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Equity-Based Compensation (Tables)
9 Months Ended
Sep. 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 September 30,

Nine Months Ended September 30,

   

2024

2025

   

2024

2025

RSU awards

$

11,499

10,363

31,908

32,501

PSU awards

4,190

4,762

16,257

12,781

Equity awards issued to directors

376

376

1,128

1,219

Total expense

$

16,065

15,501

49,293

46,501

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

1,125,728

33.65

Vested

(1,492,711)

24.57

Forfeited

(104,327)

29.75

Total awarded and unvested—September 30, 2025

2,564,052

$

30.10

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—September 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—September 30, 2025

$

Vested—September 30, 2025

$

$

Exercisable—September 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.