Equity-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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| Equity-Based Compensation |
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| 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):
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Three months ended March 31,
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2018
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2019
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Restricted stock unit awards
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$
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13,444
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3,972
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Stock options
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481
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344
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Performance share unit awards
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2,511
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2,959
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Antero Midstream Partners phantom unit awards (1)
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4,218
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1,125
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Equity awards issued to directors
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502
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503
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Total expense
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$
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21,156
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8,903
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(1)
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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.
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| Summary of restricted stock and restricted stock unit awards activity |
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Weighted
average
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Aggregate
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Number of
shares
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grant date
fair value
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intrinsic value
(in thousands)
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Total awarded and unvested—December 31, 2018
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1,712,485
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$
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24.57
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$
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16,080
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Granted
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66,171
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$
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10.94
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Vested
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(125,973)
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$
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26.88
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Forfeited
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(53,902)
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$
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23.62
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Total awarded and unvested—March 31, 2019
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1,598,781
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$
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23.86
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$
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14,117
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| Summary of stock option activity |
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Weighted
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Weighted
average
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average
remaining
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Intrinsic
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Stock
options
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exercise
price
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contractual
life
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value
(in thousands)
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Outstanding at December 31, 2018
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579,617
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$
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50.55
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5.81
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$
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—
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Granted
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—
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$
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—
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Exercised
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—
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$
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—
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Forfeited
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(33,312)
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$
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50.00
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Expired
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—
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$
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—
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Outstanding at March 31, 2019
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546,305
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$
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50.58
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5.70
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$
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—
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Vested or expected to vest as of March 31, 2019
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546,305
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$
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50.58
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5.70
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$
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—
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Exercisable at March 31, 2019
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433,155
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$
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50.73
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5.61
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$
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—
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| Summary of Performance Stock Unit activity |
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Number of
units
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Weighted
average
grant date
fair value
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Total awarded and unvested—December 31, 2018
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1,767,299
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$
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26.36
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Granted
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—
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$
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—
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Vested
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(31,944)
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$
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27.38
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Forfeited
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(15,223)
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$
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27.25
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Total awarded and unvested—March 31, 2019
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1,720,132
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$
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26.33
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| Schedule of outstanding unvested restricted stock awards vesting schedule |
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Number of
units
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Weighted
average
grant date
fair value
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Aggregate
intrinsic value
(in thousands)
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Total awarded and unvested—December 31, 2018
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583,000
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$
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27.63
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$
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12,470
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Granted
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5,972
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$
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23.44
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Vested
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(3,853)
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$
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32.44
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Forfeited
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(20,338)
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$
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26.73
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AMP Plan Units awarded and unvested—March 12, 2019
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564,781
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$
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27.59
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$
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13,476
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Effect of conversion (1)
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504,119
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$
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14.58
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Total awarded and unvested—March 31, 2019
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1,068,900
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$
|
14.58
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$
|
14,729
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(1)
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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.
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