Schedule of equity-based compensation expense

The Company’s equity-based compensation expense, by type of award, is as follows (in thousands):


	Year Ended December 31,
	2021		2022		2023
RSU awards	$	13,232		18,915		32,744
PSU awards		4,662		14,920		25,322
Converted AM RSU Awards ⁽¹⁾		1,160		209		1
Equity awards issued to directors		1,383		1,399		1,452
Total expense	$	20,437		35,443		59,519

(1)

Antero Resources recognized compensation expense for equity awards granted under both the 2013 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 March 13, 2019 (date of deconsolidation) to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs. As of December 31, 2023, all Converted AM RSU Awards were fully vested, and there is no remaining unamortized expense attributable to these awards

Summary of PSU award activity


		Weighted
		Average
	Number	Grant Date
	of Units	Fair Value
Total awarded and unvested—December 31, 2022	1,329,725	$	23.18
Granted	417,466		28.51
Vested ⁽¹⁾	(335,000)		2.97
Total awarded and unvested—December 31, 2023	1,412,191	$	29.54

(1)	During the year ended December 31, 2023, the PSUs granted in 2020 that were based on absolute TSR and relative TSR met the performance criteria to achieve vesting at 112% and 126% of target, respectively, and converted into approximately 0.4 million shares of the Company’s common stock.

Schedule of Converted AM RSU Awards


		Weighted
		Average
	Number	Grant Date
	of Units	Fair Value
Total awarded and unvested—December 31, 2022	2,827	$	12.38
Vested	(2,827)		12.38
Total awarded and unvested—December 31, 2023	—	$	—