Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based compensation expense

Share-based compensation expense recorded by the Company was as follows:

	Years Ended December 31,
	2014			2013		2012
	(Thousands)
2010 Executive Performance Incentive Programs	$	—		$	—	$	1,940
2012 Executive Performance Incentive Program	7,743			6,739		10,633
2013 Executive Performance Incentive Program	8,208			6,602		—
2014 Executive Performance Incentive Program	9,104			—		—
2010 Stock Incentive Award Program	—			—		4,022
2011 Volume and Efficiency Program	—			13,834		5,286
2011 EQT Value Driver Award Program	—			—		3,033
2012 EQT Value Driver Award Program	—			2,327		11,557
2013 EQT Value Driver Award Program	4,403			13,050		—
2014 EQT Value Driver Award Program	11,510			—		—
2014 EQM Value Driver Award Program	2,378			—		—
Restricted stock awards	4,688			3,033		2,007
Non-qualified stock options	3,002			3,805		3,580
Other programs, including non-employee director awards	(409		)	9,154		3,763
Total share-based compensation expense	$	50,627		$	58,544	$	45,821

List of Executive Performance Incentive Program Peer Companies

The peer companies for the 2014 EPIP are as follows:

Cabot Oil & Gas Corp.	MarkWest Energy Partners, L.P.	Range Resources Corp.
Chesapeake Energy Corp.	National Fuel Gas Company	SM Energy Company
Cimarex Energy Co.	Newfield Exploration Company	Southwestern Energy Company
Concho Resources, Inc.	Noble Energy, Inc.	Spectra Energy Corp
CONSOL Energy Inc.	ONEOK, Inc.	Ultra Petroleum Corp.
Continental Resources, Inc.	Pioneer Natural Resources Company	Whiting Petroleum Corp.
Energen Corp.	QEP Resources, Inc.	The Williams Companies, Inc.
EOG Resources, Inc.	Questar Corp.
EXCO Resources, Inc.	Quicksilver Resources, Inc.

The peer companies for the 2013 EPIP are as follows:

Cabot Oil & Gas Corp.	MDU Resources Group, Inc.	Sempra Energy
Chesapeake Energy Corp.	National Fuel Gas Company	SM Energy Company
Cimarex Energy Co.	Newfield Exploration Company	Southwestern Energy Company
Concho Resources, Inc	ONEOK, Inc.	Spectra Energy Corp
CONSOL Energy Inc.	Pioneer Natural Resources Company	Ultra Petroleum Corp.
Energen Corp.	Plains Exploration & Production Co.	Whiting Petroleum Corp.
EOG Resources, Inc.	Questar Corp.	The Williams Companies, Inc.
EXCO Resources, Inc.	Quicksilver Resources Inc.
MarkWest Energy Partners, L.P.	Range Resources Corp.

The peer companies for the 2012 EPIP are as follows:

Cabot Oil & Gas Corp.	National Fuel Gas Company	Sempra Energy
Chesapeake Energy Corp.	NStar Electric Co.	SM Energy Company
Cimarex Energy Co.	ONEOK, Inc.	Southwestern Energy Company
CONSOL Energy Inc.	Penn Virginia Corp.	Spectra Energy Corp
Energen Corp.	Pioneer Natural Resources Company	Ultra Petroleum Corp.
EOG Resources, Inc.	Plains Exploration & Production Co.	Whiting Petroleum Corp.
EXCO Resources, Inc.	Questar Corp.	The Williams Companies, Inc.
MarkWest Energy Partners, L.P.	Quicksilver Resources Inc.
MDU Resources Group, Inc.	Range Resources Corp.

Summary of restricted stock awards activity during the period

A summary of restricted stock activity as of December 31, 2014, and changes during the year then ended, is presented below:

Restricted Stock	Non- Vested Shares		Weighted Average Fair Value		Aggregate Fair Value
Outstanding at January 1, 2014	182,378		$	61.98	$	11,302,992
Granted	89,500		$	94.91	8,494,746
Vested	(27,310	)	$	53.82	(1,469,604		)
Forfeited	(14,578	)	$	75.64	(1,102,723		)
Outstanding at December 31, 2014	229,990		$	74.90	$	17,225,411

Non-Qualified Stock Options, assumptions used to value share-based compensation

The expected term of options granted represents the period of time that options granted are expected to be outstanding based on historical option exercise experience.

	Years Ended December 31,
	2014	2013	2012
Risk-free interest rate	1.72%	0.76%	0.89%
Dividend yield	0.15%	0.22%	1.64%
Volatility factor	24.80%	31.69%	31.44%
Expected term	5 years	5 years	5 years

Summary of option activity

A summary of option activity as of December 31, 2014, and changes during the year then ended, is presented below:

Non-qualified Stock Options	Shares		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2014	1,482,001		$49.77
Granted	133,500		$89.78
Exercised	(277,033	)	$48.27
Forfeited	—		$—
Outstanding at December 31, 2014	1,338,468		$54.08	6.35 years	$30,823,027
Exercisable at December 31, 2014	1,079,968		$49.09	5.83 years	$28,733,027