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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
The following table summarizes the Company's share-based compensation expense.
 Years Ended December 31,
 202120202019
 (Thousands)
Incentive Performance Share Unit Programs$15,386 $10,457 $13,306 
Value Driver Performance Share Unit Award Programs— 885 3,376 
Restricted stock awards19,217 10,480 14,430 
Non-qualified stock options550 848 4,774 
Stock appreciation rights9,183 2,724 — 
Other programs, including non-employee director awards3,171 2,155 2,257 
Total share-based compensation expense (a)$47,507 $27,549 $38,143 
         
(a)For the years ended December 31, 2021, 2020 and 2019, share-based compensation expense of $4.7 million, $2.1 million and $28.6 million, respectively, was included in other operating expenses related primarily to reorganization costs.
Schedule of Award Types
The following table summarizes Incentive PSU Programs to be settled in stock and classified as equity awards.
Incentive PSU Programs – Equity SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2018
536,014 $94.36 $50,579,160 
Granted463,380 29.45 13,646,541 
Vested(384,101)96.30 (36,988,926)
Outstanding at December 31, 2019
615,293 44.27 27,236,775 
Granted1,376,198 6.62 9,107,846 
Vested(44,573)120.60 (5,375,504)
Forfeited(7,190)13.28 (95,483)
Outstanding at December 31, 20201,939,728 15.92 30,873,634 
Granted922,260 23.44 21,617,038 
Vested(107,340)76.53 (8,214,730)
Outstanding at December 31, 2021
2,754,648 $16.07 $44,275,942 

(a)For the years ended December 31, 2021, 2020 and 2019, the Company settled total shares of 9,550, 7,020 and 130,393, respectively, for Equitrans Midstream employees.

The following table summarizes Incentive PSU Programs to be settled in cash and classified as liability awards.
Incentive PSU Programs – Cash SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2018
229,838 $96.67 $22,217,645 
Granted255,920 29.45 7,536,844 
Forfeited(33,348)75.65 (2,522,819)
Outstanding at December 31, 2019
452,410 60.19 27,231,670 
Vested(93,359)120.60 (11,259,095)
Forfeited(19,356)61.43 (1,189,050)
Outstanding at December 31, 2020
339,695 43.52 14,783,525 
Vested(102,175)76.53 (7,819,453)
Forfeited(3,940)29.45 (116,033)
Outstanding at December 31, 2021
233,580 $29.32 $6,848,039 

(a)For the years ended December 31, 2021 and 2020, the Company settled total shares paid in cash of 84,697 and 40,018, respectively, for Equitrans Midstream employees.
The following table provides additional detailed information on each historical award.
VDPSU ProgramAccounting TreatmentWeighted Average Fair ValueCash Paid (Millions)
Awards Outstanding (including Accrued Dividends) as of December 31, 2021 (a)
2017Liability$65.40 $14.0 N/A
$65.40 $4.0 N/A
2018Liability$56.92 $4.9 N/A
$56.92 $1.2 N/A
2019Liability$18.89 $1.7 N/A
$18.89 $1.7 N/A

(a)The 2017 EQT VDPSU Program and 2018 EQT VDPSU Program included 95,452 and 130,355 awards, respectively, for Equitrans Midstream employees that were settled by the Company.
Schedule of Valuation Assumptions
Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions at grant date:
 Incentive PSU Programs Issued During the Years Ended December 31,
2021 (a)2020 (b)201920182017
Risk-free rate0.18%1.22%2.44%1.97%1.47%
Volatility factor72.50%45.41%54.60%32.60%32.30%
Expected term3 years3 years3 years3 years3 years

(a)There were two grant dates for the 2021 Incentive PSU Program. Amounts shown represent weighted average.
(b)There were three grant dates for the 2020 Incentive PSU Program. Amounts shown represent weighted average.

Dividends paid from the beginning of the performance period will be cumulatively added as additional shares of common stock; therefore, dividend yield is not applicable.
The expected term represents the period of time that options granted are expected to be outstanding based on historical option exercise experience. There were no stock options granted in 2021.
 Years Ended December 31,
 
2020
2019 (a)
Risk-free interest rate1.10 %2.48 %
Dividend yield— %0.46 %
Volatility factor60.00 %27.97 %
Expected term4 years5 years
Number of Options Granted1,000,000 779,300 
Weighted Average Grant Date Fair Value$1.61 $5.31 

(a)There were two grant dates for the 2019 options. Amount shown represents weighted average.
The expected term represents the period of time between the valuation date and the midpoint of the exercise window.
2020 Stock Appreciation Rights
Risk-free interest rate0.30 %
Dividend yield— %
Volatility factor67.50 %
Expected term3.28 years
Number of Stock Appreciation Rights Granted1,240,000
Weighted Average Grant Date Fair Value$2.61 
Total Intrinsic Value of Exercises$— 
Summary of Restricted Stock Awards Activity
The following table summarizes restricted stock unit equity award activity as of December 31, 2021.
Restricted Stock – Equity SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at January 1, 2021
1,868,400 $11.56 $21,594,314 
Granted1,980,230 13.92 27,563,546 
Vested(621,930)13.85 (8,612,563)
Forfeited(122,419)12.16 (1,488,862)
Outstanding at December 31, 2021
3,104,281 $12.58 $39,056,435 

(a)Shares vested during the year ended December 31, 2021 included 59,340 shares for an Equitrans Midstream employee that was settled by the Company.
Summary of Option Activity
The following table summarizes option activity as of December 31, 2021.
Non-Qualified Stock OptionsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2021
3,554,729 $23.20 
Exercised(88,100)18.89   
Outstanding at December 31, 2021
3,466,629 23.31 4.2 years$13,657,649 
Exercisable at December 31, 2021
2,789,062 $26.51 4.0 years$5,752,488 
Summary of Stock Appreciation Rights
The following table summarizes stock appreciation rights activity as of December 31, 2021.
Stock Appreciation RightsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2021
1,240,000 $10.00 
Granted— —   
Outstanding at December 31, 2021
1,240,000 10.00 8.0 years$14,644,400 
Exercisable at December 31, 2021
— $— — $—