Expected volatility

  
INVITATION HOMES INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(dollar amounts in thousands)  
Summary of Total Share-Based AwardsThe following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the years ended December 31, 2021, 2020, and 2019:

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|  |  | Time-Vesting Awards |  | PRSUs |  | Total Share-Based Awards(1) |
|  |  | Number  |  | WeightedAverage GrantDate Fair Value(Actual $) |  | Number  |  | WeightedAverage GrantDate Fair Value(Actual $) |  | Number  |  | WeightedAverage GrantDate Fair Value(Actual $) |
| Balance, December 31, 2018 |  | 1,595,644  |  |  | $ | 21.63  |  |  | 888,733  |  |  | $ | 22.09  |  |  | 2,484,377  |  |  | $ | 21.79  |  |
| Granted  |  | 242,224  |  |  | 23.44  |  |  | 369,419  |  |  | 24.27  |  |  | 611,643  |  |  | 23.94  |  |
| Vested(2) |  | (1,076,025) |  |  | (21.46) |  |  | (83,938) |  |  | (21.21) |  |  | (1,159,963) |  |  | (21.45) |  |
| Forfeited / canceled |  | (76,774) |  |  | (22.03) |  |  | (249,138) |  |  | (21.75) |  |  | (325,912) |  |  | (21.81) |  |
| Balance, December 31, 2019 |  | 685,069  |  |  | 22.48  |  |  | 925,076  |  |  | 23.13  |  |  | 1,610,145  |  |  | 22.86  |  |
| Granted  |  | 225,760  |  |  | 28.25  |  |  | 428,114  |  |  | 29.61  |  |  | 653,874  |  |  | 29.14  |  |
| Vested(2) |  | (339,448) |  |  | (22.81) |  |  | (353,156) |  |  | (22.04) |  |  | (692,604) |  |  | (22.42) |  |
| Forfeited / canceled |  | (11,258) |  |  | (25.59) |  |  | (24,223) |  |  | (23.56) |  |  | (35,481) |  |  | (24.20) |  |
| Balance, December 31, 2020 |  | 560,123  |  |  | 24.54  |  |  | 975,811  |  |  | 26.36  |  |  | 1,535,934  |  |  | 25.70  |  |
| Granted  |  | 252,249  |  |  | 30.30  |  |  | 626,325  |  |  | 27.44  |  |  | 878,574  |  |  | 28.26  |  |
| Vested(2) |  | (396,185) |  |  | (23.44) |  |  | (436,493) |  |  | (23.31) |  |  | (832,678) |  |  | (23.37) |  |
| Forfeited / canceled |  | (19,102) |  |  | (29.83) |  |  | (68,106) |  |  | (23.25) |  |  | (87,208) |  |  | (24.69) |  |
| Balance, December 31, 2021 |  | 397,085  |  |  | $ | 29.05  |  |  | 1,097,537  |  |  | $ | 28.38  |  |  | 1,494,622  |  |  | $ | 28.56  |  |



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(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 years ended December 31, 2021, 2020, and 2019 was $18,214, $12,625 and $30,526, respectively. During the years ended December 31, 2021, 2020, and 2019, 1,033, 2,109, and 295,459 RSUs, respectively, were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.Grant-Date Fair ValuesThe 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 years ended December 31, 2021, 2020, and 2019:

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|  |  | For the Years Ended December 31, |
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|  |  | 2021 |  | 2020 |  | 2019 |
| Expected volatility(1) |  | 33.2% |  | 17.2  | % | — | 17.3% |  | 17.2  | % | — | 17.4% |
| Risk-free rate |  | 0.31% |  | 0.85% |  | 2.25  | % | — | 2.42% |
| Expected holding period (years) |  | 2.84 |  | 2.09 | — | 2.84 |  | 2.84 | — | 2.92 |
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(1)Expected volatility was estimated based on the historical volatility of INVH’s realized returns and the applicable index.F-38
