Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Equity-based compensation expense is primarily recorded in “salaries and benefits expense” and REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” in our condensed consolidated statements of operations. The components of equity-based compensation expense for the three months ended March 31, 2020 and 2019 are presented below by award type (in thousands):



	Three Months Ended March 31,
	2020			2019
Equity-based compensation
Stock option amortization ⁽¹⁾	$	2,089		$	2,151
Employee equity grant expense ⁽²⁾	105			—
Director and other non-employee equity grants expense ⁽³⁾	(145		)	7
Total equity-based compensation	$	2,049		$	2,158

Other equity-based compensation
REIT equity-based compensation ⁽⁴⁾	$	6,891		$	5,868
	$	8,940		$	8,026

________


⁽¹⁾	As of March 31, 2020, the Company had approximately $8.5 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.0 years.


⁽²⁾	As of March 31, 2020, the Company had approximately $2.7 million of total unrecognized compensation expense related to restricted shares that will be recognized over a weighted average period of 2.9 years.


⁽³⁾	Grants of restricted stock units to independent directors and other non-employees are recorded at fair value based on the market price of our shares at grant date, and this amount is expensed in “general and administrative” expense. See “Equity-based Compensation” in note 2.


⁽⁴⁾	REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees. See notes 2 and 14.