Equity-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2016 |
Equity-Based Compensation |
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Schedule of equity-based compensation expense |
The Company’s equity-based compensation expense was as follows for the three and six months ended June 30, 2015 and 2016 (in thousands):
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Three months ended June 30,
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Six months ended June 30,
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2015
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2016
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2015
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2016
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Profits interests awards
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$
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12,363
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—
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$
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27,081
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—
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Restricted stock unit awards
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10,235
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18,146
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18,671
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35,613
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Stock options
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642
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641
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771
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1,301
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Performance share unit awards
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—
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2,466
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—
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3,349
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Antero Midstream phantom and restricted unit awards
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4,267
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4,013
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8,692
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8,001
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Equity awards issued to directors
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75
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550
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150
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1,022
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Total expense
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$
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27,582
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25,816
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$
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55,365
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49,286
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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, 2015
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6,529,459
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$
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33.48
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$
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142,342
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Granted
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1,217,474
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$
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27.06
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Vested
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(527,795)
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$
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55.48
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Forfeited
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(217,935)
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$
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27.68
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Total awarded and unvested—June 30, 2016
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7,001,203
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$
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30.88
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$
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181,891
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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, 2015
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720,887
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$
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50.44
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9.14
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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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Forfeited
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(21,250)
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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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Outstanding at June 30, 2016
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699,637
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$
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50.45
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8.55
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$
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—
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Vested or expected to vest as of June 30, 2016
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699,637
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$
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50.45
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8.55
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$
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—
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Exercisable at June 30, 2016
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210,715
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$
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50.92
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8.20
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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, 2015
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—
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$
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—
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Granted
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790,890
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$
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29.77
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Vested
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—
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$
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—
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Forfeited
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(5,589)
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$
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32.97
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Total awarded and unvested—June 30, 2016
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785,301
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$
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29.75
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Schedule of weighted average fair value assumptions used for PSUs granted |
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Six months ended June 30, 2016
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Dividend yield
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—
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%
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Volatility
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45
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%
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Risk-free interest rate
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1.01
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%
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Weighted average fair value of awards granted
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$
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29.77
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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, 2015
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1,667,832
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$
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28.97
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$
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38,060
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Granted
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290,254
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$
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21.24
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Vested
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(6,354)
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$
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24.98
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Forfeited
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(62,728)
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$
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28.42
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Total awarded and unvested—June 30, 2016
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1,889,004
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$
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27.81
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$
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52,647
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