Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

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, 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	225,760	28.25		423,358	29.73		649,118	29.21
Vested(2)	(293,481)	(22.97)		(152,967)	(22.25)		(446,448)	(22.72)
Forfeited / canceled	(9,810)	(25.54)		(22,060)	(23.48)		(31,870)	(24.11)
Balance, September 30, 2020	607,538	$	24.34	1,173,407	$	25.62	1,780,945	$	25.18

(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, 2020 was $9,867. During the nine months ended September 30, 2020, 1,787 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, 2020:

	For the Nine Months Ended September 30,
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 and nine months ended September 30, 2020 and 2019, we recognized share-based compensation expense as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
General and administrative	$	4,833	$	3,818	$	9,760	$	11,533
Property management expense	1,253		807		2,533		2,314
Total	$	6,086	$	4,625	$	12,293	$	13,847

As of September 30, 2020, there is $23,401 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 1.90 years.