Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation and Cash Awards (Tables)

v3.21.2
Equity-Based Compensation and Cash Awards (Tables)
9 Months Ended
Sep. 30, 2021
Equity-Based Compensation and Cash Awards  
Schedule of equity-based compensation expense

The Company’s equity-based compensation expense, by type of award, was as follows for the three and nine months ended September 30, 2020 and 2021 (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

   

2020

2021

   

2020

2021

RSU awards

$

3,063

3,327

$

9,021

9,957

PSU awards

1,827

1,452

5,380

3,211

Converted AM RSU Awards (1)

459

186

1,881

988

Equity awards issued to directors

350

333

719

1,033

Total expense

$

5,699

5,298

$

17,001

15,189

(1) Antero Resources recognized compensation expense for equity awards granted under both the 2013 Plan and the AMP Plan because the awards under the AMP Plan are accounted for as if they are distributed by Antero Midstream Partners to Antero Resources. Antero Resources allocates a portion of equity-based compensation expense related to grants prior to the deconsolidation of Antero Midstream Partners on March 12, 2019 to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs.
Summary of RSU award activity

Weighted

Average

Number of

Grant Date

  

Shares

  

Fair Value

Total awarded and unvested—December 31, 2020

8,432,397

$

4.06

Granted

1,431,993

9.52

Vested

(3,546,654)

4.36

Forfeited

(293,338)

5.18

Total awarded and unvested—September 30, 2021

6,024,398

$

5.12

Summary of PSU award activity

Weighted

Number of

Average Grant

   

Units

   

Date Fair Value

Total awarded and unvested—December 31, 2020

2,547,798

$

12.66

Granted

479,120

9.71

Forfeited

(67,000)

2.97

Cancelled (unearned)

(1,112,639)

19.19

Total awarded and unvested—September 30, 2021

1,847,279

$

8.31

Schedule of weighted average fair value assumptions used for PSUs granted

The following table presents information regarding the weighted average fair values for market-based PSUs granted during the nine months ended September 30, 2021, and the assumptions used to determine the fair values:

Dividend yield

%

Volatility

85

%

Risk-free interest rate

0.32

%

Weighted average fair value of awards granted—Absolute TSR

$

11.99

Summary of stock option activity

Weighted

Weighted

Average

Average

Remaining

Intrinsic

Stock

Exercise

Contractual

Value

  

Options

  

Price

  

Life

  

(in thousands)

Outstanding—December 31, 2020

432,461

$

50.64

4.1

$

Granted

Exercised

Forfeited

Expired

(76,167)

50.00

Outstanding—September 30, 2021

356,294

$

50.78

3.2

$

Vested—September 30, 2021

356,294

$

50.78

3.2

$

Exercisable—September 30, 2021

356,294

$

50.78

3.2

$

Schedule of Converted AM RSU Awards

Weighted

Average

Number of

Grant Date

   

Units

   

Fair Value

Total awarded and unvested—December 31, 2020

296,390

$

15.06

Granted

Vested

(209,964)

15.73

Forfeited

(3,444)

13.25

Total awarded and unvested—September 30, 2021

82,982

$

13.46