XML 45 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
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 208,000 shares of restricted stock and performance stock units as incentive stock awards. At December 31, 2024, approximately 16,000 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, 2024, the unamortized cost of the unvested restricted stock was $282,000 which will be amortized over a period of 2.5 years with a weighted average period of 2.5 years.
The following table summarizes the stock-based compensation expense (in thousands):
Year Ended December 31,
Line Item202420232022
Advisory services fee$266 $1,446 $2,509 
Management fees— 10 56 
Corporate, general and administrative11 89 163 
Corporate, general and administrative - independent directors54 170 90 
Corporate, general and administrative - Stirling OP
92 — — 
$423 $1,715 $2,818 
A summary of our restricted stock activity is as follows (shares in thousands):
Year Ended December 31,
202420232022
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year5 $261.73 12 $206.34 23 $307.60 
Restricted stock granted56 6.55 4 40.10 2 55.90 
Restricted stock vested(10)149.84 (11)230.60 (13)367.00 
Outstanding at end of year51 $6.00 5 $261.73 12 $206.34 
The fair value of restricted stock vested during the years ended December 31, 2024, 2023 and 2022 was $121,000, $417,000 and $1.2 million, 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. 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.
The following table summarizes the compensation expense (in thousands):
Year Ended December 31,
Line Item202420232022
Advisory services fee$523 $604 $1,008 
At December 31, 2024, the unamortized cost of PSUs was $361,000, which will be expensed over a period of 1.0 year with a weighted average period of 1.0 year.
A summary of our PSU activity is as follows (shares in thousands):
Year Ended December 31,
202420232022
UnitsWeighted Average Price at GrantUnitsWeighted Average Price at GrantUnitsWeighted Average Price at Grant
Outstanding at beginning of year19 $78.05 14 $290.41 14 $348.10 
PSUs granted— — 16 36.80 3 120.90 
PSUs vested(2)56.40 (8)297.00 (3)297.00 
PSUs canceled(1)56.40 (3)297.00 — 800.00 
Outstanding at end of year16 $49.27 19 $78.05 14 $290.41