)
880,662
200,116
ADD Change in Fair Value of Equity Awards Granted in Prior Years That Vested During
Year (d)
(374,080)
(40,988)
ADD Fair Value at Vesting of Equity Awards Made During Year That Also Vested During
Year (e)
-
-
SUBTRACT Fair Value at the End of the Prior Year of Equity Awards That Were Forfeited
During Year (f)
-
-
ADD Value of Dividends Paid on Equity Awards That Vested During Year Not Included in
SCT Total Compensation (g)
324,720
54,632
Total Adjustments Related to Equity Awards
$1,726,816
$445,421
Total Adjustments Related to Pension Value (h)
-
-
Total Compensation Actually Paid
$8,127,190
$3,094,730
(a)Represents the grant date fair value of equity-based awards made during the fiscal year.
(b)Represents the year-end fair value of equity awards that were made during the fiscal year and were unvested as of year-end.
(c)Represents the change in fair value during the fiscal year of equity-based awards granted in prior fiscal years that were still unvested as of year-end.
(d)Represents the change in fair value during the fiscal year of equity-based awards granted in prior fiscal years that vested during the current fiscal year.
(e)Represents the fair value of equity awards that vested during the same year as grant.
(f)Represents the prior year-end fair value of equity awards forfeited during the year.
(g)Dividends accrued during vesting period on restricted equity awards are paid only on shares that vest with payment made at the time of vesting.
(h)Mr. Nemeth is the only participant in the Executive Retirement Plan. The annual interest credit on the annuity benefit is reported using the same value in the SCT
and in Compensation Actually Paid. 		       
Compensation Actually Paid vs. Total Shareholder Return CAP Versus TSR 2020 - 2024
Vs TSR.jpg
        
Compensation Actually Paid vs. Net Income CAP Versus Net Income 2020 - 2024
Vs NI.jpg
        
Compensation Actually Paid vs. Company Selected Measure CAP Versus EBITDA 2020 - 2024
Vs EBITDA.jpg
        
Total Shareholder Return Amount $ 262 207 122 159 133
Peer Group Total Shareholder Return Amount 114 146 112 145 116
Net Income (Loss) $ 138,000,000 $ 143,000,000 $ 328,000,000 $ 225,000,000 $ 97,000,000
Company Selected Measure Amount 425,000,000 405,000,000 627,000,000 457,000,000 247,000,000
PEO Name Mr. Nemeth        
Measure:: 1          
Pay vs Performance Disclosure          
Non-GAAP Measure Description Company selected measure of EBITDA, calculated as earnings before interest, taxes, depreciation and amortization, is the primary metric used in our LTIP as
discussed in the CD&A. Below is a reconciliation of net income to EBITDA for the periods shown in the table above:
($ in millions)
2020
2021
2022
2023
2024
Net Income
$97
$225
$328
$143
$138
+ Interest expense
43
58
61
69
80
+ Income taxes
33
69
107
48
40
+ Depreciation & amortization
74
105
131
145
167
EBITDA
$247
$457
$627
$405
$425
        
PEO | Aggregate Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,726,816        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,564,636)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,460,150        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 880,662        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (374,080)        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 324,720        
Non-PEO NEO | Aggregate Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 445,421        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,300,068)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,531,729        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 200,116        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (40,988)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 54,632