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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2024
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, 2024, approximately 920,000 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. The following table summarizes the stock-based compensation expense for restricted stock (in thousands):
|  |  | Year Ended December 31,
Line Item |  |  |  |  | 2024 |  | 2023 |  | 2022
Advisory services fee |  |  |  |  | $ | 216 |  |  | $ | 1,162 |  |  | $ | 2,195 |
Management fees |  |  |  |  | 2 |  |  | 11 |  |  | 26 |
Corporate general and administrative |  |  |  |  | 14 |  |  | 101 |  |  | 126 |
Corporate general and administrative - independent directors |  |  |  |  | 144 |  |  | 182 |  |  | 252 |
|  |  |  |  | $ | 376 |  |  | $ | 1,456 |  |  | $ | 2,599 |
A summary of our restricted stock activity is as follows (shares in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| Number of Units |  | Weighted Average Price at Grant |  | Number of Units |  | Weighted Average Price at Grant |  | Number of Units |  | Weighted Average Price at Grant
Outstanding at beginning of year | 167 |  |  | $ | 7.02 |  |  | 437 |  |  | $ | 6.46 |  |  | 957 |  |  | $ | 6.94 |
Restricted shares granted | 50 |  |  | 2.82 |  |  | 45 |  |  | 4.07 |  |  | 45 |  |  | 5.63 |
Restricted shares vested | (216) |  |  | 6.04 |  |  | (312) |  |  | 5.82 |  |  | (543) |  |  | 5.86 |
Restricted shares forfeited | (1) |  |  | 7.02 |  |  | (3) |  |  | 6.90 |  |  | (22) |  |  | 6.77 |
Outstanding at end of year | — |  |  | $ | — |  |  | 167 |  |  | $ | 7.02 |  |  | 437 |  |  | $ | 6.46 |
The fair value of restricted stock vested during the years ended December 31, 2024, 2023 and 2022 was approximately $452,000, $1.3 million and $3.1 million, respectively. During the year ended December 31, 2024, PSUs granted in 2022, vested at 174% of target based on the performance conditions met over the performance period. During the year ended December 31, 2023, PSUs granted in 2021, vested at 200% of target based on the performance conditions met over the performance period. During the year ended December 31, 2022, 225,000 PSUs granted in 2020, 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. The following table summarizes the compensation expense for PSUs (in thousands):
|  |  | Year Ended December 31,
Line Item |  |  |  |  | 2024 |  | 2023 |  | 2022
Advisory services fee |  |  |  |  | $ | 27 |  |  | $ | 2,108 |  |  | 2,876 |
At December 31, 2024, the unamortized cost of unvested PSUs was $168,000, which is expected to be recognized over a period of 1.0 year with a weighted average period of 1.0 year. A summary of our PSU activity is as follows (shares in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| Number of Units |  | Weighted Average Price at Grant |  | Number of Units |  | Weighted Average Price at Grant |  | Number of Units |  | Weighted Average Price at Grant
Outstanding at beginning of year | 424 |  |  | $ | 4.22 |  |  | 335 |  |  | $ | 5.84 |  |  | 671 |  |  | $ | 5.84 |
PSUs granted (at target) | — |  |  | — |  |  | 383 |  |  | 4.07 |  |  | 41 |  |  | 5.63 |
PSUs vested (at target) | (41) |  |  | 5.63 |  |  | (294) |  |  | 7.01 |  |  | (152) |  |  | 4.69 |
PSUs canceled | — |  |  | — |  |  | — |  |  | — |  |  | (225) |  |  | 3.51 |
Outstanding at end of year (at target) | 383 |  |  | $ | 4.07 |  |  | 424 |  |  | $ | 4.22 |  |  | 335 |  |  | $ | 5.84 |

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