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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022:
Time-Vesting AwardsPRSUs
Total Share-Based Awards(1)
NumberWeighted
Average Grant
Date Fair Value
(Actual $)		NumberWeighted
Average Grant
Date Fair Value
(Actual $)		NumberWeighted
Average Grant
Date Fair Value
(Actual $)
Balance, December 31, 2021397,085 $29.05 1,097,537 $28.38 1,494,622 $28.56 
Granted 339,517 37.39 730,078 31.46 1,069,595 33.34 
Vested(2)
(211,815)(28.79)(602,994)(24.67)(814,809)(25.74)
Forfeited / canceled(8,723)(34.43)(11,745)(28.99)(20,468)(31.31)
Balance, September 30, 2022
516,064 $34.56 1,212,876 $32.08 1,728,940 $32.82 
(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 nine months ended September 30, 2022 was $21,036. During the nine months ended September 30, 2022, 1,349 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 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 nine months ended September 30, 2022:
For the Nine Months
Ended September 30,
Expected volatility(1)
28.9% — 33.6%
Risk-free rate
1.72% — 2.59%
Expected holding period (years)
2.84 — 3.00
(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and of the applicable index.
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Type
During the three and nine months ended September 30, 2022 and 2021, we recognized share-based compensation expense as follows:
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2022202120222021
General and administrative$6,169 $4,775 $17,584 $16,918 
Property management expense1,761 1,277 4,981 4,154 
Total$7,930 $6,052 $22,565 $21,072 
As of September 30, 2022, there is $49,346 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 2.19 years.