Equity-Based Compensation and Cash Awards (Tables)

3 Months Ended

Mar. 31, 2021

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, 2020 and 2021 (in thousands):

	Three Months Ended March 31,
	2020		2021
RSU awards	$	1,878		3,238
PSU awards		922		1,536
Antero Midstream Partners phantom unit awards (1)		160		518
Equity awards issued to directors		369		350
Total expense	$	3,329		5,642

(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 to the deconsolidation of Antero Midstream Partners on March 12, 2019 to Antero Midstream Partners based on its proportionate share of Antero Resources’ labor costs.

Summary of restricted stock unit awards activity

		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
Total awarded and unvested—December 31, 2020	8,432,397	$	4.06
Granted	14,738		7.26
Vested	(1,906,286)		2.70
Forfeited	(83,359)		4.82
Total awarded and unvested—March 31, 2021	6,457,490	$	4.46

Summary of stock option activity

				Weighted
		Weighted		Average
		Average		Remaining	Intrinsic
	Stock	Exercise		Contractual	Value
	Options	Price		Life	(in thousands)
Outstanding—December 31, 2020	432,461	$	50.64	4.1	$	—
Granted	—		—
Exercised	—		—
Forfeited	—		—
Expired	(5,000)		50.00
Outstanding—March 31, 2021	427,461	$	50.65	3.8	$	—
Vested—March 31, 2021	427,461	$	50.65	3.8	$	—
Exercisable —March 31, 2021	427,461	$	50.65	3.8	$	—

Summary of Performance Share Unit activity

		Weighted
	Number of	Average Grant
	Units	Date Fair Value
Total awarded and unvested—December 31, 2020	2,547,798	$	12.66
Granted	—		—
Forfeited	(23,283)		9.26
Cancelled (unearned)	(133,334)		25.64
Total awarded and unvested—March 31, 2021	2,391,181	$	11.97

Antero Midstream Corporation

Schedule of outstanding unvested restricted stock awards vesting schedule

		Weighted
		Average
	Number of	Grant Date
	Units	Fair Value
Total awarded and unvested—December 31, 2020	296,390	$	15.06
Granted	—
Vested	(10,122)		15.81
Forfeited	—
Total awarded and unvested—March 31, 2021	286,268	$	15.04