Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation (Tables)

v3.19.2
Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 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 and six months ended June 30, 2018 and 2019 (in thousands):

Three months ended June 30,

Six months ended June 30,

2018

2019

2018

2019

Restricted stock unit awards

$

10,231

2,624

$

23,675

6,600

Stock options

495

45

976

389

Performance share unit awards

3,490

2,666

6,001

5,628

Antero Midstream Partners phantom unit awards (1)

4,341

949

8,559

2,075

Equity awards issued to directors

514

265

1,016

760

Total expense

$

19,071

6,549

$

40,227

15,452

(1)Antero recognized compensation expense for equity awards granted under both the 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. Antero allocates a portion of equity-based compensation expense related to grants prior to the Transactions 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

 

1,568,617

$

8.69

Vested

 

(674,312)

$

28.04

Forfeited

 

(190,525)

$

18.05

Total awarded and unvested—June 30, 2019

 

2,416,265

$

13.81

$

13,362

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

 

(46,062)

$

50.00

Expired

 

$

Outstanding at June 30, 2019

 

533,555

$

50.60

 

5.29

$

Vested or expected to vest as of June 30, 2019

 

533,555

$

50.60

 

5.29

$

Exercisable at June 30, 2019

 

533,555

$

50.60

5.29

$

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

 

1,416,378

$

9.26

Vested

 

(31,944)

$

27.38

Forfeited

 

(342,161)

$

32.72

Total awarded and unvested—June 30, 2019

 

2,809,572

$

16.95

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

Vested

 

(317,651)

$

14.06

Forfeited

 

(18,906)

$

13.86

Total awarded and unvested—June 30, 2019

 

732,343

$

14.82

$

8,393

(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.