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 11, 2022, there were 278 shareholders of record. A number of shares are held in broker and nominee names on behalf of beneficial owners.
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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 $1.17 and $1.03 per share, or $27.0 million and $23.6 million in the aggregate, in 2021 and 2020, 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 2021 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, 2021.
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, 2021 — $ — — $ 39,605,258
Oct. 26 - Nov. 29, 2021 78,145 80.65 46,514 35,916,949
Nov. 30 - Dec. 31, 2021 236,495 77.48 176,882 22,609,957
Total 314,640 223,396
(1) Amount includes 91,244 shares of common stock purchased by the Company in aggregate in November and December 2021 for the sole purpose of satisfying the minimum tax withholding obligations of employees upon the exercise of stock options and the vesting of stock awards held by the employees.
(2) See Note 13 and Note 20 of the Notes to Consolidated Financial Statements included elsewhere in this Form 10-K for additional information about the Company's stock repurchase program.
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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 $100 (with reinvestment of all dividends) was made in our common stock, in the index and in the peer group on December 31, 2016 and its relative performance is tracked through December 31, 2021.
($) 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
Patrick Industries, Inc. 100.00 136.53 58.21 103.07 134.37 158.63
Peer Group 100.00 143.32 97.44 138.76 167.78 213.69
Russell 2000 100.00 113.14 99.37 122.94 145.52 165.45
*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
2021 2020 2019 2018 2017
(thousands except per share amounts)
Operating Data:
Net sales (1)
$ 4,078,092 $ 2,486,597 $ 2,337,082 $ 2,263,061 $ 1,635,653
Gross profit 801,194 459,017 422,871 415,866 278,915
Operating income (1)
351,712 173,373 154,442 178,415 121,900
Net income 224,915 97,061 89,566 119,832 85,718
Basic net income per common share $ 9.87 $ 4.27 $ 3.88 $ 4.99 $ 3.54
Diluted net income per common share $ 9.63 $ 4.20 $ 3.85 $ 4.93 $ 3.48
Cash dividends paid per common share $ 1.17 $ 1.03 $ 0.25 $ — $ —
Financial Data:
Total assets (1) (2)
$ 2,650,731 $ 1,753,435 $ 1,470,993 $ 1,231,231 $ 866,644
Cash and cash equivalents 122,849 44,767 139,390 6,895 2,767
Total short-term and long-term debt (3)
1,360,625 840,000 705,000 661,082 354,357
Shareholders' equity 767,557 559,441 497,481 408,754 370,685
Cash flows from operating activities 252,130 160,153 192,410 200,013 99,901
(1) See Note 4 of the Notes to Consolidated Financial Statements included elsewhere in this Form 10-K for information regarding revenues, operating income and net assets of businesses acquired in fiscal years 2021, 2020 and 2019.
(2) See Note 15 of the Notes to the Consolidated Financial Statements included elsewhere in this Form 10-K 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.