Equity and Stock-Based Compensation

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Common stock dividends declared	$	5,204	$	5,112	$	15,607	$	15,307

Performance Stock Units—The compensation committee of the board of directors of the Company approves the issuance of 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. Upon the adoption of ASU 2018-07, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date.

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



	Three Months Ended September 30,					Nine Months Ended September 30,
Line Item	2018		2017			2018		2017
Advisory services fee	$	287	$	(668	)	$	2,156	$	(1,476	)

During the nine months ended September 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 death, 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 September 30, 2018, we had unamortized compensation expense of $2.3 million related to PSUs which is expected to be recognized over a period of 2.3 years.

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 September 30, 2018, the outstanding restricted shares had a fair value of $5.8 million. At September 30, 2018, the unamortized cost of the unvested shares of restricted stock was $4.4 million, which will be expensed over a period of 3.1 years, 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 September 30,				Nine Months Ended September 30,
Line Item	2018		2017		2018		2017
Advisory services fee	$	515	$	245	$	1,838	$	634
Management fees	53		27		164		61
Corporate general and administrative	243		—		243		181
	$	811	$	272	$	2,245	$	876

During the nine months ended September 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 death, 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 nine months ended September 30, 2018 and 2017, pursuant to this authorization. As of September 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, as subsequently amended, 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 September 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 $(5.7) million and $(4.8) million at September 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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
(Income) loss allocated to noncontrolling interests	$	(1,695	)	$	(1,143	)	$	(1,742	)	$	(2,736	)