Incentive Award Plan (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of amortization expense and forfeitures related to restricted shares

As of both June 30, 2024 and 2023, the Company’s issued and outstanding awards consisted of both time-based and performance-based restricted stock grants. The Company’s amortization expense, including forfeitures related to restricted shares was as follows (unaudited and in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Amortization expense, including forfeitures	$	3,181	$	3,325	$	5,951	$	5,752
Capitalized compensation cost (1)	$	117	$	117	$	234	$	235

(1) The Company capitalizes compensation costs related to restricted shares granted to certain employees whose work is directly related to the Company’s capital investment in its hotels.

Restricted Stock [Member]

Schedule of non-vested restricted stock grant activity

The Company’s restricted stock awards are time-based restricted shares that generally vest over periods ranging from three years to five years from the date of grant. The following is a summary of non-vested restricted stock award activity for the six months ended June 30, 2024:

		Weighted-Average
		Grant Date
	Number of Shares	Fair Value
Unvested at January 1, 2024	1,032,266	$	11.11
Granted	444,077	$	10.66
Vested	(546,415)	$	11.06
Unvested at June 30, 2024	929,928	$	10.93

Performance Shares [Member]

Schedule of non-vested restricted stock grant activity

The Company’s restricted stock units are performance-based restricted shares that generally vest based on the Company’s total relative shareholder return or the achievement of pre-determined stock price targets during performance periods ranging from three years to five years. The following is a summary of non-vested restricted stock unit activity, at target performance, for the six months ended June 30, 2024:

		Weighted-Average
	Target Number	Grant Date
	of Shares	Fair Value
Unvested at January 1, 2024	1,076,160	$	10.69
Granted	475,746	$	11.50
Vested	(119,732)	$	11.21
Forfeited	(50,100)	$	11.21
Unvested at June 30, 2024	1,382,074	$	10.90

Schedule of share based payment award performance awards valuation assumptions

The restricted stock units granted during the first six months of 2024 vest based on the Company’s total relative shareholder return following a three-year performance period. The number of shares that may become vested ranges from zero to 200% of the amount granted. The grant date fair values of the restricted stock units were determined using a Monte Carlo simulation model with the following assumptions:

Expected volatility	31.0	%
Dividend yield (1)	—
Risk-free rate	4.34	%
Expected term	3 years

(1) Dividend equivalents are assumed to be reinvested in shares of the Company’s common stock and dividend equivalents will only be paid to the extent the award vests.