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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024:
|  | 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, 2023 |  | 610,719 |  |  | $ | 33.44 |  |  | 1,364,942 |  |  | $ | 31.48 |  |  | 1,975,661 |  |  | $ | 32.09 |
Granted |  | 255,613 |  |  | 34.54 |  |  | 733,244 |  |  | 34.25 |  |  | 988,857 |  |  | 34.32 |
Vested(2) |  | (198,332) |  |  | (32.20) |  |  | (625,315) |  |  | (28.84) |  |  | (823,647) |  |  | (29.65) |
Forfeited / canceled |  | (907) |  |  | (32.19) |  |  | (1,283) |  |  | (29.26) |  |  | (2,190) |  |  | (30.48) |
Balance, March 31, 2024 |  | 667,093 |  |  | $ | 34.24 |  |  | 1,471,588 |  |  | $ | 33.98 |  |  | 2,138,681 |  |  | $ | 34.06 |
(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, 2024 was $25,817. During the three months ended March 31, 2024, no 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, 2024:
|  | For the Three Months Ended March 31, 2024 |  |  |  |
Expected volatility(1) |  | 20.7% — 24.6% |  |  |  |
Risk-free rate |  | 4.25% |  |  |  |
Expected holding period (years) |  | 2.83 |  |  |  |
(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, 2024 and 2023, we recognized share-based compensation expense as follows:
|  |  |  | For the Three Months Ended March 31, |  |
|  |  |  |  |  | 2024 |  | 2023 |  |
General and administrative |  |  |  |  |  | $ | 6,302 |  |  | $ | 4,538 |  |  |
Property management expense |  |  |  |  |  | 1,598 |  |  | 1,960 |  |  |
Total |  |  |  |  |  | $ | 7,900 |  |  | $ | 6,498 |  |  |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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