Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 26

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 26
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 can only be settled in shares of our common stock.The following table summarizes the activity of our PSUs:Period GrantedPerformance PeriodTarget PSUs Outstanding at December 31, 2023Target PSUs GrantedTarget PSUs ForfeitedTarget PSUs VestedTarget PSUs Outstanding at December 31, 2024Weighted Average Grant Date Fair Value20212021 - 202343,159 — — (43,159)— $141.00 20222022 - 202463,304 — (3,032)— 60,272 $118.80 20232023 - 202572,443 — (3,355)— 69,088 $104.36 20242024 - 2026— 70,947 (3,537)— 67,410 $111.94 Total178,906 70,947 (9,924)(43,159)196,770 At December 31, 2024, management estimates that the recipients will receive approximately 100%, 73.3% and 0% of the 2024, 2023 and 2022 target number of PSUs, respectively, at the end of the applicable three-year performance cycle based on projected performance compared to the target performance metrics. We recognized $4.3 million, $2.9 million and $4.5 million of total stock-based compensation expense related to outstanding PSUs for the years ended December 31, 2024, 2023 and 2022, respectively. The 2021 - 2023 performance period PSUs vested and issued on March 8, 2024 at 93.6% of the target number. At December 31, 2024, we had unrecognized compensation cost of $8.2 million, based on the probable amount, related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.7 years. Employee Stock Purchase PlanThe LGI Homes, Inc. Employee Stock Purchase Plan (the “ESPP”) provides for employees to make quarterly elections for payroll withholdings to purchase shares of our common stock at a 15% discount from the closing price of our common stock on the purchase date, which is the last business day of each calendar quarter. During the years ended December 31, 2024, 2023 and 2022, we issued 54,794, 53,078 and