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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | STOCKHOLDERS' EQUITY The following table summarizes information about shares of the Company's common stock at:
| September 30, |  | December 31,
(In thousands) | 2022 |  |  |  | 2021
Common stock authorized | 75,000 |  |  |  |  | 75,000 |
Common stock issued | 28,517 |  |  |  |  | 28,360 |
Treasury stock | 3,087 |  |  |  |  | 3,087 |
Common stock outstanding | 25,430 |  |  |  |  | 25,273 |
The table below summarizes the regular quarterly dividends declared and paid during the periods ended September 30, 2022 and December 31, 2021:
(In thousands, except per share data) | Per Share |  | Record Date |  | Payment Date |  | Total Paid
First Quarter 2021 | $ | 0.75 |  |  | 03/12/21 |  | 03/26/21 |  | $ | 18,939 |
Second Quarter 2021 | 0.90 |  |  | 06/04/21 |  | 06/18/21 |  | 22,739 |
Third Quarter 2021 | 0.90 |  |  | 09/03/21 |  | 09/17/21 |  | 22,747 |
Fourth Quarter 2021 | 0.90 |  |  | 12/03/21 |  | 12/17/21 |  | 22,746 |
Total 2021 | $ | 3.45 |  |  |  |  |  |  | $ | 87,171 |
First Quarter 2022 | $ | 0.90 |  |  | 03/11/22 |  | 03/25/22 |  | $ | 22,870 |
Second Quarter 2022 | 1.05 |  |  | 06/03/22 |  | 06/17/22 |  | 26,702 |
Third Quarter 2022 | 1.05 |  |  | 09/02/22 |  | 09/16/22 |  | 26,701 |
Total 2022 | $ | 3.00 |  |  |  |  |  |  | $ | 76,273 |
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 2018 Plan are summarized as follows:
| Number of Shares |  | Weighted Average Price
Outstanding at December 31, 2021 | 285,711 |  |  | $ | 110.41 |
Issued | 3,923 |  |  | 105.48 |
Granted | 156,919 |  |  | 120.64 |
Dividend equivalents | 7,729 |  |  | 107.15 |
Forfeited | (7,988) |  |  | 121.12 |
Vested | (168,203) |  |  | 95.98 |
Outstanding at September 30, 2022 | 278,091 |  |  | $ | 121.51 |
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, 2021 | 149,961 |  |  | $ | 104.01 |
Granted | 91,988 |  |  | 110.83
Dividend equivalents | 4,413 |  |  | 107.18
Forfeited | (4,840) |  |  | 78.11
Vested | (80,938) |  |  | 82.40
Outstanding at September 30, 2022 | 160,584 |  |  | $ | 120.12 |
Convertible Note Hedge Transactions The Company paid an aggregate amount of $100.1 million in May 2021 to the Counterparties pursuant to the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. The Convertible Note Hedge Transactions are expected generally to reduce the potential dilutive effect to the Company's common stock of the conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the Convertible Notes which are converted, as the case may be, in the event the price per share of the Company's common stock, as measured under the terms of the Convertible Note Hedge Transactions, is greater than the strike price of the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions meet the criteria in Accounting Standards Codification ("ASC") 815-40 to be classified within stockholders' equity, and therefore the Convertible Note Hedge Transactions are not revalued after their issuance. The Convertible Notes and the Convertible Note Hedge Transactions will be integrated for tax purposes. The accounting impact of this tax treatment makes the Convertible Note Hedge Transactions deductible as original issue discount for tax purposes over the term of the Convertible Notes and resulted in a $24.4 million deferred tax asset recognized through equity. Warrant Transactions In addition, concurrently with entering into the Convertible Note Hedge Transactions, the Company entered into separate, privately-negotiated Warrant transactions with the Counterparties, whereby the Company sold Warrants to purchase 2.8 million shares of the Company's common stock at an initial strike price of $259.84 per share, subject to customary anti-dilution adjustments, which is approximately 100 percent above the last reported sale price of the Company's common stock on May 10, 2021 (the "Warrant Transactions"). The Company received aggregate proceeds of $48.5 million from the Warrant Transactions with the Counterparties, with such proceeds partially offsetting the costs of entering into the Convertible Note Hedge Transactions. The Warrants expire in August 2026. If the market value per share of the Company's common stock, as measured under the Warrant Transactions, exceeds the strike price of the Warrants, the Warrants will have a dilutive effect on the Company's earnings per share, unless the Company elects, subject to certain conditions, to settle the Warrants in cash. The Warrants meet the criteria in ASC 815-40 to be classified within stockholders' equity, and therefore the Warrants are not revalued after issuance.

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