Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation (Tables)

v3.19.1
Equity-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2019
Equity-Based Compensation  
Schedule of equity-based compensation expense

The Company’s equity-based compensation expense, by type of award, was as follows for the three months ended March 31, 2018 and 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

  

2018

  

2019

 

Restricted stock unit awards

 

$

13,444

 

 

3,972

 

Stock options

 

 

481

 

 

344

 

Performance share unit awards

 

 

2,511

 

 

2,959

 

Antero Midstream Partners phantom unit awards (1)

 

 

4,218

 

 

1,125

 

Equity awards issued to directors

 

 

502

 

 

503

 

Total expense

 

$

21,156

 

 

8,903

 


(1)

Antero recognized compensation expense for equity awards granted under both the Plan and the AMP Plan as the awards under the AMP Plan are accounted for as if they are distributed by Antero Midstream Partners to Antero.  Antero allocates a portion of the total equity-based compensation expense to Antero Midstream Partners based on its proportionate share of Antero’s labor costs.  Through March 12, 2019, the total amount of equity-based compensation is included in the consolidated financial statements of Antero; and effective March 13, 2019 (date of deconsolidation), the amount allocated to Antero Midstream Partners is no longer reflected in Antero’s consolidated financial statements.  See Note 3 to the unaudited condensed consolidated financial statements for further discussion on the Transactions. 

 

Summary of restricted stock and restricted stock unit awards activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted
average

 

Aggregate

 

 

    

Number of
shares

    

grant date
fair value

    

intrinsic value
(in thousands)

 

Total awarded and unvested—December 31, 2018

 

1,712,485

 

$

24.57

 

$

16,080

 

Granted

 

66,171

 

$

10.94

 

 

 

 

Vested

 

(125,973)

 

$

26.88

 

 

 

 

Forfeited

 

(53,902)

 

$

23.62

 

 

 

 

Total awarded and unvested—March 31, 2019

 

1,598,781

 

$

23.86

 

$

14,117

 

 

Summary of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted
average

 

 

average
remaining

 

Intrinsic

 

 

    

Stock
options

    

exercise
price

    

 

contractual
life

    

value
(in thousands)

  

Outstanding at December 31, 2018

 

579,617

 

$

50.55

 

 

5.81

 

$

 —

 

Granted

 

 —

 

$

 —

 

 

 

 

 

 

 

Exercised

 

 —

 

$

 —

 

 

 

 

 

 

 

Forfeited

 

(33,312)

 

$

50.00

 

 

 

 

 

 

 

Expired

 

 —

 

$

 —

 

 

 

 

 

 

 

Outstanding at March 31, 2019

 

546,305

 

$

50.58

 

 

5.70

 

$

 —

 

Vested or expected to vest as of  March 31, 2019

 

546,305

 

$

50.58

 

 

5.70

 

$

 —

 

Exercisable at March 31, 2019

 

433,155

 

$

50.73

 

 

5.61

 

$

 —

 

 

Summary of Performance Stock Unit activity

 

 

 

 

 

 

 

 

 

Number of
units

 

Weighted
average
grant date
fair value

 

Total awarded and unvested—December 31, 2018

 

1,767,299

 

$

26.36

 

Granted

 

 —

 

$

 —

 

Vested

 

(31,944)

 

$

27.38

 

Forfeited

 

(15,223)

 

$

27.25

 

Total awarded and unvested—March 31, 2019

 

1,720,132

 

$

26.33

 

 

Schedule of outstanding unvested restricted stock awards vesting schedule

 

 

Number of
units

 

Weighted
average
grant date
fair value

 

Aggregate
intrinsic value
(in thousands)

 

Total awarded and unvested—December 31, 2018

 

583,000

 

$

27.63

 

$

12,470

 

Granted

 

5,972

 

$

23.44

 

 

 

 

Vested

 

(3,853)

 

$

32.44

 

 

 

 

Forfeited

 

(20,338)

 

$

26.73

 

 

 

 

AMP Plan Units awarded and unvested—March 12, 2019

 

564,781

 

$

27.59

 

$

13,476

 

Effect of conversion (1)

 

504,119

 

$

14.58

 

 

 

 

Total awarded and unvested—March 31, 2019

 

1,068,900

 

$

14.58

 

$

14,729

 


(1)

Effective March 12, 2019, all outstanding units in the AMP Plan, whether vested or unvested, were assumed by Antero Midstream Corporation and converted into restricted stock units under the AMC Plan.