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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation, RSU and PRSU Activity | The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the years ended December 31, 2022, 2021, and 2020:
|  | Time-Vesting Awards |  | PRSUs |  | Total Share-Based Awards(1)
|  | Number |  | Weighted Average Grant Date Fair Value (Actual $) |  | Number |  | Weighted Average Grant Date Fair Value (Actual $) |  | Number |  | Weighted Average Grant Date Fair Value (Actual $)
Balance, December 31, 2019 |  | 685,069 |  |  | $ | 22.48 |  |  | 925,076 |  |  | $ | 23.13 |  |  | 1,610,145 |  |  | $ | 22.86 |
Granted |  | 225,760 |  |  | 28.25 |  |  | 428,114 |  |  | 29.61 |  |  | 653,874 |  |  | 29.14 |
Vested(2) |  | (339,448) |  |  | (22.81) |  |  | (353,156) |  |  | (22.04) |  |  | (692,604) |  |  | (22.42) |
Forfeited / canceled |  | (11,258) |  |  | (25.59) |  |  | (24,223) |  |  | (23.56) |  |  | (35,481) |  |  | (24.20) |
Balance, December 31, 2020 |  | 560,123 |  |  | 24.54 |  |  | 975,811 |  |  | 26.36 |  |  | 1,535,934 |  |  | 25.70 |
Granted |  | 252,249 |  |  | 30.30 |  |  | 626,325 |  |  | 27.44 |  |  | 878,574 |  |  | 28.26 |
Vested(2) |  | (396,185) |  |  | (23.44) |  |  | (436,493) |  |  | (23.31) |  |  | (832,678) |  |  | (23.37) |
Forfeited / canceled |  | (19,102) |  |  | (29.83) |  |  | (68,106) |  |  | (23.25) |  |  | (87,208) |  |  | (24.69) |
Balance, December 31, 2021 |  | 397,085 |  |  | 29.05 |  |  | 1,097,537 |  |  | 28.38 |  |  | 1,494,622 |  |  | 28.56 |
Granted |  | 339,517 |  |  | 37.39 |  |  | 730,078 |  |  | 31.46 |  |  | 1,069,595 |  |  | 33.34 |
Vested(2) |  | (213,884) |  |  | (28.84) |  |  | (602,994) |  |  | (24.67) |  |  | (816,878) |  |  | (25.76) |
Forfeited / canceled |  | (12,846) |  |  | (35.22) |  |  | (13,050) |  |  | (29.16) |  |  | (25,896) |  |  | (32.16) |
Balance, December 31, 2022 |  | 509,872 |  |  | $ | 34.54 |  |  | 1,211,571 |  |  | $ | 32.08 |  |  | 1,721,443 |  |  | $ | 32.81 |
(1)Total share-based awards excludes Outperformance Awards. (2)All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated fair value of share-based awards that fully vested during the years ended December 31, 2022, 2021, and 2020 was $21,154, $18,214, and $12,625, respectively. During the years ended December 31, 2022, 2021, and 2020, 3,084, 1,033, and 2,109 RSUs, respectively, were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.
Schedule of Share-based Payment Awards Valuation Assumptions | The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted during the years ended December 31, 2022, 2021, and 2020:
|  | For the Years Ended December 31, |  |  |  |  |
|  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  |  |
Expected volatility(1) |  | 28.9% — 33.6% |  | 33.2% |  | 17.2% — 17.3% |  |  |  |  |  |  |
Risk-free rate |  | 1.72% — 2.59% |  | 0.31% |  | 0.85% |  |  |
Expected holding period (years) |  | 2.84 — 3.00 |  | 2.84 |  | 2.09 — 2.84 |  |  |  |  |  |  |
(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Type | During the years ended December 31, 2022, 2021, and 2020, we recognized share-based compensation expense as follows:
|  | For the Years Ended December 31, |  |
|  | 2022 |  | 2021 |  | 2020 |  |  |  |
General and administrative |  | $ | 22,469 |  |  | $ | 21,743 |  |  | $ | 13,579 |  |  |  |  |
Property management expense |  | 6,493 |  |  | 5,427 |  |  | 3,511 |  |  |  |  |
Total |  | $ | 28,962 |  |  | $ | 27,170 |  |  | $ | 17,090 |  |  |  |  |
As of December 31, 2022, there is $37,157 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 2.04 years.

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