Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

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 months ended March 31, 2019 and 2020 (in thousands):

	Three months ended March 31,
	2019		2020
Restricted stock unit awards	$	3,972		1,878
Stock options		344		—
Performance share unit awards		2,959		922
Antero Midstream Partners phantom unit awards (1)		1,125		160
Equity awards issued to directors		503		369
Total expense	$	8,903		3,329

(1)Antero Resources 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 Resources. Antero Resources 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 Resources’ labor costs. Through March 12, 2019, the total amount of equity-based compensation is included in the consolidated financial statements of Antero Resources; and effective March 13, 2019 (date of deconsolidation), the amount allocated to Antero Midstream Partners is no longer reflected in Antero Resources 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	grant date		intrinsic value
	shares	fair value		(in thousands)
Total awarded and unvested—December 31, 2019	2,370,575	$	12.81	$	6,756
Granted	4,644,934	$	2.39
Vested	(191,216)	$	5.04
Forfeited	(69,293)	$	13.07
Total awarded and unvested—March 31, 2020	6,755,000	$	5.86	$	4,816

Summary of stock option activity

				Weighted
		Weighted		average
		average		remaining	Intrinsic
	Stock	exercise		contractual	value
	options	price		life	(in thousands)
Outstanding at December 31, 2019	467,633	$	50.64	5.05	$	—
Granted	—	$	—
Exercised	—	$	—
Forfeited	(8,339)	$	52.36
Expired	—	$	—
Outstanding at March 31, 2020	459,294	$	50.61	4.77	$	—
Vested or expected to vest as of March 31, 2020	459,294	$	50.61	4.77	$	—
Exercisable at March 31, 2020	459,294	$	50.61	4.77	$	—

Schedule of outstanding unvested restricted stock awards vesting schedule

		Weighted
		average		Aggregate
	Number of	grant date		intrinsic value
	units	fair value		(in thousands)
Total awarded and unvested—December 31, 2019	657,757	$	14.71	$	4,992
Granted	—	$	—
Vested	(10,120)	$	15.81
Forfeited	(9,496)	$	13.75
Total awarded and unvested—March 31, 2020	638,141	$	14.70	$	1,340