Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation (Tables)

v3.10.0.1
Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2018
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, 2017 and 2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

  

2017

  

2018

  

2017

  

2018

 

Restricted stock unit awards

 

$

18,681

 

 

10,231

 

 

36,906

 

 

23,675

 

Stock options

 

 

616

 

 

495

 

 

1,236

 

 

976

 

Performance share unit awards

 

 

2,748

 

 

3,490

 

 

4,883

 

 

6,001

 

Antero Midstream phantom unit awards

 

 

4,443

 

 

4,341

 

 

8,486

 

 

8,559

 

Equity awards issued to directors

 

 

487

 

 

514

 

 

967

 

 

1,016

 

Total expense

 

$

26,975

 

 

19,071

 

 

52,478

 

 

40,227

 

 

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, 2017

 

3,424,084

 

$

28.51

 

$

65,058

 

Granted

 

605,057

 

$

20.63

 

 

 

 

Vested

 

(927,639)

 

$

39.65

 

 

 

 

Forfeited

 

(267,890)

 

$

25.75

 

 

 

 

Total awarded and unvested—June 30, 2018

 

2,833,612

 

$

23.44

 

$

60,498

 

 

Summary of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted
average

 

average
remaining

 

Intrinsic

 

 

    

Stock
options

    

exercise
price

    

contractual
life

    

value
(in thousands)

  

Outstanding at December 31, 2017

 

660,512

 

$

50.48

 

7.06

 

$

 —

 

Granted

 

 —

 

$

 —

 

 

 

 

 

 

Exercised

 

 —

 

$

 —

 

 

 

 

 

 

Forfeited

 

(24,293)

 

$

50.00

 

 

 

 

 

 

Expired

 

 —

 

$

 —

 

 

 

 

 

 

Outstanding at June 30, 2018

 

636,219

 

$

50.50

 

6.40

 

$

 —

 

Vested or expected to vest as of  June 30, 2018

 

636,219

 

$

50.50

 

6.40

 

$

 —

 

Exercisable at June 30, 2018

 

502,589

 

$

50.63

 

6.30

 

$

 —

 

 

Summary of Performance Stock Unit activity

 

 

 

 

 

 

 

 

 

Number of
units

 

Weighted
average
grant date
fair value

 

Total awarded and unvested—December 31, 2017

 

1,283,843

 

$

28.29

 

Granted

 

756,466

 

$

23.61

 

Vested

 

(41,666)

 

$

27.38

 

Forfeited

 

(27,166)

 

$

30.15

 

Total awarded and unvested—June 30, 2018

 

1,971,477

 

$

26.49

 

 

Schedule of weighted average fair value assumptions used for PSUs granted

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30,

 

 

 

  

2017

 

  

2018

 

 

Dividend yield

 

 

 —

%

 

 

 —

%

 

Volatility

 

 

42

%

 

 

41

%

 

Risk-free interest rate

 

 

1.40

%

 

 

2.49

%

 

Weighted average fair value of awards granted

 

$

26.21

 

 

$

24.85

 

 

 

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, 2017

 

1,042,963

 

$

28.69

 

$

30,288

 

Granted

 

233,189

 

$

25.35

 

 

 

 

Vested

 

(148,554)

 

$

27.31

 

 

 

 

Forfeited

 

(54,669)

 

$

28.87

 

 

 

 

Total awarded and unvested—June 30, 2018

 

1,072,929

 

$

28.15

 

$

31,673