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Investment in Unconsolidated Entity (Tables) | 9 Months Ended
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Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | The following table summarizes our carrying value and ownership interest in OpenKey:
| September 30, 2019 |  | December 31, 2018
Carrying value of the investment in OpenKey (in thousands) | $ | 1,949 |  |  | $ | 1,766 |
Ownership interest in OpenKey | 8.6 | % |  | 8.2 | %
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Line Item |  | 2019 |  | 2018 |  | 2019 |  | 2018
Equity in earnings (loss) of unconsolidated entity |  | $ | (48 | ) |  | $ | (81 | ) |  | $ | (149 | ) |  | $ | (146 | )
Ashford Inc. Condensed Consolidated Balance Sheets (unaudited)
| September 30, 2019 |  | December 31, 2018
Total assets | $ | 421,837 |  |  | $ | 379,005 |
Total liabilities | 148,779 |  |  | 108,726 |
Series B Convertible Preferred Stock | 202,185 |  |  | 200,847 |
Redeemable noncontrolling interests | 3,641 |  |  | 3,531 |
Total stockholders’ equity of Ashford Inc. | 66,467 |  |  | 65,443 |
Noncontrolling interests in consolidated entities | 765 |  |  | 458 |
Total equity | 67,232 |  |  | 65,901 |
Total liabilities and equity | $ | 421,837 |  |  | $ | 379,005 |
Our investment in Ashford Inc., at fair value | $ | 4,724 |  |  | $ | 10,114 |
Ashford Inc. Condensed Consolidated Statements of Operations (unaudited)
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Total revenue |  | $ | 56,889 |  |  | $ | 41,565 |  |  | $ | 183,675 |  |  | $ | 144,544 |
Total operating expenses |  | (63,690 | ) |  | (53,069 | ) |  | (186,991 | ) |  | (150,214 | )
Operating income (loss) |  | (6,801 | ) |  | (11,504 | ) |  | (3,316 | ) |  | (5,670 | )
Equity in earnings (loss) of unconsolidated entities |  | 464 |  |  | — |  |  | (109 | ) |  | — |
Interest expense and loan amortization cost |  | (531 | ) |  | (419 | ) |  | (1,412 | ) |  | (770 | )
Other income (expense) |  | (20 | ) |  | 25 |  |  | (86 | ) |  | (50 | )
Income tax (expense) benefit |  | 297 |  |  | 13,904 |  |  | (1,429 | ) |  | 11,593 |
Net income (loss) |  | (6,591 | ) |  | 2,006 |  |  | (6,352 | ) |  | 5,103 |
(Income) loss from consolidated entities attributable to noncontrolling interests |  | 101 |  |  | 413 |  |  | 395 |  |  | 704 |
Net (income) loss attributable to redeemable noncontrolling interests |  | 334 |  |  | 968 |  |  | 623 |  |  | 817 |
Net income (loss) attributable to Ashford Inc. |  | $ | (6,156 | ) |  | $ | 3,387 |  |  | $ | (5,334 | ) |  | $ | 6,624 |
Preferred dividends |  | (2,909 | ) |  | (1,675 | ) |  | (8,492 | ) |  | (1,675 | )
Amortization of preferred stock discount |  | (363 | ) |  | (303 | ) |  | (1,338 | ) |  | (303 | )
Net income attributable to common stockholders |  | $ | (9,428 | ) |  | $ | 1,409 |  |  | $ | (15,164 | ) |  | $ | 4,646 |
Our unrealized gain (loss) on investment in Ashford Inc. |  | $ | (1,471 | ) |  | $ | 2,158 |  |  | $ | (5,390 | ) |  | $ | (3,338 | )

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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