Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023:


	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, 2022	509,872	$	34.54	1,211,571	$	32.08	1,721,443	$	32.81
Granted	239,815	30.36		712,990	30.46		952,805	30.44
Vested(2)	(179,391)	(32.26)		(505,933)	(31.54)		(685,324)	(31.73)
Forfeited / canceled	(557)	(37.45)		(632)	(32.83)		(1,189)	(34.99)
Balance, March 31, 2023	569,739	$	33.49	1,417,996	$	31.46	1,987,735	$	32.04

(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 aggregate fair value of share-based awards that fully vested during the three months ended March 31, 2023 was $21,781. During the three months ended March 31, 2023, 111 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.

Schedule of Grant-Date Fair Values

The following table summarizes the significant inputs utilized in these models for such awards granted or modified during the three months ended March 31, 2023:


						For the Three Months Ended March 31, 2023


Expected volatility(1)						20.5% — 30.0%
Risk-free rate						4.31% — 4.62%
Expected holding period (years)						1.00 — 2.84

(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.

Schedule of Share-Based Compensation Expense

During the three months ended March 31, 2023 and 2022, we recognized share-based compensation expense as follows:


	For the Three Months Ended March 31,

	2023		2022
General and administrative	$	4,538	$	5,220
Property management expense	1,960		1,426
Total	$	6,498	$	6,646

As of March 31, 2023, there is $53,433 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 2.14 years.