Company: DRH-PA
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001298946-25-000015
Chunk: 139

Company: DiamondRock Hospitality Co
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 139
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55 Forfeited(250,261)9.43 Vested(274,167)9.56 Unvested balance at December 31, 20221,356,937 9.47 Granted247,762 8.94 Forfeited(21,184)9.13 Vested(382,822)9.60 Unvested balance at December 31, 20231,200,693 9.33 Granted361,920 8.66 Vested(941,018)9.35 Unvested balance at December 31, 2024621,595 $8.90 The total unvested restricted stock awards as of December 31, 2024 are expected to vest as follows: 253,430 during 2025, 244,845 during 2026, 114,089 during 2027, 7,970 during 2028, and 1,261 during 2029. As of December 31, 2024, the unrecognized compensation cost related to restricted stock awards was $3.4 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 23 months. For the years ended December 31, 2024, 2023, and 2022, we recorded $5.1 million, $4.2 million and $4.3 million, respectively, of compensation expense net of forfeitures related to restricted stock awards. The compensation expense recorded for the year ended December 31, 2024 included $2.0 million of accelerated compensation expense related to restricted stock awards for the departures of our former Chief Executive Officer and Chief Investment Officer. The accelerated compensation expense is recorded as severance costs in corporate expenses within the consolidated statements of operations and comprehensive income. The compensation expense recorded for the year ended December 31, 2022 includes the reversal of $0.2 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President, Asset Management and Chief Operating Officer, as well as certain other employees. Performance Stock UnitsPerformance stock units (“PSUs”) are restricted stock units that vest three to five years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is based on the Company's achievement of certain performance targets. Under this framework, 50%