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Equity and Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Equity and Stock-Based Compensation | Equity Common Stock Dividends—The following table summarizes the common stock dividends declared during the period (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
Common stock dividends declared |  |  |  |  | $ | 3,345 |  |  | $ | 3,334 |  |  |
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. 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. 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 are based on performance conditions under the relevant literature and 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. 8.25% Series D Cumulative Preferred Stock- The Series D 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, |
|  |  |  |  | 2024 |  | 2023 |  |  |  |  |
Series D Cumulative Preferred Stock |  |  |  |  | $ | 825 |  |  | $ | 825 |  |  |  |  |  |

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