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Equity and Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2019
Equity [Abstract] |
Equity and Stock-Based Compensation | Equity and Stock-Based Compensation Common Stock Dividends—The following table summarizes the common stock dividends declared during the period (in thousands):
| Three Months Ended March 31,
| 2019 |  | 2018
Common stock dividends declared | $ | 5,329 |  |  | $ | 5,275 |
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 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 and when the applicable vesting criteria have been achieved following the end of the performance and service period, which is generally three years from the grant date. The number of PSUs actually earned may range from 0% to 200% of target 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. Following 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 March 31,
Line Item |  | 2019 |  | 2018
Advisory services fee |  | $ | 410 |  |  | $ | 1,577 |
During the three months ended March 31, 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. As of March 31, 2019, we had unamortized compensation expense of $6.1 million related to PSUs which is expected to be recognized over a period of 2.8 years with a weighted average period of 2.1 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, which is included in “management fees” on our condensed consolidated statements of operations and employees of Premier Project Management LLC (“Premier”), which is included in “corporate general and administrative” expense on our condensed consolidated statements of operations. We also issue common stock to our independent directors, which immediately vests, and is included in “corporate general and administrative” expense on our condensed consolidated statements of operations. At March 31, 2019, the unamortized cost of the unvested shares of restricted stock was $6.4 million, which will be expensed over a period of 2.9 years with a weighted average period of 2.4 years, and have vesting dates between April 2020 and February 2022. The following table summarizes the stock-based compensation expense for restricted stock units (in thousands):
|  | Three Months Ended March 31,
Line Item |  | 2019 |  | 2018
Advisory services fee |  | $ | 510 |  |  | $ | 825 |
Management fees |  | 39 |  |  | 47 |
Corporate general and administrative - Premier |  | 19 |  |  | — |
|  | $ | 568 |  |  | $ | 872 |
During the three months ended March 31, 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. 8.25% Series D Cumulative Preferred Stock Dividends—The Series D Cumulative Preferred Stock dividend for all issued and outstanding shares is set at $2.0625 per annum per share. The following table summarizes dividends declared (in thousands):
| Three Months Ended March 31,
| 2019 |  | 2018
Series D Cumulative Preferred Stock | $ | 825 |  |  | $ | — |
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 months ended March 31, 2019 and 2018, pursuant to this authorization. As of March 31, 2019, 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 March 31, 2019, 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 $(5.3) million and $(5.4) million at March 31, 2019 and December 31, 2018, respectively. The following table summarizes the (income) loss allocated to noncontrolling interests in consolidated entities (in thousands):
|  | Three Months Ended March 31,
|  | 2019 |  | 2018
(Income) loss from consolidated entities attributable to noncontrolling interests |  | $ | (99 | ) |  | $ | 42 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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