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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Under the 2021 Stock Incentive Plan approved by stockholders, we are authorized to grant approximately 2.1 million shares of restricted stock and performance stock units as incentive stock awards. At December 31, 2023, approximately 649,000 shares were available for future issuance under the 2021 Stock Incentive Plan.
Restricted Stock—We incur stock-based compensation expense in connection with restricted stock awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance.
At December 31, 2023, the unamortized cost of the unvested restricted stock was $260,000 which will be amortized over a period of 0.2 years with a weighted average period of 0.2 years.
The following table summarizes the stock-based compensation expense (in thousands):
Year Ended December 31,
Line Item202320222021
Advisory services fee$1,446 $2,509 $3,716 
Management fees10 56 199 
Corporate, general and administrative89 163 151 
Corporate, general and administrative - independent directors170 90 186 
$1,715 $2,818 $4,252 
A summary of our restricted stock activity is as follows (shares in thousands):
Year Ended December 31,
202320222021
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year121 $20.63 231 $30.76 17 $306.10 
Restricted stock granted42 4.01 19 5.59 251 25.38 
Restricted stock vested(114)23.06 (125)36.70 (33)126.09 
Restricted stock forfeited— — (4)31.88 (4)76.73 
Outstanding at end of year49 $26.17 121 $20.63 231 $30.76 
The fair value of restricted stock vested during the years ended December 31, 2023, 2022 and 2021 was $417,000, $1.2 million and $926,000, respectively.
Performance Stock Units—The compensation committee of the board of directors of the Company may authorize the issuance of performance stock units (“PSUs”), which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period.
With respect to the 2021, 2022 and 2023 award agreements, the criteria for the PSUs are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the corresponding measurement date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of PSUs earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSUs to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of PSUs earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation for the number of PSUs earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount.
During the year ended December 31, 2021, approximately 8,000 PSUs granted in 2018 and 2019 were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $349,000.
The following table summarizes the compensation expense (in thousands):
Year Ended December 31,
Line Item202320222021
Advisory services fee$604 $1,008 $3,177 
The unamortized cost of PSUs, which was $485,000 at December 31, 2023, will be expensed over a period of approximately 2.0 years with a weighted average period of 1.9 years.
A summary of our PSU activity is as follows (shares in thousands):
Year Ended December 31,
202320222021
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year136 $29.04 139 $34.81 13 $377.90 
PSUs granted164 4.93 34 12.09 134 29.70 
PSUs vested(76)29.70 (33)29.70 — — 
PSUs canceled(25)29.70 (4)80.00 (8)627.36 
Outstanding at end of year199 $7.81 136 $29.04 139 $34.81