Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
The Company's common stock is listed on The NASDAQ Global Stock Market SM under the symbol PATK.
Holders of Common Stock
As of February 12, 2021, there were 253 shareholders of record. A number of shares are held in broker and nominee names on behalf of beneficial owners.
Dividends
In December 2019, the Company's Board of Directors (the "Board") adopted a dividend policy under which it plans to declare regular quarterly cash dividends. The Company paid cash dividends of $1.03 and $0.25 per share, or $23.6 and $5.8 million in the aggregate, in 2020 and 2019, respectively. Any future determination to pay cash dividends will be made by the Board in light of the Company’s earnings, financial position, capital requirements, and restrictions under the Company’s 2019 Credit Agreement, and such other factors as the Board deems relevant.
Purchases of Equity Securities by the Issuer
(c) Issuer Purchases of Equity Securities for the three months ended December 31, 2020.
Period Total
Number of
Shares
Purchased (1) Average Price
Paid Per
Share (1) Total Number of Shares
Purchased as
Part of Publicly
Announced Plans
or Programs (2) Maximum Dollar Value
of Shares that May Yet
Be Purchased Under
the Plans or Programs
(2)
Sep. 28 - Oct. 25, 2020 — $ — — $ 38,779,489
Oct. 26 - Nov. 29, 2020 50,700 55.60 50,700 35,960,557
Nov. 30 - Dec. 31, 2020 11,844 70.11 — 35,960,557
Total 62,544 50,700
(1) Amount includes 11,844 shares common stock purchased by the Company in December 2020 for the sole purpose of satisfying the minimum tax withholding obligations of employees upon the vesting of stock awards and stock appreciation rights held by the employees.
(2) See Note 13 of the Notes to Consolidated Financial Statements for additional information about the Company's stock repurchase program.
Stock Performance Graph
The following graph compares the cumulative 5-year total return to shareholders of the Company’s common stock relative to the cumulative total returns of the Russell 2000 index and a customized peer group of companies, which includes Brunswick Corporation, Cavco Industries, Inc., LCI Industries, Malibu Boats, Inc., Thor Industries, Inc., Winnebago Industries, Inc., and Wabash National Corporation. This graph assumes an initial investment of $100 (with reinvestment of all dividends) was made in our common stock, in the index and in the peer group on December 31, 2015 and its relative performance is tracked through December 31, 2020.
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($) 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Patrick Industries, Inc. 100.00 175.40 239.48 102.10 180.79 235.69
Peer Group 100.00 143.24 206.88 131.29 191.50 230.53
Russell 2000 100.00 119.48 135.18 118.72 146.89 173.86
*The stock price performance included in this graph is not necessarily indicative of future stock price performance.
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ITEM 6. SELECTED FINANCIAL DATA
As of or for the Year Ended December 31
2020 2019 2018 2017 2016
(thousands except per share amounts)
Operating Data:
Net sales (1)
$ 2,486,597 $ 2,337,082 $ 2,263,061 $ 1,635,653 $ 1,221,887
Gross profit 459,017 422,871 415,866 278,915 202,469
Operating income (1)
173,373 154,442 178,415 121,900 90,837
Net income 97,061 89,566 119,832 85,718 55,577
Basic net income per common share $ 4.27 $ 3.88 $ 4.99 $ 3.54 $ 2.47
Diluted net income per common share $ 4.20 $ 3.85 $ 4.93 $ 3.48 $ 2.43
Cash dividends paid per common share $ 1.03 $ 0.25 $ — $ — $ —
Financial Data:
Total assets (1) (2)
$ 1,753,435 $ 1,470,993 $ 1,231,231 $ 866,644 $ 534,950
Cash and cash equivalents 44,767 139,390 6,895 2,767 6,449
Total short-term and long-term debt (3)
840,000 705,000 661,082 354,357 273,153
Shareholders' equity 559,441 497,481 408,754 370,685 185,448
Cash flows from operating activities 160,153 192,410 200,013 99,901 97,147
(1) See Note 4 of the Notes to Consolidated Financial Statements for information regarding revenues, operating income and net assets of businesses acquired in fiscal years 2020, 2019 and 2018.
(2) See Note 15 of the Notes to the Consolidated Financial Statements for information regarding operating lease right-of-use assets reflected on the Company's balance sheet with the adoption of a new lease accounting standard in 2019.
(3) Total short-term and long-term debt for each of the periods presented in the table above is not presented net of deferred financing costs or debt discount.