Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Equity-Based Compensation

Schedule of equity-based compensation expense

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025
RSU awards	$	11,148		10,669		20,409		22,138
PSU awards		5,627		4,756		12,067		8,019
Equity awards issued to directors		376		430		752		843
Total expense	$	17,151		15,855		33,228		31,000

Summary of RSU award activity

		Weighted
		Average
	Number	Grant Date
	of Units	Fair Value
Total awarded and unvested—December 31, 2024	3,035,362	$	26.05
Granted	1,115,463		33.66
Vested	(1,482,499)		24.55
Forfeited	(97,401)		29.81
Total awarded and unvested—June 30, 2025	2,570,925	$	30.07

Schedule of weighted average fair value assumptions used for PSUs granted

The following table presents the assumptions used in the Monte Carlo valuation model and the grant date fair value information for the 2025 Absolute TSR PSUs:

Dividend yield		—	%
Volatility		48	%
Risk-free interest rate		3.97	%
Weighted average fair value of awards granted	$	35.01

Summary of PSU award activity

		Weighted
		Average
	Number	Grant Date
	of Units	Fair Value
Total awarded and unvested—December 31, 2024	1,351,295	$	35.27
Granted	289,370		34.33
Vested	(281,318)		41.41
Total awarded and unvested—June 30, 2025	1,359,347	$	33.80

Summary of stock option activity

				Weighted
		Weighted		Average
		Average		Remaining	Intrinsic
	Number	Exercise		Contractual	Value
	of Options	Price		Life	(in thousands) (1)
Outstanding—December 31, 2024	252,451	$	50.00	0.3	$	—
Expired	(252,451)		50.00	—		—
Outstanding—June 30, 2025	—	$	—	—		—
Vested—June 30, 2025	—	$	—	—	$	—
Exercisable—June 30, 2025	—	$	—	—	$	—

(1) Intrinsic values are based on the exercise price of the options and the closing price of Antero Resources’ common stock on the referenced dates.