Share-Based Compensation (Tables)

12 Months Ended

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.