Company: DRH-PA
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001298946-25-000049
Chunk: 15

Company: DiamondRock Hospitality Co
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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2,449,628 shares as of March 31, 2025. Shares underlying awards that are granted under the 2024 Plan that are forfeited, cancelled, reacquired prior to vesting, satisfied without the issuance of stock or otherwise terminated (other than by exercise), including shares tendered or held back upon settlement of an award, other than a stock option or stock appreciation right, to cover the tax withholding will be added back to the shares available for issuance under the 2024 Plan.Restricted Stock AwardsRestricted stock awards issued to our officers and employees generally vest over a three to five year period from the date of grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. A summary of our restricted stock awards from January 1, 2025 to March 31, 2025 is as follows:

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Number ofSharesWeighted-Average GrantDate FairValueUnvested balance at January 1, 2025621,595 $8.90 Granted464,765 8.23 Vested(249,994)9.27 Unvested balance at March 31, 2025836,366 $8.50 The total unvested restricted stock awards as of March 31, 2025 are expected to vest as follows: 7,986 during 2025, 396,748 during 2026, 267,484 during 2027, 162,887 during 2028, and 1,261 during 2029. As of March 31, 2025, the unrecognized compensation cost related to restricted stock awards was $6.5 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 29 months. We recorded $0.7 million and $1.0 million of compensation expense related to restricted stock awards for the three months ended March 31, 2025 and 2024, respectively.    Performance Stock Units Performance stock units (“PSUs”) are restricted stock units that generally vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). For PSUs granted in 2025, the actual number of shares of common stock