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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2022
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) | 2022 |  |  |  | 2021
Common stock authorized | 75,000 |  |  |  |  | 75,000 |
Common stock issued | 28,519 |  |  |  |  | 28,360 |
Treasury stock | 3,341 |  |  |  |  | 3,087 |
Common stock outstanding | 25,178 |  |  |  |  | 25,273 |
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 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 |
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 |
Fourth Quarter 2022 | 1.05 |  |  | 12/02/22 |  | 12/16/22 |  | 26,453 |
Total 2022 | $ | 4.05 |  |  |  |  |  |  | $ | 102,726 |
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 1,032,403, 1,195,993, and 1,300,115 at December 31, 2022, 2021, and 2020, respectively. Stock-based compensation resulted in charges to operations as follows for the years ended December 31:
(In thousands) | 2022 |  | 2021 |  | 2020
Deferred and restricted stock units | $ | 15,594 |  |  | $ | 16,487 |  |  | $ | 14,329 |
Stock awards | 8,101 |  |  | 10,674 |  |  | 4,173 |
Stock-based compensation expense | $ | 23,695 |  |  | $ | 27,161 |  |  | $ | 18,502 |
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 Shares |  | Weighted Average Price
Outstanding at December 31, 2019 | 346,148 |  |  | $ | 87.54 |
Issued | 5,703 |  |  | 97.42 |
Granted | 150,319 |  |  | 97.70 |
Dividend equivalents | 10,042 |  |  | 95.08 |
Forfeited | (21,856) |  |  | 91.79 |
Vested | (155,269) |  |  | 87.69 |
Outstanding at December 31, 2020 | 335,087 |  |  | $ | 90.04 |
Issued | 4,653 |  |  | 137.62 |
Granted | 109,767 |  |  | 142.37 |
Dividend equivalents | 7,233 |  |  | 134.78 |
Forfeited | (6,696) |  |  | 114.66 |
Vested | (164,333) |  |  | 87.64 |
Outstanding at December 31, 2021 | 285,711 |  |  | $ | 110.41 |
Issued | 5,427 |  |  | 101.87 |
Granted | 162,719 |  |  | 119.84 |
Dividend equivalents | 10,871 |  |  | 103.27 |
Forfeited | (15,012) |  |  | 121.99 |
Vested | (171,942) |  |  | 96.21 |
Outstanding at December 31, 2022 | 277,774 |  |  | $ | 120.92 |
As of December 31, 2022, there was $18.4 million of total unrecognized compensation cost related to DSUs and RSUs, which is expected to be recognized over a weighted average remaining period of 1.3 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 Shares |  | Stock Price
Outstanding at December 31, 2019 | 129,128 |  |  | $ | 96.21 |
Granted | 66,029 |  |  | 98.98 |
Dividend equivalents | 3,303 |  |  | 96.54 |
Forfeited | (73,581) |  |  | 107.91 |
Vested | (5,152) |  |  | 100.46 |
Outstanding at December 31, 2020 | 119,727 |  |  | $ | 89.92 |
Granted | 40,102 |  |  | 143.54 |
Dividend equivalents | 3,778 |  |  | 134.82 |
Forfeited | (1,053) |  |  | 96.55 |
Vested | (12,593) |  |  | 95.03 |
Outstanding at December 31, 2021 | 149,961 |  |  | $ | 104.01 |
Granted | 91,988 |  |  | 110.83 |
Dividend equivalents | 6,210 |  |  | 103.29 |
Forfeited | (4,840) |  |  | 78.11 |
Vested | (80,938) |  |  | 82.40 |
Outstanding at December 31, 2022 | 162,381 |  |  | $ | 120.12 |
As of December 31, 2022, there was $7.7 million of total unrecognized compensation cost related to PSUs, which is expected to be recognized over a weighted average remaining period of 0.9 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 items |  | Pension items |  |  |  | Total
Accumulated other comprehensive income (loss) at December 31, 2020 | $ | 7,296 |  |  | $ | (207) |  |  |  |  | $ | 7,089 |
Net foreign currency translation adjustment | (9,697) |  |  | — |  |  |  |  | (9,697) |
Actuarial gain on pension plans | — |  |  | 2,107 |  |  |  |  | 2,107 |
Net current-period other comprehensive income (loss) | (9,697) |  |  | 2,107 |  |  |  |  | (7,590) |
Accumulated other comprehensive income (loss) at December 31, 2021 | (2,401) |  |  | 1,900 |  |  |  |  | (501) |
Net foreign currency translation adjustment | (20,920) |  |  | — |  |  |  |  | (20,920) |
Actuarial gain on pension plans | — |  |  | 28,125 |  |  |  |  | 28,125 |
Net current-period other comprehensive income (loss) | (20,920) |  |  | 28,125 |  |  |  |  | 7,205 |
Accumulated other comprehensive income (loss) at December 31, 2022 | $ | (23,321) |  |  | $ | 30,025 |  |  |  |  | $ | 6,704 |
In both years ended December 31, 2022 and 2021, the Company recorded an immaterial amount in taxes related to other comprehensive income (loss). Stock Repurchase Program On May 19, 2022, the Company's Board of Directors authorized a stock repurchase program granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, ending on May 19, 2025. The timing of stock repurchases and the number of shares will depend upon the market conditions and other factors. Share repurchases, if any, will be made in the open market and in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors. In 2022, the Company purchased 253,490 shares at a weighted average price of $94.89 per share, totaling $24.1 million.

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