Stock-Based Compensation

6 Months Ended

Jun. 30, 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 June 30, 2018, 23,320,538 shares were available for future issuance under the Incentive Award Plan.

A summary of the Company's restricted stock unit activity for the six months ended June 30, 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	1,710,033		$3.14
Shares vested	(185,175	)	$3.29
Shares forfeited	(42,024	)	$3.25
Outstanding at June 30, 2018	3,018,339		$3.16


(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.

On June 30, 2018, there was $7,529 of total unrecognized compensation expense related to unvested stock-based compensation arrangements which vest through December 2018, 2019, and 2020, as applicable. The Company recognized stock-based compensation expense of $1,216 and $2,084 for the three and six months ended June 30, 2018, respectively, and $1,701 and $2,709 for the three and six months ended June 30, 2017, respectively. Stock-based compensation expense is recognized on a straight-line basis over the vesting period and forfeitures of stock-based awards are recognized as they occur.