Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Equity-Based Compensation

Schedule of equity-based compensation expense

The Company’s equity-based compensation expense was as follows for the three and nine months ended September 30, 2015 and 2016 (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2015		2016		2015		2016
Profits interests awards	$	8,140		—	$	35,221		—
Restricted stock unit awards		10,686		18,618		29,357		54,231
Stock options		743		638		1,514		1,939
Performance share unit awards		—		2,668		—		6,017
Antero Midstream phantom unit awards		4,271		3,977		12,963		11,978
Equity awards issued to directors		75		480		225		1,502
Total expense	$	23,915		26,381	$	79,280		75,667

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, 2015	6,529,459	$	33.48	$	142,342
Granted	1,228,587	$	27.05
Vested	(533,512)	$	55.37
Forfeited	(270,382)	$	26.70
Total awarded and unvested—September 30, 2016	6,954,152	$	30.92	$	187,414

Summary of stock option activity

				Weighted
		Weighted average		average remaining	Intrinsic
	Stock options	exercise price		contractual life	value (in thousands)
Outstanding at December 31, 2015	720,887	$	50.44	9.14	$	—
Granted	—	$	—
Exercised	—		—
Forfeited	(31,625)	$	50.00
Expired	—		—
Outstanding at September 30, 2016	689,262	$	50.46	8.37	$	—
Vested or expected to vest as of  September 30, 2016	689,262	$	50.46	8.37	$	—
Exercisable at September 30, 2016	203,590	$	50.95	8.19	$	—

Summary of Performance Stock Unit activity

	Number of units	Weighted average grant date fair value
Total awarded and unvested—December 31, 2015	—	$	—
Granted	790,890	$	29.77
Vested	—	$	—
Forfeited	(5,589)	$	32.97
Total awarded and unvested—September 30, 2016	785,301	$	29.75

Schedule of weighted average fair value assumptions used for PSUs granted

	Nine months ended September 30, 2016
Dividend yield		—	%
Volatility		45	%
Risk-free interest rate		1.01	%
Weighted average fair value of awards granted	$	29.77

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, 2015	1,667,832	$	28.97	$	38,060
Granted	290,254	$	21.24
Vested	(6,354)	$	24.98
Forfeited	(97,723)	$	28.63
Total awarded and unvested—September 30, 2016	1,854,009	$	27.79	$	49,502