Equity and Stock-Based Compensation

Dividends—The following table summarizes the common stock dividends declared during the period (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Common stock dividends declared	$	5,200	$	5,112	$	10,403	$	10,195

Performance Stock Units—The compensation committee of the board of directors of the Company approves grants of PSUs to certain executive officers 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 and when the applicable vesting criteria have been achieved following the end of the performance and service period, generally, three years from the issuance date. The target number of PSUs may be adjusted from 0% to 200% based on achievement of a specified relative total stockholder return based on the formula determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. At June 30, 2018, the outstanding PSUs had a fair value of $3.1 million.

The following table summarizes the compensation expense for PSUs (in thousands):



	Three Months Ended June 30,					Six Months Ended June 30,
Line Item	2018		2017			2018		2017
Advisory services fee	$	292	$	(8	)	$	1,869	$	(808	)

During the six months ended June 30, 2018, approximately $1.6 million of the compensation expense was related to the accelerated vesting of PSUs granted to one of our executive officers upon his passing, in accordance with the terms of the awards. These amounts are included in “advisory services fee” on our condensed consolidated statements of operations.

As of June 30, 2018, we had unamortized compensation expense of $2.6 million related to PSUs which is expected to be recognized over a period of 2.5 years, subject to future mark to market adjustments.

Restricted Stock Units—We incur stock-based compensation expense in connection with restricted stock units awarded to employees of Ashford LLC, included in “advisory services fee,” on our condensed consolidated statements of operations, employees of Remington Lodging, included in “management fees” on our condensed consolidated statements of operations and common stock issued to our independent directors, which immediately vests, and is included in “corporate general and administrative” expense on our condensed consolidated statements of operations.

At June 30, 2018, the outstanding restricted shares had a fair value of $5.6 million. At June 30, 2018, the unamortized cost of the unvested shares of restricted stock was $4.9 million, which will be expensed over a period of 3.3 years, subject to future mark to market adjustments, and have vesting dates between March 2019 and November 2021.

The following table summarizes the stock-based compensation expense for restricted stock units (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
Line Item	2018		2017		2018		2017
Advisory services fee	$	498	$	271	$	1,323	$	389
Management fees	64		34		111		34
Corporate general and administrative	—		163		—		181
	$	562	$	468	$	1,434	$	604

During the six months ended June 30, 2018, approximately $640,000 of the compensation expense was related to the accelerated vesting of equity awards granted to one of our executive officers upon his passing, in accordance with the terms of the awards.

Stock Repurchases—On December 5, 2017, our board of directors reapproved the stock repurchase program pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share having an aggregate value of up to $50 million. The board of directors’ authorization replaced any previous repurchase authorizations.

No shares were repurchased during the three and six months ended June 30, 2018 and 2017, pursuant to this authorization. As of June 30, 2018, we have purchased a cumulative 4.3 million shares of our common stock, for approximately $63.2 million, since the program’s inception on November 4, 2014.

At-the-Market Equity Distribution Program—On December 11, 2017, the Company established an “at-the-market” equity distribution program pursuant to which it may, from time to time, sell shares of its Common Stock having an aggregate offering price of up to $50 million. As of June 30, 2018, no shares of our common stock have been sold under this program.

Noncontrolling Interest in Consolidated Entities—A partner had noncontrolling ownership interests of 25% in two hotel properties with a total carrying value of $(5.2) million and $(4.8) million at June 30, 2018 and December 31, 2017, respectively.

The following table summarizes the (income) loss allocated to noncontrolling interests in consolidated entities (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
(Income) loss allocated to noncontrolling interests	$	(89	)	$	(1,614	)	$	(47	)	$	(1,593	)