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Stock-Based Compensation
 12 Months Ended
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 Item202420232022
Advisory services fee$216 $1,162 $2,195 
Management fees2 11 26 
Corporate general and administrative 14 101 126 
Corporate general and administrative - independent directors144 182 252 
$376 $1,456 $2,599 
A summary of our restricted stock activity is as follows (shares in thousands):
Year Ended December 31,
202420232022
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 year167 $7.02 437 $6.46 957 $6.94 
Restricted shares granted50 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 Item202420232022
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,
202420232022
Number of UnitsWeighted Average Price at GrantNumber of UnitsWeighted Average Price at GrantNumber of UnitsWeighted Average Price at Grant
Outstanding at beginning of year424 $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