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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Under the 2013 Equity Incentive Plan, as amended, we are authorized to grant 8.2 million restricted stock or performance stock units of our common stock as incentive stock awards. At December 31, 2023, approximately 1.6 million shares were available for future issuance under the 2013 Equity Incentive Plan.
Restricted Stock—We incur stock-based compensation expense in connection with restricted stock awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance.
At December 31, 2023, the unamortized cost of unvested shares of restricted stock was $236,000, which is expected to be recognized over a period of 0.2 years with a weighted average period of 0.2 years.
The following table summarizes the stock-based compensation expense for restricted stock (in thousands):
Year Ended December 31,
Line Item202320222021
Advisory services fee$1,162 $2,195 $3,028 
Management fees11 26 56 
Corporate general and administrative 101 126 111 
Corporate general and administrative - independent directors182 252 322 
$1,456 $2,599 $3,517 
A summary of our restricted stock activity is as follows (shares in thousands):
Year Ended December 31,
202320222021
Number of UnitsWeighted Average
Price at Grant		Number of UnitsWeighted Average
Price at Grant		Number of UnitsWeighted Average
Price at Grant
Outstanding at beginning of year437 $6.46 957 $6.94 536 $7.98 
Restricted shares granted45 4.07 45 5.63 764 7.02 
Restricted shares vested(312)5.82 (543)5.86 (317)6.31 
Restricted shares forfeited(3)6.90 (22)6.77 (26)6.94 
Outstanding at end of year167 $7.02 437 $6.46 957 $6.94 
The fair value of restricted stock vested during the years ended December 31, 2023, 2022 and 2021 was approximately $1.3 million, $3.1 million and $2.1 million, respectively.
Performance Stock Units—The compensation committee of the board of directors of the Company may authorize the issuance of grants of performance stock units (“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, when and to the extent 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.
With respect to the 2021, 2022 and 2023 award agreements, the compensation committee utilizes a performance metric, pursuant to which, the performance awards will be eligible to vest, from 0% to 200% of target, based on achievement of certain performance targets over the three-year performance period. The performance criteria for the 2021, 2022 and 2023 performance grants are based on performance conditions under the relevant literature, and the 2021, 2022 and 2023 performance grants were issued to non-employees. The corresponding compensation cost is recognized ratably over the service period for the award as
the service is rendered, based on the corresponding measurement date fair value of the award, which may vary from period to period, as the number of performance grants earned may vary since the estimated probable achievement of certain performance targets may vary from period to period.
During the years ended 2022 and 2021, 225,000 PSUs granted in 2020 and 223,000 PSUs granted in 2019, were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $7,000 and $143,000, respectively.
The following table summarizes the compensation expense for PSUs (in thousands):
Year Ended December 31,
Line Item202320222021
Advisory services fee$2,108 $2,876 3,374 
At December 31, 2023, the unamortized cost of unvested PSUs was $1.1 million, which is expected to be recognized over a period of 2.0 years with a weighted average period of 1.9 years.
A summary of our PSU activity is as follows (shares in thousands):
Year Ended December 31,
202320222021
Number of UnitsWeighted Average Price at GrantNumber of UnitsWeighted Average Price at GrantNumber of UnitsWeighted Average Price at Grant
Outstanding at beginning of year335 $5.84 671 $5.84 448 $11.71 
PSUs granted383 4.07 41 5.63 446 7.01 
PSUs vested(294)7.01 (152)4.69 — — 
PSUs canceled— — (225)3.51 (223)19.96 
Outstanding at end of year424 $4.22 335 $5.84 671 $5.84