Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Incentive Award Plan

Effective as of June 19, 2015, the Company's board of directors adopted and approved the InvenTrust Properties Corp. 2015 Incentive Award Plan (as amended, the "Incentive Award Plan"), under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. The restricted share units granted under the Incentive Award Plan to employees vest equally on each of three anniversaries subsequent to the grant date, and annually for those shares granted to directors, subject to the recipients' continued service to the Company. Under the Incentive Award Plan, the Company is authorized to grant up to 30,000,000 shares of the Company's common stock pursuant to awards under the plan. At March 31, 2018, 24,989,228 shares were available for future issuance under the Incentive Award Plan.

A summary of the Company's restricted stock unit activity for the three months ended March 31, 2018 is as follows:



	Unvested Restricted Stock Units		Weighted Average Grant Date Price Per Share (a)
Outstanding as of January 1, 2018	1,535,505		$3.19
Shares granted	8,359		$3.29
Shares forfeited	(9,040	)	$3.24
Outstanding at March 31, 2018	1,534,824		$3.19


(a)	On an annual basis, the Company engaged an independent third-party valuation advisory consulting firm to estimate the per share value of the Company's common stock on a fully diluted basis.

At March 31, 2018, there was $4,271 of total unrecognized compensation expense related to unvested stock-based compensation arrangements granted under the Incentive Award Plan related to 1,062,892 and 471,932 unvested shares vesting in 2018 and 2019, respectively. The restricted stock units outstanding as of March 31, 2018 have vesting schedules through December 2018 or 2019, as applicable. Stock-based compensation expense is recognized on a straight-line basis over the vesting period. The Company recognized stock-based compensation expense of $868 and $1,008 related to the Incentive Award Plan for the three months ended March 31, 2018 and 2017, respectively. The Company accounts for forfeitures of stock-based awards as they occur.