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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Total Compensation Cost Recognized for Share-Based Awards

For the year ended December 31, 2021, total compensation cost recognized for share-based awards was (in thousands):

 

 

 

2021

 

 

2020

 

 

Share-based compensation expense (1)

 

$

3,377

 

 

$

1,070

 

 

Capitalized share-based compensation (2)

 

 

340

 

 

 

138

 

 

   Total share-based compensation (3)

 

$

3,717

 

 

$

1,208

 

 

 

 

(1)

Amounts are recorded in general and administrative expenses in our consolidated statements of operations.

 

(2)

Amounts are recorded in buildings and improvements on the consolidated balance sheets.

 

(3)

Amounts are recorded in additional paid-in capital and common noncontrolling interests in Aimco Operating Partnership on the Aimco consolidated balance sheets, and in general partner and special limited partner and limited partners on Aimco Operating Partnership consolidated balance sheets.
Summary Activity for Equity Compensation The following table summarizes activity for equity compensation for the year ended December 31, 2021.

 

 

TSR Stock Options

 

 

Time-Based Restricted Stock Awards

 

 

TSR Restricted Stock Awards

 

 

LTIP I Units

 

 

TSR LTIP II Units

 

 

 

Number of Options

 

 

Weighted Average Exercise Price

 

 

Number of Shares

 

 

Weighted Average Grant-Date Fair Value

 

 

Number of Shares

 

 

Weighted Average Grant-Date Fair Value

 

 

Number of Units

 

 

Weighted Average Grant-Date Fair Value

 

 

Number of Units

 

 

Weighted Average Exercise Price

 

Outstanding at beginning of year

 

 

—

 

 

 

—

 

 

 

21,473

 

 

$

43.32

 

(1)

 

16,959

 

 

$

48.58

 

(1)

 

13,752

 

 

$

53.46

 

(1)

 

8,334

 

 

$

6.12

 

Granted

 

 

317,200

 

 

$

6.66

 

 

 

1,931,997

 

 

$

6.66

 

 

 

269,871

 

 

$

7.98

 

 

 

—

 

 

 

—

 

 

 

555,556

 

 

$

4.62

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

—

 

 

 

(12,345

)

 

$

42.52

 

(1)

 

(1,874

)

 

$

41.71

 

(1)

 

(1,311

)

 

$

51.27

 

(1)

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,453

)

 

$

41.71

 

(1)

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at end of year

 

 

317,200

 

 

$

6.66

 

 

 

1,941,125

 

 

$

6.87

 

 

 

283,503

 

 

$

9.97

 

 

 

12,441

 

 

$

53.69

 

 

 

563,890

 

 

$

4.64

 

 

(1) Weighted average grant date fair value is based off pre-separation values when the awards were granted.
Summary of Compensation Cost Not Yet Recognized for Share-Based Awards

The following table summarizes the unvested or outstanding shares issued to employees of Aimco and AIR and are potentially dilutive to Aimco and Aimco Operating Partnership as of December 31, 2021.

 

Unvested Shares

 

 

 

 

 

Awards

Aimco

 

 

AIR

 

 

Unvested Compensation Not Yet Recognized (1)

 

Time-Based Stock Options (Outstanding shares)

 

—

 

 

 

788,205

 

 

$

—

 

TSR Stock Options (Outstanding shares)

 

317,200

 

 

 

25,563

 

 

 

762

 

Time-Based Restricted Stock Awards

 

1,941,125

 

 

 

55,534

 

 

 

11,348

 

TSR Restricted Stock Awards

 

283,503

 

 

 

108,292

 

 

 

1,911

 

LTIP I units

 

12,441

 

 

 

41,007

 

 

 

227

 

TSR LTIP II units (Outstanding shares)

 

563,890

 

 

 

1,274,476

 

 

 

1,273

 

Total awards

 

3,118,159

 

 

 

2,293,077

 

 

$

15,521

 

 

(1)

Unvested compensation not yet recognized represents Aimco’s compensation cost for Aimco employees. Compensation costs related to shares issued to AIR employees is recognized by AIR.

 
Summary of Assumptions Used for Valuation of TSR-Based Awards Granted

The following table includes the assumptions used for the valuation of TSR-based awards that were granted in 2021.

 

TSR-based Award Assumptions

 

2021

 

Grant date market value of a common share

 

$6.66-$7.10

 

Risk-free interest rate

 

0.02%-1.22%

 

Dividend yield

 

0%

 

Expected volatility

 

30.4%-32.29%

 

Derived vesting period of TSR Restricted Stock

 

 

3.0

 

Weighted average expected term of TSR Stock Options and LTIP II units

 

 

5.4