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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [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, 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
 
167,070

 
29.50

 
423,358

 
29.73

 
590,428

 
29.66

Vested(2)
 
(210,039
)
 
(22.49
)
 
(152,967
)
 
(22.25
)
 
(363,006
)
 
(22.39
)
Forfeited / canceled
 
(2,123
)
 
(22.43
)
 
(9,436
)
 
(21.86
)
 
(11,559
)
 
(21.96
)
Balance, March 31, 2020
 
639,977

 
$
24.31

 
1,186,031

 
$
25.61

 
1,826,008

 
$
25.15

 
(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 three months ended March 31, 2020 was $7,779. During the three months ended March 31, 2020, no RSUs 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 RSAs, 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 three months ended March 31, 2020:
 
 
For the Three Months Ended March 31, 2020
Expected volatility(1)
 
17.2
%
—
17.3%
Risk-free rate
 
0.85%
Expected holding period (years)
 
2.09

—
2.84
 
(1)
Expected volatility was estimated based on the historical volatility of INVH’s realized returns and the applicable index.
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by type
During the three months ended March 31, 2020 and 2019, we recognized share-based compensation expense as follows:
 
 
For the Three Months Ended March 31,
 
 
2020
 
2019
General and administrative
 
$
3,268

 
$
4,920

Property management expense
 
833

 
687

Total
 
$
4,101

 
$
5,607

As of March 31, 2020, there is $31,580 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 2.28 years.