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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | STOCKHOLDERS' EQUITY The following table summarizes information about shares of the Company's common stock at:
| March 31, |  | December 31,
(In thousands) | 2023 |  |  |  | 2022
Common stock authorized | 75,000 |  |  |  |  | 75,000 |
Common stock issued | 28,639 |  |  |  |  | 28,519 |
Treasury stock | 3,341 |  |  |  |  | 3,341 |
Common stock outstanding | 25,298 |  |  |  |  | 25,178 |
The table below summarizes the regular quarterly dividends declared and paid during the periods ended March 31, 2023 and December 31, 2022:
(In thousands, except per share data) | Per Share |  | Record Date |  | Payment Date |  | Total Paid
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 |
First Quarter 2023 | $ | 1.05 |  |  | 03/10/23 |  | 03/24/23 |  | $ | 26,563 |
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 Shares |  | Weighted Average Price
Outstanding at December 31, 2022 | 277,774 |  |  | $ | 120.92 |
Issued | 881 |  |  | 109.87 |
Granted | 146,821 |  |  | 114.26 |
Dividend equivalents | 3,080 |  |  | 104.48 |
Forfeited | (10,888) |  |  | 121.85 |
Vested | (106,546) |  |  | 112.79 |
Outstanding at March 31, 2023 | 311,122 |  |  | $ | 118.06 |
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, 2022 | 162,381 |  |  | $ | 120.12 |
Granted | 129,821 |  |  | 108.13
Dividend equivalents | 1,996 |  |  | 104.48
Forfeited | (3,245) |  |  | 96.55
Vested | (90,332) |  |  | 96.55
Outstanding at March 31, 2023 | 200,621 |  |  | $ | 123.39 |
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. No purchases were made during the three months ended March 31, 2023.

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