Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

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 nine months ended September 30, 2016 and 2017 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2017		2016		2017
Restricted stock unit awards	$	18,618		17,910		54,231		54,816
Stock options		638		614		1,939		1,850
Performance share unit awards		2,668		3,014		6,017		7,897
Antero Midstream phantom unit awards		3,977		4,420		11,978		12,906
Equity awards issued to directors		480		489		1,502		1,456
Total expense	$	26,381		26,447		75,667		78,925

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, 2016	5,353,447	$	31.77	$	126,609
Granted	828,753	$	22.21
Vested	(834,796)	$	43.46
Forfeited	(353,152)	$	27.10
Total awarded and unvested—September 30, 2017	4,994,252	$	28.56	$	99,386

Summary of stock option activity

				Weighted
		Weighted average		average remaining	Intrinsic
	Stock options	exercise price		contractual life	value (in thousands)
Outstanding at December 31, 2016	687,929	$	50.46	8.12	$	—
Granted	—	$	—
Exercised	—	$	—
Forfeited	(16,542)	$	50.00
Expired	—	$	—
Outstanding at September 30, 2017	671,387	$	50.47	7.32	$	—
Vested or expected to vest as of  September 30, 2017	671,387	$	50.47	7.32	$	—
Exercisable at September 30, 2017	363,605	$	50.70	7.20	$	—

Summary of Performance Stock Unit activity

	Number of units	Weighted average grant date fair value
Total awarded and unvested—December 31, 2016	785,301	$	29.75
Granted	558,021	$	26.21
Vested	(41,666)	$	27.38
Forfeited	(8,623)	$	29.86
Total awarded and unvested—September 30, 2017	1,293,033	$	28.30

Schedule of weighted average fair value assumptions used for PSUs granted

The following table presents information regarding the weighted average fair value for PSUs granted during the nine months ended September 30, 2017 and the assumptions used to determine the fair values.

	Nine Months Ended September 30, 2017
Dividend yield		—	%
Volatility		42	%
Risk-free interest rate		1.40	%
Weighted average fair value of awards granted	$	26.21

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, 2016	1,331,961	$	27.31	$	41,131
Granted	377,660	$	32.52
Vested	(73,080)	$	21.34
Forfeited	(78,584)	$	28.76
Total awarded and unvested—September 30, 2017	1,557,957	$	28.78	$	49,122