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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Common stock dividends declared	$	5,336	$	5,200	$	10,665	$	10,403

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 June 30,				Six Months Ended June 30,
Line Item	2019		2018		2019		2018
Advisory services fee	$	671	$	292	$	1,081	$	1,869

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 death, in accordance with the terms of the awards.

As of June 30, 2019, we had unamortized compensation expense of $5.4 million related to PSUs which is expected to be recognized over a period of 2.5 years with a weighted average period of 1.8 years.

Restricted Stock Units—We incur stock-based compensation expense in connection with restricted stock units awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which immediately vests.

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



	Three Months Ended June 30,				Six Months Ended June 30,
Line Item	2019		2018		2019		2018
Advisory services fee	$	646	$	498	$	1,156	$	1,323
Management fees	41		64		80		111
Corporate general and administrative - Premier	19		—		38		—
	$	706	$	562	$	1,274	$	1,434

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 death, in accordance with the terms of the awards.

At June 30, 2019, the unamortized cost of the unvested shares of restricted stock was $5.7 million, which will be expensed over a period of 2.7 years with a weighted average period of 2.2 years, and have vesting dates between February 2020 and February 2022.

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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Series D Cumulative Preferred Stock	$	825	$	—	$	1,650	$	—

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, 2019 and 2018, pursuant to this authorization. As of June 30, 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 June 30, 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 $(5.5) million and $(5.4) million at June 30, 2019 and December 31, 2018, respectively.

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2019		2018			2019		2018
(Income) loss attributable to noncontrolling interest in consolidated entities	$	248	$	(89	)	$	149	$	(47	)