Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 401

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 401
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compensation cost of $11.0 million related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.1 years.Performance-Based Restricted Stock UnitsThe Compensation Committee of the Board has granted awards of performance-based RSUs (“PSUs”) under the 2013 Incentive Plan to certain members of senior management based on three-year performance cycles. At December 31, 2024, there were 196,770 PSUs outstanding that have been granted to certain members of management at a $0.00 exercise price. The PSUs provide for shares of our common stock to be issued based on the attainment of certain performance metrics over the applicable three-year periods. The number of shares of our common stock that may be issued to the recipients for the PSUs range from 0% to 200% of the target amount depending on actual results as compared to the target performance metrics. The terms of the PSUs provide that the payouts will be capped at 100% of the target number of PSUs granted if absolute total stockholder return is negative during the performance period, regardless of EPS performance; this market condition applies for amounts recorded above target. The compensation expense associated with the PSU grants is determined using the derived grant date fair value, based on a third-party valuation analysis, and expensed over the applicable period. The PSUs vest upon the determination date for the actual results at the end of the three-year period and require that the recipients continue to be employed by us through the determination date. The PSUs 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)